Companies · Software / Tech

Cnex Labs, Inc.

SAN JOSE · Software / Tech · refined from filed group “Other

Diligence memoA one-page analyst read on Cnex Labs, Inc. — recommendation, valuation, rhythm, risks.
$126.1M
Total raised · real
6
Rounds
0.6×
Latest step-up
Top 5%
Sector rank · raised
Series B
Latest stage · inferred · Wed Feb 24 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Cnex Labs, 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 0.65× the median modeled value of Series B Software / Tech companies in 2019–2021 (142 peers) — value vs value, same stage and era.
Dormant
  • Last raise 5.3 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 Software / Tech

Cnex Labs, Inc. is one of 3920 Software / Tech companies tracked from SAN JOSE. By capital raised it ranks among the largest (ahead of 96% of sector peers), and in the upper tier 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
14
Investors (latest)
2021-02-24
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$250M$500M$750M$1.0BSeries B · 2014-05-15 Raised $17M (real) Modeled valuation $518M (est)Series B2014Series B · 2014-05-15 Raised $20M (real) Modeled valuation $609M (est)Series B2014Series B · 2015-04-16 Raised $19M (real) Modeled valuation $574M (est)Series B2015Series B · 2017-02-17 Raised $13M (real) Modeled valuation $401M (est)Series B2017Series A · 2018-05-15 Raised $13M (real) Modeled valuation $358M (est)Series A2018Series B · 2018-05-15 Raised $33M (real) Modeled valuation $997M (est)Series B2018Series B · 2020-02-07 Raised $27M (real) Modeled valuation $812M (est)Series B2020Series B · 2021-02-24 Raised $15M (real) Modeled valuation $357M (est)Series B2021+$20M+$19M+$13M+$13M+$33M+$27M+$15MCumulative $156M

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$17.0M · 2014
Series B extension$20.0M · 2014
Series B extension$18.8M · 2015
Series B extension$13.2M · 2017
Bridge · Series B-stage$12.9M · 2018smaller follow-on
Series B extension$32.7M · 2018
Series B extension$26.7M · 2020
Series B extension$14.7M · 2021

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
$356.8M
Base estimate est.
$36.1M
Conservative case
$1.2B
Upside case
$81.8M
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.

Series B · modeled $517.7M · 2014-05-152014Series B · modeled $609.1M · 2014-05-15Series B · modeled $573.6M · 2015-04-16Series B · modeled $401.3M · 2017-02-17Series A · modeled $357.9M · 2018-05-15Series B · modeled $997.2M · 2018-05-15Series B · modeled $812.2M · 2020-02-07Series B · modeled $356.8M · 2021-02-242021
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
5.3 yr
Elapsed time used
5.3 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
12 mo
Avg between rounds
$18.6M/yr
Capital velocity
12.1 yr
On record since
2014
First round
8
Rounds on file
How it compares to the market

Benchmarked against 3920 companies in Software / Tech. 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) 27× above median
This company$126.1M
Sector median$4.6M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.7× of median
This company$14.7M
Sector median$19.9M
Modeled value — vs sector median (estimate, all stages) 9.7× above median
This company$356.8M
Sector median$36.6M

Raised more than 96% of sector peers (real $). Modeled value above 88% 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 #117 of 142.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Trackonomy Systems, Inc. · Series B Raised $49.2M · modeled $1.2B (est)Tray.IO Inc. · Series B Raised $59.3M · modeled $1.1B (est)Unravel Data Systems, Inc. · Series B Raised $56.2M · modeled $1.1B (est)Salus Labs, Inc. · Series B Raised $35.0M · modeled $1.1B (est)Anchor Labs, Inc. · Series B Raised $33.7M · modeled $1.0B (est)Compound Labs, Inc. · Series B Raised $41.8M · modeled $1.0B (est)Mode Analytics, Inc. · Series B Raised $72.3M · modeled $996.8M (est)Cleo Labs, Inc · Series B Raised $84.7M · modeled $958.4M (est)Bevy Labs, Inc. · Series B Raised $55.0M · modeled $956.5M (est)Temperpack Technologies Inc. · Series B Raised $79.9M · modeled $940.4M (est)Hound Labs, Inc. · Series B Raised $49.2M · modeled $933.9M (est)Cloud Elements, Inc. · Series B Raised $60.2M · modeled $913.7M (est)Cnex Labs, Inc. (this company) Raised $126.1M · modeled $356.8M (est)Cnex Labs, Inc.
CompanyStageRaised · realValue · estvs peer med.
Trackonomy Systems, Inc.Series B$49.2M$1.2B2.16×
Tray.IO Inc.Series B$59.3M$1.1B2.06×
Unravel Data Systems, Inc.Series B$56.2M$1.1B1.95×
Salus Labs, Inc.Series B$35.0M$1.1B1.95×
Anchor Labs, Inc.Series B$33.7M$1.0B1.88×
Compound Labs, Inc.Series B$41.8M$1.0B1.84×
Mode Analytics, Inc.Series B$72.3M$996.8M1.83×
Cleo Labs, IncSeries B$84.7M$958.4M1.76×
Bevy Labs, Inc.Series B$55.0M$956.5M1.75×
Temperpack Technologies Inc.Series B$79.9M$940.4M1.72×
Hound Labs, Inc.Series B$49.2M$933.9M1.71×
Cloud Elements, Inc.Series B$60.2M$913.7M1.67×
Cnex Labs, Inc. this companySeries B$126.1M$356.8M0.65×
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$17.0M2014-05-15$94.4M$517.7M85%
Series B$20.0M2014-05-15$111.1M$609.1M85%
Series B$18.8M2015-04-16$104.6M$573.6M85%
Series B$13.2M2017-02-17$73.2M$401.3M90%
Series A$12.9M2018-05-15$58.6M$357.9M90%
Series B$32.7M2018-05-15$181.9M$997.2M90%
Series B$26.7M2020-02-07$148.2M$812.2M90%
Series B$14.7M2021-02-24$81.8M$356.8M90%
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$17.0M2014-05-15
    • First recorded raise — entered as Series B.
    • 10 investors on this round.
  2. Series B$20.0M2014-05-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 11 investors on this round.
  3. Series B$18.8M2015-04-16
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 13 investors on this round.
  4. Series B$13.2M2017-02-17
    • Raised again after 22 mo — slower than the ~13 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 12 investors on this round.
  5. Series A$12.9M2018-05-15
    • Raised 15 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 6 investors on this round.
  6. Series B$32.7M2018-05-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.5× larger than the prior — scaling up.
    • 26 investors on this round.
  7. Series B$26.7M2020-02-07
    • Raised again after 21 mo — slower than the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 24 investors on this round.
  8. Series B$14.7M2021-02-24
    • Raised 13 mo later, in step with the ~13 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 14 investors on this round.
Intelligence
2022 ~Q1
Modeled next raise · ~12mo cadence
$14.7M
Modeled next size est.range $14.7M$23.6M
0.6×
Last step-up
$18.6M/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
Lip Bu Tan17 other2015-04
Ben Yu8 other2015-04
Gregg Adkin3 other2018-05
Bill Moore2 other2015-04
Michael Raam2 other2015-04
Alan Armstrong2014-05
Ben Ronnie Yu2014-05
Bill Ronnie Moore2014-05
Joseph DeFranco2015-04
Joseph Ronnie DeFranco2014-05
Matthew Gloss2017-02
Mike Ronnie Raam2014-05
Mike Seifert2021-02
Yiren Huang2015-04
Yiren Ronnie Huang2014-05
Registry & provenance

Cnex Labs, 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
1610072
SEC CIK
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.

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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
Ncent Labs IncSoftware / TechPre-Seed$27.5M87%
CFX Labs Inc.Software / TechSeries A$64.3M85%
Labs Companies, Inc.Software / TechSeries B$175.6M84%
Exa Labs Inc.Software / TechSeries C$541.3M84%
BorderX Lab Inc.Software / TechSeries B$816.1M84%
Connext Labs, Inc.Software / TechSeed$91.4M84%
Cyware Labs, Inc.Software / TechSeries B$300.8M84%
Nova Labs, Inc.Software / TechSeries D+$2.6B83%
Frequently asked
How much funding has Cnex Labs, Inc. raised?
Cnex Labs, Inc. has raised approximately $126.1M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Cnex Labs, Inc.'s estimated valuation?
Provath's modeled valuation for Cnex Labs, Inc. is approximately $356.8M (modeled range $36.1M–$1.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Cnex Labs, Inc. at?
Cnex Labs, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Feb 24.
What does Cnex Labs, Inc. do and where is it based?
Cnex Labs, Inc. operates in the Software / Tech sector, based in SAN JOSE.
Explore related

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