Companies · Software / Tech

Devolver Digital, Inc.

AUSTIN · Software / Tech · refined from filed group “Other

Diligence memoA one-page analyst read on Devolver Digital, Inc. — recommendation, valuation, rhythm, risks.
$36.5M
Total raised · real
4
Rounds
0.1×
Latest step-up
Top 13%
Sector rank · raised
Series B
Latest stage · inferred · Fri Oct 29 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Devolver Digital, 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 0.09× 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 4.7 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

Devolver Digital, Inc. is one of 3920 Software / Tech companies tracked from AUSTIN. By capital raised it ranks in the upper tier (ahead of 88% 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
Rule 506(b)
Reg D exemption
12
Investors (latest)
2021-10-29
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 A · 2021-01-07 Raised $7.0M (real) Modeled valuation $157M (est)$7.0M$157MSeries A2021Series A · 2021-06-24 Raised $4.5M (real) Modeled valuation $84M (est)$4.5M$84MSeries A2021Series A · 2021-06-24 Raised $6.5M (real) Modeled valuation $121M (est)$6.5M$121MSeries A2021Series A · 2021-07-02 Raised $6.8M (real) Modeled valuation $127M (est)$6.8M$127MSeries A2021Series B · 2021-07-02 Raised $21M (real) Modeled valuation $440M (est)$21M$440MSeries B2021Series B · 2021-10-29 Raised $2.5M (real) Modeled valuation $48M (est)$2.5M$48MSeries B2021+$4.5M+$6.5M+$6.8M+$21M+$2.5MCumulative $48M

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 A$7.0M · 2021
Series A extension$4.5M · 2021
Series A extension$6.5M · 2021
Series A extension$6.8M · 2021
Series B$20.5M · 2021
Series B extension$2.5M · 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
$47.9M
Base estimate est.
$6.1M
Conservative case
$143.1M
Upside case
$13.9M
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 A · modeled $156.8M · 2021-01-072021Series A · modeled $84.0M · 2021-06-24Series A · modeled $120.8M · 2021-06-24Series A · modeled $126.6M · 2021-07-02Series B · modeled $439.7M · 2021-07-02Series B · modeled $47.9M · 2021-10-292021
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
4.7 yr
Elapsed time used
4.7 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
2 mo
Avg between rounds
$45.2M/yr
Capital velocity
5.5 yr
On record since
2021
First round
6
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) 7.9× above median
This company$36.5M
Sector median$4.6M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.1× of median
This company$2.5M
Sector median$19.9M
Modeled value — vs sector median (estimate, all stages) 1.3× above median
This company$47.9M
Sector median$36.6M

Raised more than 88% of sector peers (real $). Modeled value above 57% 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 #138 of 142.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$10.0M$100.0MCapital 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)Devolver Digital, Inc. (this company) Raised $36.5M · modeled $47.9M (est)Devolver Digital, 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×
Devolver Digital, Inc. this companySeries B$36.5M$47.9M0.09×
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 A$7.0M2021-01-07$31.7M$156.8M90%
Series A$4.5M2021-06-24$20.5M$84.0M90%
Series A$6.5M2021-06-24$29.4M$120.8M90%
Series A$6.8M2021-07-02$31.1M$126.6M90%
Series B$20.5M2021-07-02$114.0M$439.7M90%
Series B$2.5M2021-10-29$13.9M$47.9M90%
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. Series A$7.0M2021-01-07
    • First recorded raise — entered as Series A.
    • 13 investors on this round.
  2. Series A$4.5M2021-06-24
    • Came back fast: 6 mo vs the ~13 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series A$6.5M2021-06-24
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× larger than the prior — scaling up.
    • 1 investor on this round.
  4. Series A$6.8M2021-07-02
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  5. Series B$20.5M2021-07-02
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.0× larger than the prior — scaling up.
    • 4 investors on this round.
  6. Series B$2.5M2021-10-29
    • Came back fast: 4 mo vs the ~13 mo sector norm.
    • Round 8.2× smaller than the prior — bridge or down round.
    • 12 investors on this round.
Intelligence
2021 ~Q4
Modeled next raise · ~2mo cadence
$2.5M
Modeled next size est.range $2.5M$4.0M
0.1×
Last step-up
$45.2M/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
Harry Miller2 other2021-07
Brian Chadwick2021-10
Brian D. Chadwick2021-06
Daniel A Widdicombe2021-06
Daniel Widdicombe2021-07
Douglas A Morin2021-06
Douglas Morin2021-07
Eric D. Stults2021-01
Graeme A Struthers2021-01
Harry A Miller2021-01
Janet Astall2021-10
Janet D. Astall2021-06
Jeffrey D. Ko2021-06
Jeffrey Ko2021-10
Joanne A Goodson2021-06
Joanne D. Goodson2021-07
Joanne Goodson2021-10
Karen A Marsh2021-06
Karen Marsh2021-07
Kate Marsh2021-10
Michael A Wilson2021-01
Nigel A. Lowrie2021-06
Nigel D. Lowrie2021-01
Yuan A Zhu2021-01
Registry & provenance

Devolver Digital, 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
1839363
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
D3 Technology, Inc.Software / TechSeries B$36.4M$44.3Msame sector · same stage
Cormint Data Systems, Inc.Software / TechSeries B$38.3M$38.5Msame sector · same stage
Electric Era Technologies, Inc.Software / TechSeries B$33.0M$45.1Msame sector · same stage
Ria Technology Management Inc.Software / TechSeries B$32.8M$39.0Msame sector · same stage
Sparta Software CorpSoftware / TechSeries B$31.8M$54.7Msame sector · same stage
Inclined Technologies IncSoftware / TechSeries B$31.3M$42.5Msame sector · same stage
Throne Labs, Inc.Software / TechSeries B$30.7M$42.1Msame sector · same stage
Compact Membrane Systems, Inc.Software / TechSeries B$26.8M$47.1Msame 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
Upsolver Data Inc.Software / TechSeries B$720.8M82%
Resolv Systems Inc.Software / TechPre-Seed$1.3M81%
Devenue Inc.Other TechnologySeed$17.3M81%
DevBlock Technologies Inc.Software / TechPre-Seed$8.5M80%
Digital Packager Corp.Software / TechSeed$76.8M80%
Desi Technologies, Inc.Software / TechPre-Seed$802K80%
DevRev, Inc.Other TechnologySeries D+$1.2B80%
Resolv Technology IncSoftware / TechSeries A$20.0M80%
Frequently asked
How much funding has Devolver Digital, Inc. raised?
Devolver Digital, Inc. has raised approximately $36.5M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Devolver Digital, Inc.'s estimated valuation?
Provath's modeled valuation for Devolver Digital, Inc. is approximately $47.9M (modeled range $6.1M–$143.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Devolver Digital, Inc. at?
Devolver Digital, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri Oct 29.
What does Devolver Digital, Inc. do and where is it based?
Devolver Digital, Inc. operates in the Software / Tech sector, based in AUSTIN.
Explore related

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

Is this your company?

If you work at Devolver Digital, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.