Companies · Other Technology

cipherOptics, Inc.

PITTSBURGH · Other Technology

Diligence memoA one-page analyst read on cipherOptics, Inc. — recommendation, valuation, rhythm, risks.
$53.6M
Total raised · real
10
Rounds
1.2×
Latest step-up
Top 8%
Sector rank · raised
Series B
Latest stage · inferred · Thu Jun 25 2015 00:00:00 GMT+0000 (Coordinated Universal Time)

cipherOptics, Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the technology 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 0.11× the median modeled value of Series B Other Technology companies in 2013–2015 (321 peers) — value vs value, same stage and era.
Dormant
  • Last raise 11.0 yr ago; this sector typically re-raises about every 13 months.
  • Silent for over 3× the sector's normal cadence.
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 Other Technology

cipherOptics, Inc. is one of 21302 Other Technology companies tracked from PITTSBURGH. By capital raised it ranks among the largest (ahead of 93% of sector peers), and mid-pack 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
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$250M$500M$750M$1.0BPre-Seed · 2010-02-25 Raised $800K (real) Modeled valuation $34M (est)Pre-Seed2010Seed · 2010-02-25 Raised $2.5M (real) Modeled valuation $87M (est)Seed2010Seed · 2010-02-25 Raised $1.8M (real) Modeled valuation $61M (est)Seed2010Pre-Seed · 2010-02-25 Raised $300K (real) Modeled valuation $13M (est)Pre-Seed2010Seed · 2010-02-25 Raised $3.5M (real) Modeled valuation $121M (est)Seed2010Series B · 2010-11-05 Raised $21M (real) Modeled valuation $642M (est)Series B2010Series A · 2010-11-05 Raised $14M (real) Modeled valuation $396M (est)Series A2010Series B · 2012-02-29 Raised $5.5M (real) Modeled valuation $169M (est)Series B2012Series B · 2014-04-01 Raised $1.7M (real) Modeled valuation $51M (est)Series B2014Series B · 2015-06-25 Raised $2.0M (real) Modeled valuation $61M (est)Series B2015+$2.5M+$1.8M+$300K+$3.5M+$21M+$14M+$5.5M+$1.7M+$2.0MCumulative $54M

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
Pre-Seed$800K · 2010
Seed$2.5M · 2010
Seed extension$1.8M · 2010
Bridge · Seed-stage$300K · 2010smaller follow-on
Seed extension$3.5M · 2010
Series B$21.1M · 2010no Series A on file
Bridge · Series B-stage$14.3M · 2010smaller follow-on
Series B extension$5.5M · 2012
Series B extension$1.7M · 2014
Series B extension$2.0M · 2015

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$60.9M
Base estimate est.
$4.9M
Conservative case
$234.4M
Upside case
$11.1M
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 technology sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $33.9M · 2010-02-252010Seed · modeled $86.9M · 2010-02-25Seed · modeled $61.3M · 2010-02-25Pre-Seed · modeled $12.7M · 2010-02-25Seed · modeled $121.0M · 2010-02-25Series B · modeled $642.3M · 2010-11-05Series A · modeled $395.7M · 2010-11-05Series B · modeled $168.6M · 2012-02-29Series B · modeled $51.2M · 2014-04-01Series B · modeled $60.9M · 2015-06-252015
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
67%
Survival probability
44% low · 81% high
1.42×/yr
Annual markup
1.72×/yr upside case
6.0 yr
Elapsed time used
11.0 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$10.1M/yr
Capital velocity
16.3 yr
On record since
2010
First round
10
Rounds on file
How it compares to the market

Benchmarked against 21302 companies in Other Technology. 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) 17× above median
This company$53.6M
Sector median$3.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.1× of median
This company$2.0M
Sector median$19.2M
Modeled value — vs sector median (estimate, all stages) 1.6× above median
This company$60.9M
Sector median$37.3M

Raised more than 93% of sector peers (real $). Modeled value above 61% 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 #303 of 321.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)PlanSource Holdings, Inc. · Series B Raised $40.0M · modeled $1.2B (est)Transphorm, Inc. · Series B Raised $246.8M · modeled $1.2B (est)Skyhigh Networks, Inc. · Series B Raised $46.5M · modeled $1.2B (est)Misfit Wearables Corp · Series B Raised $63.0M · modeled $1.2B (est)Veracode Inc · Series B Raised $95.1M · modeled $1.2B (est)Hired, Inc. · Series B Raised $57.5M · modeled $1.2B (est)Iqms · Series B Raised $74.5M · modeled $1.2B (est)Vistronix Intelligence & Technology Solutions, LLC · Series B Raised $56.1M · modeled $1.2B (est)Ruby Receptionists, Inc. · Series B Raised $38.8M · modeled $1.2B (est)Percolate Industries, Inc. · Series B Raised $72.6M · modeled $1.2B (est)Appian Corp · Series B Raised $37.5M · modeled $1.1B (est)Luxtera Inc · Series B Raised $91.8M · modeled $1.1B (est)cipherOptics, Inc. (this company) Raised $53.6M · modeled $60.9M (est)cipherOptics, Inc.
CompanyStageRaised · realValue · estvs peer med.
PlanSource Holdings, Inc.Series B$40.0M$1.2B2.11×
Transphorm, Inc.Series B$246.8M$1.2B2.11×
Skyhigh Networks, Inc.Series B$46.5M$1.2B2.11×
Misfit Wearables CorpSeries B$63.0M$1.2B2.11×
Veracode IncSeries B$95.1M$1.2B2.11×
Hired, Inc.Series B$57.5M$1.2B2.11×
IqmsSeries B$74.5M$1.2B2.08×
Vistronix Intelligence & Technology Solutions, LLCSeries B$56.1M$1.2B2.04×
Ruby Receptionists, Inc.Series B$38.8M$1.2B2.04×
Percolate Industries, Inc.Series B$72.6M$1.2B2.01×
Appian CorpSeries B$37.5M$1.1B1.97×
Luxtera IncSeries B$91.8M$1.1B1.97×
cipherOptics, Inc. this companySeries B$53.6M$60.9M0.11×
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.
Pre-Seed$800K2010-02-25$4.4M$33.9M90%
Seed$2.5M2010-02-25$12.8M$86.9M90%
Seed$1.8M2010-02-25$9.0M$61.3M90%
Pre-Seed$300K2010-02-25$1.7M$12.7M90%
Seed$3.5M2010-02-25$17.8M$121.0M90%
Series B$21.1M2010-11-05$117.2M$642.3M90%
Series A$14.3M2010-11-05$64.8M$395.7M90%
Series B$5.5M2012-02-29$30.8M$168.6M90%
Series B$1.7M2014-04-01$9.3M$51.2M90%
Series B$2.0M2015-06-25$11.1M$60.9M90%
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. Pre-Seed$800K2010-02-25
    • First recorded raise — entered as Pre-Seed.
  2. Seed$2.5M2010-02-25
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.2× larger than the prior — scaling up.
  3. Seed$1.8M2010-02-25
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× smaller than the prior — bridge or down round.
  4. Pre-Seed$300K2010-02-25
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 6.0× smaller than the prior — bridge or down round.
  5. Seed$3.5M2010-02-25
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 11.8× larger than the prior — scaling up.
  6. Series B$21.1M2010-11-05
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 5.9× larger than the prior — scaling up.
  7. Series A$14.3M2010-11-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
  8. Series B$5.5M2012-02-29
    • Raised 16 mo later, in step with the ~13 mo sector norm.
    • Round 2.6× smaller than the prior — bridge or down round.
  9. Series B$1.7M2014-04-01
    • Raised again after 25 mo — slower than the ~13 mo sector norm.
    • Round 3.3× smaller than the prior — bridge or down round.
  10. Series B$2.0M2015-06-25
    • Raised 15 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
Intelligence
2016 ~Q1
Modeled next raise · ~7mo cadence
$2.4M
Modeled next size est.range $2.0M$3.8M
1.2×
Last step-up
$10.1M/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
Douglas A. Smith1 other2014-04
Martin J. Neath1 other2012-02
Scott T. Jones1 other2010-02
David T. Landskowsky2014-04
Gary J. Brunner2012-02
Gary T. Brunner2010-02
John J. Gerdelman2012-02
John J. Lochow2014-04
John T. Gerdelman2014-04
Len T. Tenner2010-02
Martin T. Neath2010-02
Michael J. Kane2012-02
Michael T. Kane2010-11
Pradeep T. Kaul2015-06
Rob J. Adams2012-02
Ryan T. Zafris2015-06
Thomas J. Gill2010-02
Registry & provenance

cipherOptics, 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
1486326
SEC CIK
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Frequently asked
How much funding has cipherOptics, Inc. raised?
cipherOptics, Inc. has raised approximately $53.6M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is cipherOptics, Inc.'s estimated valuation?
Provath's modeled valuation for cipherOptics, Inc. is approximately $60.9M (modeled range $4.9M–$234.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is cipherOptics, Inc. at?
cipherOptics, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Jun 25.
What does cipherOptics, Inc. do and where is it based?
cipherOptics, Inc. operates in the Other Technology sector, based in PITTSBURGH.
Explore related

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