Companies · Other Technology

Document Security Systems Inc

ROCHESTER · Other Technology

Diligence memoA one-page analyst read on Document Security Systems Inc — recommendation, valuation, rhythm, risks.
$8.9M
Total raised · real
5
Rounds
0.9×
Latest step-up
Top 31%
Sector rank · raised
Seed
Latest stage · inferred · Mon Oct 01 2012 00:00:00 GMT+0000 (Coordinated Universal Time)

Document Security Systems Inc looks over-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.

Over-valued
  • Modeled value is 1.71× the median modeled value of Seed Other Technology companies in 2010–2012 (822 peers) — value vs value, same stage and era.
Dormant
  • Last raise 13.7 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 Other Technology

Document Security Systems Inc is one of 21292 Other Technology companies tracked from ROCHESTER. By capital raised it ranks in the upper tier (ahead of 70% 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
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$50M$100M$150M$200MSeed · 2009-05-29 Raised $1.5M (real) Modeled valuation $51M (est)$1.5M$51MSeed2009Pre-Seed · 2009-05-29 Raised $420K (real) Modeled valuation $18M (est)$420K$18MPre-Seed2009Seed · 2010-07-08 Raised $1.2M (real) Modeled valuation $41M (est)$1.2M$41MSeed2010Seed · 2012-02-13 Raised $3.0M (real) Modeled valuation $102M (est)$3.0M$102MSeed2012Seed · 2012-10-01 Raised $2.8M (real) Modeled valuation $94M (est)$2.8M$94MSeed2012+$420K+$1.2M+$3.0M+$2.8MCumulative $8.9M

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
Seed$1.5M · 2009
Bridge · Seed-stage$420K · 2009smaller follow-on
Seed extension$1.2M · 2010
Seed extension$3.0M · 2012
Seed extension$2.8M · 2012

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

Modeled valuation trajectory
$93.7M
Base estimate est.
$2.4M
Conservative case
$735.4M
Upside case
$13.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Seed · modeled $50.8M · 2009-05-292009Pre-Seed · modeled $17.8M · 2009-05-29Seed · modeled $40.9M · 2010-07-08Seed · modeled $102.2M · 2012-02-13Seed · modeled $93.7M · 2012-10-012012
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
39%
Survival probability
18% low · 61% high
1.61×/yr
Annual markup
2.11×/yr upside case
6.0 yr
Elapsed time used
13.8 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
10 mo
Avg between rounds
$2.7M/yr
Capital velocity
17.1 yr
On record since
2009
First round
5
Rounds on file
How it compares to the market

Benchmarked against 21292 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) 2.8× above median
This company$8.9M
Sector median$3.2M
Latest round — vs other Seed rounds in sector (real $, this stage) 1.6× above median
This company$2.8M
Sector median$1.8M
Modeled value — vs sector median (estimate, all stages) 2.5× above median
This company$93.7M
Sector median$37.3M

Raised more than 70% of sector peers (real $). Modeled value above 70% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) 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 #175 of 822.

This companyCohort peer
$10.0M$100.0M$1.0B$1.0M$10.0MCapital raised (log)HFN, Inc. · Seed Raised $4.0M · modeled $136.3M (est)Bug Labs, Inc. · Seed Raised $7.0M · modeled $136.3M (est)Paice Llc · Seed Raised $4.0M · modeled $136.3M (est)Talko Inc. · Seed Raised $4.0M · modeled $136.3M (est)Friend Media Technology Systems Ltd · Seed Raised $4.0M · modeled $136.3M (est)Daegis Inc. · Seed Raised $4.0M · modeled $136.3M (est)Rave Wireless Inc · Seed Raised $4.0M · modeled $136.3M (est)Luxera, Inc. · Seed Raised $4.0M · modeled $136.3M (est)Nimble TV, Inc. · Seed Raised $5.7M · modeled $136.3M (est)Liverail, Inc · Seed Raised $4.0M · modeled $136.3M (est)Model Metrics, Inc. · Seed Raised $6.5M · modeled $135.7M (est)Picturelife, Inc. · Seed Raised $4.5M · modeled $133.7M (est)Document Security Systems Inc (this company) Raised $8.9M · modeled $93.7M (est)Document Security Systems Inc
CompanyStageRaised · realValue · estvs peer med.
HFN, Inc.Seed$4.0M$136.3M2.49×
Bug Labs, Inc.Seed$7.0M$136.3M2.49×
Paice LlcSeed$4.0M$136.3M2.49×
Talko Inc.Seed$4.0M$136.3M2.49×
Friend Media Technology Systems LtdSeed$4.0M$136.3M2.49×
Daegis Inc.Seed$4.0M$136.3M2.49×
Rave Wireless IncSeed$4.0M$136.3M2.49×
Luxera, Inc.Seed$4.0M$136.3M2.49×
Nimble TV, Inc.Seed$5.7M$136.3M2.49×
Liverail, IncSeed$4.0M$136.3M2.49×
Model Metrics, Inc.Seed$6.5M$135.7M2.48×
Picturelife, Inc.Seed$4.5M$133.7M2.44×
Document Security Systems Inc this companySeed$8.9M$93.7M1.71×
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.
Seed$1.5M2009-05-29$7.5M$50.8M90%
Pre-Seed$420K2009-05-29$2.3M$17.8M90%
Seed$1.2M2010-07-08$6.0M$40.9M90%
Seed$3.0M2012-02-13$15.0M$102.2M90%
Seed$2.8M2012-10-01$13.8M$93.7M90%
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. Seed$1.5M2009-05-29
    • First recorded raise — entered as Seed.
  2. Pre-Seed$420K2009-05-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.5× smaller than the prior — bridge or down round.
  3. Seed$1.2M2010-07-08
    • Raised 13 mo later, in step with the ~13 mo sector norm.
    • Round 2.9× larger than the prior — scaling up.
  4. Seed$3.0M2012-02-13
    • Raised 19 mo later, in step with the ~13 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
  5. Seed$2.8M2012-10-01
    • Came back fast: 8 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
Intelligence
2013 ~Q3
Modeled next raise · ~10mo cadence
$2.8M
Modeled next size est.range $2.8M$4.4M
0.9×
Last step-up
$2.7M/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
David Klein9 other2012-10
John Cronin7 other2012-10
Philip Jones4 other2009-05
Ira Greenstein2 other2012-02
Patrick White2 other2009-05
Ira A. Greenstein1 other2009-05
Robert Fagenson1 other2012-02
Roger O'Brien1 other2012-10
Alan A Harrison2009-05
Alan E. Harrison2009-05
Alan Harrison2012-02
David B. Wicker2009-05
David Wicker2009-05
Patrick B White2009-05
Patrick E. White2010-07
Robert B. Bzdick2010-07
Robert B. Fagenson2009-05
Robert Bzdick2012-02
Timothy Ashman2009-05
Timothy B Ashman2009-05
Tomothy B. Ashman2010-07
Registry & provenance

Document Security Systems 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
771999
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
Vidurama, Inc.Other TechnologySeed$8.8M$97.1Msame sector · same stage
Ripl, Inc.Other TechnologySeed$8.8M$93.4Msame sector · same stage
Beyondly, Inc.Other TechnologySeed$9.1M$93.7Msame sector · same stage
Netstreams IncOther TechnologySeed$8.5M$93.7Msame sector · same stage
Hyperproof Inc.Other TechnologySeed$9.4M$98.4Msame sector · same stage
ePar, LLCOther TechnologySeed$9.5M$97.3Msame sector · same stage
hopTo Inc.Other TechnologySeries A$13.0M$70.8Mnetwork1 shared operator · same sector
Prairie Cloudware, Inc.Other TechnologySeed$6.9M$92.2Msame sector · same stage
Frequently asked
How much funding has Document Security Systems Inc raised?
Document Security Systems Inc has raised approximately $8.9M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Document Security Systems Inc's estimated valuation?
Provath's modeled valuation for Document Security Systems Inc is approximately $93.7M (modeled range $2.4M–$735.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Document Security Systems Inc at?
Document Security Systems Inc's latest modeled financing stage is Seed. Its most recent recorded round closed around Mon Oct 01.
What does Document Security Systems Inc do and where is it based?
Document Security Systems Inc operates in the Other Technology sector, based in ROCHESTER.
Explore related

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

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