Diligence memo · auto-generated · as of July 2, 2026
Circular Systems S.P.C.
Circular Systems S.P.C. looks under-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Circular Systems S.P.C. operates in Manufacturing, based in LOS ANGELES.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Circular Systems S.P.C. has raised $14M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series A (a $4.0M–$15M round).
Largest single filing: $7.4M on 2020-12-04.
Most recent recorded round closed around 2022-11-16.
Valuation (modeled)modeled
Provath models Circular Systems S.P.C. at approximately $11M (range $2.5M–$33M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.36× the median modeled value of Series A Manufacturing companies in 2022–2024 (114 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 7 months.
Last raise 3.6 yr ago; this sector typically re-raises about every 12 months.
Past due for a raise versus sector cadence — watch for distress or a bridge.
The last round was 3.7× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 82% of Manufacturing peers (3257 compared).
Modeled value ranks above 47% of those peers.
Closest niche peers: Whitehorse Timber Ventures SPC, Camden Timbers Holdings, LLC, RST Brands, LLC, Plantd, Inc., Sanford Aluminum Group, LLC.
Peoplefiled
7 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.