Companies · Other

Elroy Air, Inc.

SOUTH SAN FRANCISCO · Other

Diligence memoA one-page analyst read on Elroy Air, Inc. — recommendation, valuation, rhythm, risks.
$94.1M
Total raised · real
4
Rounds
0.1×
Latest step-up
Top 5%
Sector rank · raised
Series C
Latest stage · inferred · Thu Oct 31 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Elroy Air, Inc. looks under-valued against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

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 C Other companies in 2022–2024 (192 peers) — value vs value, same stage and era.
Quiet
  • Last raise 20 mo ago; this sector typically re-raises about every 11 months.
  • Slightly overdue versus sector 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

Elroy Air, Inc. is one of 25008 Other companies tracked from SOUTH SAN FRANCISCO. 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
112
Investors (latest)
2024-10-31
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$125M$250M$375M$500MSeries A · 2020-03-24 Raised $6.8M (real) Modeled valuation $103M (est)$6.8M$103MSeries A2020Series B · 2021-06-09 Raised $32M (real) Modeled valuation $418M (est)$32M$418MSeries B2021Series C · 2024-01-16 Raised $49M (real) Modeled valuation $415M (est)$49M$415MSeries C2024Series C · 2024-10-31 Raised $6.6M (real) Modeled valuation $48M (est)$6.6M$48MSeries C2024+$32M+$49M+$6.6MCumulative $94M

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$6.8M · 2020
Series B$31.7M · 2021
Series C$48.9M · 2024
Series C extension$6.6M · 2024

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: 60%.

Modeled valuation trajectory
$48.1M
Base estimate est.
$25.7M
Conservative case
$69.8M
Upside case
$44.3M
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. Directional, not a quoted figure.

Series A · modeled $102.6M · 2020-03-242020Series B · modeled $418.2M · 2021-06-09Series C · modeled $414.6M · 2024-01-16Series C · modeled $48.1M · 2024-10-312024
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
78%
Survival probability
58% low · 90% high
1.22×/yr
Annual markup
1.40×/yr upside case
1.7 yr
Elapsed time used
1.7 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
18 mo
Avg between rounds
$20.4M/yr
Capital velocity
6.3 yr
On record since
2020
First round
4
Rounds on file
How it compares to the market

Benchmarked against 25008 companies in Other. 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) 46× above median
This company$94.1M
Sector median$2.0M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.1× of median
This company$6.6M
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages) 2.7× above median
This company$48.1M
Sector median$17.7M

Raised more than 96% of sector peers (real $). Modeled value above 71% 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 #177 of 192.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Wild Type, Inc. · Series C Raised $115.6M · modeled $1.2B (est)Thingy Thing Inc. · Series C Raised $118.4M · modeled $1.2B (est)Intelycare, Inc. · Series C Raised $142.1M · modeled $1.2B (est)CertiK Global Ltd. · Series C Raised $233.4M · modeled $1.1B (est)Ivanhoe Electric Inc. · Series C Raised $157.6M · modeled $1.0B (est)Social Life Network, Inc. · Series C Raised $202.1M · modeled $1.0B (est)Ecoark Holdings, Inc. · Series C Raised $109.6M · modeled $1.0B (est)Marcella Golf Club LLC · Series C Raised $100.0M · modeled $1.0B (est)IAFD Holdings, LP · Series C Raised $88.4M · modeled $998.9M (est)CRB Topco LLC · Series C Raised $98.7M · modeled $995.4M (est)Alera Group Ultimate Holdings, LLC · Series C Raised $100.0M · modeled $992.9M (est)Redwire Corp · Series C Raised $80.8M · modeled $971.2M (est)Elroy Air, Inc. (this company) Raised $94.1M · modeled $48.1M (est)Elroy Air, Inc.
CompanyStageRaised · realValue · estvs peer med.
Wild Type, Inc.Series C$115.6M$1.2B2.33×
Thingy Thing Inc.Series C$118.4M$1.2B2.26×
Intelycare, Inc.Series C$142.1M$1.2B2.20×
CertiK Global Ltd.Series C$233.4M$1.1B2.00×
Ivanhoe Electric Inc.Series C$157.6M$1.0B1.95×
Social Life Network, Inc.Series C$202.1M$1.0B1.91×
Ecoark Holdings, Inc.Series C$109.6M$1.0B1.88×
Marcella Golf Club LLCSeries C$100.0M$1.0B1.88×
IAFD Holdings, LPSeries C$88.4M$998.9M1.87×
CRB Topco LLCSeries C$98.7M$995.4M1.86×
Alera Group Ultimate Holdings, LLCSeries C$100.0M$992.9M1.86×
Redwire CorpSeries C$80.8M$971.2M1.82×
Elroy Air, Inc. this companySeries C$94.1M$48.1M0.09×
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$6.8M2020-03-24$30.8M$102.6M90%
Series B$31.7M2021-06-09$176.4M$418.2M90%
Series C$48.9M2024-01-16$326.2M$414.6M90%
Series C$6.6M2024-10-31$44.3M$48.1M90%
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$6.8M2020-03-24
    • First recorded raise — entered as Series A.
    • 23 investors on this round.
  2. Series B$31.7M2021-06-09
    • Raised 15 mo later, in step with the ~11 mo sector norm.
    • Round 4.7× larger than the prior — scaling up.
    • 59 investors on this round.
  3. Series C$48.9M2024-01-16
    • Raised again after 31 mo — slower than the ~11 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 38 investors on this round.
  4. Series C$6.6M2024-10-31
    • Raised 9 mo later, in step with the ~11 mo sector norm.
    • Round 7.4× smaller than the prior — bridge or down round.
    • 112 investors on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~18mo cadence
$6.6M
Modeled next size est.range $6.6M$10.6M
0.1×
Last step-up
$20.4M/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
Raj Shah4 other2024-10
Darren Liccardo1 other2020-03
David Merrill1 other2020-03
Clinton Cope2020-03
Grant Newman2024-10
Mark Esper2024-10
Mark T. Esper2024-01
Mislav Tolusic2024-10
Raj T. Shah2024-01
Registry & provenance

Elroy Air, 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
1808548
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
ILY Holdings, LLCOtherSeries C$105.6M$48.6Msame sector · same stage
Starfish Space Inc.OtherSeries B$50.9M$173.8Mnetwork1 shared operator · same sector
Cinedigm Corp.OtherSeries C$130.8M$48.9Msame sector · same stage
Stuffed Puffs, LLCOtherSeries C$151.7M$49.9Msame sector · same stage
Polatis IncOtherSeries C$45.4M$46.3Msame sector · same stage
Finanalytica IncOtherSeed$2.3M$4.6Mnetwork1 shared operator · same sector
Lemon Perfect CoOtherSeries B$73.7M$47.8Msame sector
Waterhealth International, Inc.OtherSeries B$72.1M$49.8Msame sector
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
Gaingels Elroy Air LLCOtherPre-Seed$2.3M91%
Trellis Air CorpOtherSeries A$24.6M82%
Iconic Air, Inc.OtherSeries A$45.8M81%
AirFit, Inc.OtherPre-Seed$5.1M81%
Cpi Aerostructures IncOtherPre-Seed$5.9M81%
Air Co Holdings, Inc.OtherSeries B$330.9M81%
AlgenAir INCOtherPre-Seed$1.5M80%
BBG Aerosystems Inc.OtherSeed$7.5M80%
Frequently asked
How much funding has Elroy Air, Inc. raised?
Elroy Air, Inc. has raised approximately $94.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Elroy Air, Inc.'s estimated valuation?
Provath's modeled valuation for Elroy Air, Inc. is approximately $48.1M (modeled range $25.7M–$69.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Elroy Air, Inc. at?
Elroy Air, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Thu Oct 31.
What does Elroy Air, Inc. do and where is it based?
Elroy Air, Inc. operates in the Other sector, based in SOUTH SAN FRANCISCO.
Explore related

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