Companies · Manufacturing / Industrial

C3 Industries, Inc.

ANN ARBOR · Manufacturing / Industrial · refined from filed group “Other

Diligence memoA one-page analyst read on C3 Industries, Inc. — recommendation, valuation, rhythm, risks.
$65.3M
Total raised · real
4
Rounds
0.1×
Latest step-up
Top 4%
Sector rank · raised
Series B
Latest stage · inferred · Fri Sep 15 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

C3 Industries, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the manufacturing sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.17× the median modeled value of Series B Manufacturing / Industrial companies in 2022–2024 (8 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.8 yr ago; this sector typically re-raises about every 13 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Manufacturing / Industrial

C3 Industries, Inc. is one of 629 Manufacturing / Industrial companies tracked from ANN ARBOR. By capital raised it ranks among the largest (ahead of 97% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
6
Investors (latest)
2018
Year incorporated
2023-09-15
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries B · 2019-01-31 Raised $17M (real) Modeled valuation $183M (est)Series B2019Series A · 2020-09-30 Raised $4.0M (real) Modeled valuation $38M (est)Series A2020Series A · 2020-09-30 Raised $12M (real) Modeled valuation $111M (est)Series A2020Series A · 2020-09-30 Raised $10M (real) Modeled valuation $98M (est)Series A2020Series B · 2020-09-30 Raised $23M (real) Modeled valuation $236M (est)Series B2020Series A · 2020-09-30 Raised $13M (real) Modeled valuation $118M (est)Series A2020Series B · 2021-05-14 Raised $19M (real) Modeled valuation $181M (est)Series B2021Series B · 2021-05-14 Raised $23M (real) Modeled valuation $216M (est)Series B2021Series B · 2023-09-15 Raised $3.3M (real) Modeled valuation $21M (est)Series B2023+$4.0M+$12M+$10M+$23M+$13M+$19M+$23M+$3.3MCumulative $123M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series B$16.6M · 2019
Bridge · Series B-stage$4.0M · 2020smaller follow-on
Bridge · Series B-stage$11.8M · 2020smaller follow-on
Bridge · Series B-stage$10.4M · 2020smaller follow-on
Series B extension$22.5M · 2020
Bridge · Series B-stage$12.5M · 2020smaller follow-on
Series B extension$19.1M · 2021
Series B extension$22.9M · 2021
Series B extension$3.3M · 2023

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$20.7M
Base estimate est.
$8.4M
Conservative case
$43.1M
Upside case
$18.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the manufacturing sector profile. Directional, not a quoted figure.

Series B · modeled $182.6M · 2019-01-312019Series A · modeled $38.2M · 2020-09-30Series A · modeled $110.9M · 2020-09-30Series A · modeled $98.2M · 2020-09-30Series B · modeled $236.3M · 2020-09-30Series A · modeled $118.0M · 2020-09-30Series B · modeled $180.5M · 2021-05-14Series B · modeled $215.9M · 2021-05-14Series B · modeled $20.7M · 2023-09-152023
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
69%
Survival probability
46% low · 85% high
1.19×/yr
Annual markup
1.44×/yr upside case
2.8 yr
Elapsed time used
2.8 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$14.1M/yr
Capital velocity
7.4 yr
On record since
2019
First round
9
Rounds on file
How it compares to the market

Benchmarked against 629 companies in Manufacturing / Industrial. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 16× above median
This company$65.3M
Sector median$4.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.2× of median
This company$3.3M
Sector median$18.8M
Modeled value — vs sector median (estimate, all stages) 1.5× above median
This company$20.7M
Sector median$14.1M

Raised more than 97% of sector peers (real $). Modeled value above 90% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #7 of 8.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Li Industries, Inc. · Series B Raised $36.3M · modeled $203.4M (est)Lakeview Industrial 1, LLC · Series B Raised $23.9M · modeled $168.3M (est)Zed Industries, Inc. · Series B Raised $44.8M · modeled $167.1M (est)Matrix Industries, Inc. · Series B Raised $50.7M · modeled $141.0M (est)Suburban Manufacturing Holdings, LLC · Series B Raised $15.5M · modeled $100.2M (est)Holistic Industries Inc. · Series B Raised $56.9M · modeled $37.1M (est)Steel City Wash Holdings, LLC · Series B Raised $28.7M · modeled $5.9M (est)C3 Industries, Inc. (this company) Raised $65.3M · modeled $20.7M (est)C3 Industries, Inc.
CompanyStageRaised · realValue · estvs peer med.
Li Industries, Inc.Series B$36.3M$203.4M1.69×
Lakeview Industrial 1, LLCSeries B$23.9M$168.3M1.40×
Zed Industries, Inc.Series B$44.8M$167.1M1.39×
Matrix Industries, Inc.Series B$50.7M$141.0M1.17×
Suburban Manufacturing Holdings, LLCSeries B$15.5M$100.2M0.83×
Holistic Industries Inc.Series B$56.9M$37.1M0.31×
C3 Industries, Inc. this companySeries B$65.3M$20.7M0.17×
Steel City Wash Holdings, LLCSeries B$28.7M$5.9M0.05×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series B$16.6M2019-01-31$92.5M$182.6M90%
Series A$4.0M2020-09-30$18.4M$38.2M90%
Series A$11.8M2020-09-30$53.4M$110.9M90%
Series A$10.4M2020-09-30$47.3M$98.2M90%
Series B$22.5M2020-09-30$125.0M$236.3M90%
Series A$12.5M2020-09-30$56.8M$118.0M90%
Series B$19.1M2021-05-14$106.4M$180.5M90%
Series B$22.9M2021-05-14$127.2M$215.9M90%
Series B$3.3M2023-09-15$18.3M$20.7M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series B$16.6M2019-01-31
    • First recorded raise — entered as Series B.
    • 41 investors on this round.
  2. Series A$4.0M2020-09-30
    • Raised again after 20 mo — slower than the ~13 mo sector norm.
    • Round 4.1× smaller than the prior — bridge or down round.
    • 18 investors on this round.
  3. Series A$11.8M2020-09-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.9× larger than the prior — scaling up.
    • 27 investors on this round.
  4. Series A$10.4M2020-09-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 25 investors on this round.
  5. Series B$22.5M2020-09-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.2× larger than the prior — scaling up.
    • 29 investors on this round.
  6. Series A$12.5M2020-09-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 29 investors on this round.
  7. Series B$19.1M2021-05-14
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 8 investors on this round.
  8. Series B$22.9M2021-05-14
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 10 investors on this round.
  9. Series B$3.3M2023-09-15
    • Raised again after 28 mo — slower than the ~13 mo sector norm.
    • Round 6.9× smaller than the prior — bridge or down round.
    • 6 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~7mo cadence
$3.3M
Modeled next size est.range $3.3M$5.3M
0.1×
Last step-up
$14.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Vishal Rungta6 other2019-01
Ankur Rungta4 other2019-01
Ian Gross2023-09
Joel Ruggiero2023-09
Samip Shah2023-09
Valay Shah2023-09
Registry & provenance

C3 Industries, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1819864
SEC CIK
2018
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Holistic Industries Inc.Manufacturing / IndustrialSeries B$56.9M$37.1Msame sector · same stage
Toughbuilt Industries, IncManufacturing / IndustrialSeries B$55.9M$5.7Msame sector · same stage
Fresh Factory B.C. Ltd.Manufacturing / IndustrialSeries B$46.0M$12.5Msame sector · same stage
Particle Industries, Inc.Manufacturing / IndustrialSeries B$129.2M$24.0Msame sector · same stage
Steel City Wash Holdings, LLCManufacturing / IndustrialSeries B$28.7M$5.9Msame sector · same stage
Charter Industries Holdings LLCManufacturing / IndustrialSeries C$64.5M$12.6Msame sector
RR Missouri LLCOtherSeries A$10.0M$63.1Mnetwork2 shared operators
Varda Space Industries, Inc.Manufacturing / IndustrialSeries C$54.0M$26.6Msame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cti Industries CorpManufacturing / IndustrialSeed$30.7M84%
C3 Metals Inc.Mining & ResourcesSeries A$15.7M84%
Li Industries, Inc.Manufacturing / IndustrialSeries B$203.4M82%
Scientific Industries IncManufacturing / IndustrialSeries A$5.2M81%
C3 Kentucky LLCOtherSeries A$15.7M81%
Consolidated National Industries, Inc.Manufacturing / IndustrialPre-Seed$12.2M81%
IndustrialML, Inc.Manufacturing / IndustrialPre-Seed$1.5M80%
RMR Industrials, Inc.Manufacturing / IndustrialPre-Seed$5.0M80%
Frequently asked
How much funding has C3 Industries, Inc. raised?
C3 Industries, Inc. has raised approximately $65.3M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is C3 Industries, Inc.'s estimated valuation?
Provath's modeled valuation for C3 Industries, Inc. is approximately $20.7M (modeled range $8.4M–$43.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is C3 Industries, Inc. at?
C3 Industries, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri Sep 15.
What does C3 Industries, Inc. do and where is it based?
C3 Industries, Inc. operates in the Manufacturing / Industrial sector, based in ANN ARBOR.
Explore related

See where C3 Industries, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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