Companies · Biotechnology

Co-Diagnostics, Inc.

SALT LAKE CITY · Biotechnology

Diligence memoA one-page analyst read on Co-Diagnostics, Inc. — recommendation, valuation, rhythm, risks.
$47.3M
Total raised · real
2
Rounds
62.1×
Latest step-up
Top 20%
Sector rank · raised
Series C
Latest stage · inferred · Fri Dec 31 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Co-Diagnostics, 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 biotech 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 0.55× the median modeled value of Series C Biotechnology companies in 2019–2021 (120 peers) — value vs value, same stage and era.
  • Issuer reports $25M–$100M revenue while modeled below niche peers.
Dormant
  • Last raise 4.5 yr ago; this sector typically re-raises about every 14 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 Biotechnology

Co-Diagnostics, Inc. is one of 4291 Biotechnology companies tracked from SALT LAKE CITY. By capital raised it ranks in the upper tier (ahead of 81% 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.

medical-devices

As reported in public records reported — not modeled.

US
Jurisdiction
$25M–$100M
Issuer revenue
Rule 506(b)
Reg D exemption
22
Investors (latest)
2021-12-31
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$500M$1.0B$1.5B$2.0BPre-Seed · 2016-12-12 Raised $750K (real) Modeled valuation $41M (est)$750K$41MPre-Seed2016Series C · 2021-12-31 Raised $47M (real) Modeled valuation $1.1B (est)$47M$1.1BSeries C2021+$47MCumulative $47M

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$750K · 2016
Series C$46.6M · 2021no Seed / Series A / Series B on file

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 40%.

Modeled valuation trajectory
$1.1B
Base estimate est.
$144.0M
Conservative case
$2.3B
Upside case
$310.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $41.4M · 2016-12-122016Series C · modeled $1.1B · 2021-12-312021
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
62%
Survival probability
46% low · 72% high
1.46×/yr
Annual markup
1.68×/yr upside case
4.5 yr
Elapsed time used
4.5 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
61 mo
Avg between rounds
$9.4M/yr
Capital velocity
9.6 yr
On record since
2016
First round
2
Rounds on file
How it compares to the market

Benchmarked against 4291 companies in Biotechnology. 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) 6.6× above median
This company$47.3M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.0× above median
This company$46.6M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 17× above median
This company$1.1B
Sector median$64.2M

Raised more than 81% 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 C) 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 #98 of 120.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Stem Biotech LLC · Series C Raised $100.0M · modeled $4.1B (est)Kinnate Biopharma Inc. · Series C Raised $172.5M · modeled $3.9B (est)Arcutis Biotherapeutics, Inc. · Series C Raised $94.5M · modeled $3.9B (est)DNA Research INST LLC · Series C Raised $94.5M · modeled $3.7B (est)M3 Biotechnology, Inc. · Series C Raised $107.3M · modeled $3.6B (est)Checkmate Pharmaceuticals, Inc. · Series C Raised $185.1M · modeled $3.5B (est)Black Diamond Therapeutics, Inc. · Series C Raised $146.3M · modeled $3.5B (est)Finch Therapeutics Group, Inc. · Series C Raised $179.9M · modeled $3.4B (est)Shattuck Labs, Inc. · Series C Raised $165.4M · modeled $3.4B (est)TScan Therapeutics, Inc. · Series C Raised $123.3M · modeled $3.3B (est)Edgewise Therapeutics, Inc. · Series C Raised $120.1M · modeled $3.3B (est)Miragen Therapeutics, Inc. · Series C Raised $197.8M · modeled $3.3B (est)Co-Diagnostics, Inc. (this company) Raised $47.3M · modeled $1.1B (est)Co-Diagnostics, Inc.
CompanyStageRaised · realValue · estvs peer med.
Stem Biotech LLCSeries C$100.0M$4.1B2.11×
Kinnate Biopharma Inc.Series C$172.5M$3.9B2.02×
Arcutis Biotherapeutics, Inc.Series C$94.5M$3.9B1.99×
DNA Research INST LLCSeries C$94.5M$3.7B1.88×
M3 Biotechnology, Inc.Series C$107.3M$3.6B1.88×
Checkmate Pharmaceuticals, Inc.Series C$185.1M$3.5B1.79×
Black Diamond Therapeutics, Inc.Series C$146.3M$3.5B1.79×
Finch Therapeutics Group, Inc.Series C$179.9M$3.4B1.78×
Shattuck Labs, Inc.Series C$165.4M$3.4B1.75×
TScan Therapeutics, Inc.Series C$123.3M$3.3B1.71×
Edgewise Therapeutics, Inc.Series C$120.1M$3.3B1.70×
Miragen Therapeutics, Inc.Series C$197.8M$3.3B1.69×
Co-Diagnostics, Inc. this companySeries C$47.3M$1.1B0.55×
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$750K2016-12-12$4.2M$41.4M90%
Series C$46.6M2021-12-31$310.4M$1.1B90%
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$750K2016-12-12
    • First recorded raise — entered as Pre-Seed.
    • 11 investors on this round.
  2. Series C$46.6M2021-12-31
    • Raised again after 61 mo — slower than the ~14 mo sector norm.
    • Round 62.1× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → $25M–$100M.
    • 22 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~61mo cadence
$139.7M
Modeled next size est.range $90.8M$223.5M
62.1×
Last step-up
$9.4M/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
Brian Brown5 other2021-12
Brent L. Satterfield2016-12
Dwight Egan2021-12
Dwight H. Egan2016-12
Reed L. Benson2016-12
Registry & provenance

Co-Diagnostics, 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
1692415
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.

CompanySectorStageRaised · realValue · estWhy similar
Vitrolabs IncBiotechnologySeries C$47.4M$1.2Bsame sector · same stage
Rezo Therapeutics, Inc.BiotechnologySeries C$46.3M$867.4Msame sector · same stage
Bonum Therapeutics, Inc.BiotechnologySeries C$46.2M$746.1Msame sector · same stage
Istari Oncology, Inc.BiotechnologySeries C$48.6M$1.4Bsame sector · same stage
Moonwalk Biosciences, Inc.BiotechnologySeries C$49.6M$542.1Msame sector · same stage
Zymeworks Inc.BiotechnologySeries C$50.0M$541.0Msame sector · same stage
Kelonia Therapeutics, Inc.BiotechnologySeries C$50.3M$1.0Bsame sector · same stage
Delphi Diagnostics Inc.BiotechnologySeries C$50.5M$1.4Bsame sector · same stage
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
Integrated Diagnostics, Inc.BiotechnologySeries B$242.1M89%
Biomark Diagnostics Inc.BiotechnologySeed$8.0M88%
Cleveland Diagnostics, Inc.BiotechnologySeries C$79.3M88%
Smart Health Diagnostics CoBiotechnologySeries B$1.8M88%
Gamma Diagnostics, Inc.BiotechnologyPre-Seed$3.7M87%
TAI Diagnostics, Inc.BiotechnologySeries A$463.8M87%
Galaxy Diagnostics, Inc.BiotechnologySeries A$15.0M86%
NAT Diagnostics, Inc.BiotechnologySeed$66.6M86%
Frequently asked
How much funding has Co-Diagnostics, Inc. raised?
Co-Diagnostics, Inc. has raised approximately $47.3M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Co-Diagnostics, Inc.'s estimated valuation?
Provath's modeled valuation for Co-Diagnostics, Inc. is approximately $1.1B (modeled range $144.0M–$2.3B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Co-Diagnostics, Inc. at?
Co-Diagnostics, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri Dec 31.
What does Co-Diagnostics, Inc. do and where is it based?
Co-Diagnostics, Inc. operates in the Biotechnology sector, based in SALT LAKE CITY.
Explore related

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