Diligence memo · auto-generated · as of July 2, 2026
Erthos Inc.
Erthos Inc. looks fair against its niche peers and is at-risk on financing cadence.
Businessfiled
Erthos Inc. operates in Other Energy, based in TEMPE.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Erthos Inc. has raised $41M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $25M on 2023-08-31.
Most recent recorded round closed around 2023-08-31.
Valuation (modeled)modeled
Provath models Erthos Inc. at approximately $153M (range $58M–$322M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.24× the median modeled value of Series B Other Energy companies in 2022–2024 (44 peers) — value vs value, same stage and era. Within the normal band (124% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 7 months.
Last raise 2.8 yr ago; this sector typically re-raises about every 12 months.
Past due for a raise versus sector cadence — watch for distress or a bridge.
The last round was 1.6× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 88% of Other Energy peers (2049 compared).
Modeled value ranks above 87% of those peers.
Closest niche peers: Pineapple Holdings, Inc., JTEC Energy, Inc., TMC the metals Co Inc., Cherry Street Holding Company, LLC, Clean Hydrogen Works LA-1, L.L.C..
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.