Companies · Other Energy

First Mode Holdings, Inc.

SEATTLE · Other Energy · https://firstmode.com/

Diligence memoA one-page analyst read on First Mode Holdings, Inc. — recommendation, valuation, rhythm, risks.
$1.2B
Total raised · real
2
Rounds
139.3×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Thu Jan 05 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

First Mode Holdings, Inc. has raised $1.2B over 2 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

At-risk
  • Last raise 3.5 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.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

First Mode Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
4.8 yr record
Peak capital year was 2023 with $1.2B across 1 filings.
Market position
ahead of 100% of Other Energy peers
Capital scale is ahead of 100% of Other Energy peers; modeled value is above 100% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Some evidence
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • Capital program peaked in 2023: $1.2B across 1 filings.
  • Largest single filing was $1.2B on 2023-01-05.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
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 Energy

First Mode Holdings, Inc. is one of 2049 Other Energy companies tracked from SEATTLE. By capital raised it ranks among the largest (ahead of 100% 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.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

First Mode develops and manufactures decarbonization solutions for heavy industry partners dedicated to the clean energy future — for people and planet.

First Mode develops and manufactures decarbonization solutions for heavy industry partners dedicated to the clean energy future — for people and planet. First mode deploys hybridization solutions for your mining operations that improve your bottom-line while making an immediate impact on emissions. The First Mode hybrid retrofit kits are a no-regret option which removes up to 30% of your diesel-related emissions from day 1 with no additional infrastructure required.

climate/cleantech
Find First Mode online

Trades publicly as First Mode.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2019
Year incorporated
2023-01-05
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$5.0B$10.0B$15.0B$20.0BSeries A · 2021-09-22 Raised $8.5M (real) Modeled valuation $66M (est)$8.5M$66MSeries A2021Growth/Late · 2023-01-05 Raised $1.2B (real) Modeled valuation $12.6B (est)$1.2B$12.6BGrowth/Late2023+$1.2BCumulative $1.2B

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$8.5M · 2021
Growth/Late$1.2B · 2023no Series B / Series C / Series D+ on file

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series B, Series C, Series D+ — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 29%.

Modeled valuation trajectory
$12.6B
Base estimate est.
$8.8B
Conservative case
$18.3B
Upside case
$11.8B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.

Series A · modeled $66.2M · 2021-09-222021Growth/Late · modeled $12.6B · 2023-01-052023
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
86%
Survival probability
74% low · 92% high
1.06×/yr
Annual markup
1.16×/yr upside case
3.5 yr
Elapsed time used
3.5 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
15 mo
Avg between rounds
$926.7M/yr
Capital velocity
4.8 yr
On record since
2021
First round
2
Rounds on file
How it compares to the market

Benchmarked against 2049 companies in Other Energy. 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) 348× above median
This company$1.2B
Sector median$3.4M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 2.4× above median
This company$1.2B
Sector median$500.0M
Modeled value — vs sector median (estimate, all stages) 739× above median
This company$12.6B
Sector median$17.0M

Raised more than 100% of sector peers (real $). Modeled value above 100% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) 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.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
First Mode Holdings, Inc. this companyGrowth/Late$1.2B$12.6B1.05×
Generate Capital, Inc.Growth/Late$4.3B$11.3B0.95×
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$8.5M2021-09-22$38.6M$66.2M90%
Growth/Late$1.2B2023-01-05$11.8B$12.6B90%
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$8.5M2021-09-22
    • First recorded raise — entered as Series A.
    • 1 investor on this round.
  2. Growth/Late$1.2B2023-01-05
    • Raised 15 mo later, in step with the ~12 mo sector norm.
    • Round 139.3× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~15mo cadence
$3.6B
Modeled next size est.range $2.3B$5.7B
139.3×
Last step-up
$926.7M/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
Stephen Pearce4 other2023-01
Chris Fraser2023-01
Christopher Voorhees2021-09
Chris Voorhees2023-01
Colin Mark Freed2023-01
Joshua Sweere2021-09
Julian Soles2021-09
Krunal Desai2021-09
Matt Mark Daley2023-01
Rhae Adams2021-09
Registry & provenance

First Mode Holdings, 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
1885854
SEC CIK
2019
Incorporated
Recent activityQuiet

Discovered from firstmode — the partnerships, launches, hiring and press it publishes about itself. Evidence the company is alive and what it is doing now, not financial data.

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
Enbridge Energy Partners LpOther EnergyGrowth/Late$1.2B$14.9Bsame sector · same stage
Sino Resources Technology Co LtdOther EnergyGrowth/Late$1.1B$13.0Bsame sector · same stage
Goldman Sachs Renewable Power LLCOther EnergyGrowth/Late$1.5B$18.4Bsame sector · same stage
Fervo Energy CoOther EnergyGrowth/Late$915.7M$4.0Bsame sector · same stage
Algonquin Gas Transmission, LlcOther EnergyGrowth/Late$850.0M$6.2Bsame sector · same stage
Buckeye Partners, L.P.Other EnergyGrowth/Late$825.0M$10.2Bsame sector · same stage
Silicon Ranch CorpOther EnergyGrowth/Late$2.0B$4.1Bsame sector · same stage
Commonwealth Fusion Systems LLCOther EnergyGrowth/Late$2.0B$20.7Bsame 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
Zero Emission Industries, Inc.Other EnergySeed$24.0M76%
First Ammonia, Inc.Other EnergySeries A$15.6M74%
Airthium Inc.
Decarbonized heat and power cheaper than fossil fuels
Climate / CleantechPre-Seed$6.6M74%
Peak Clean Energy Holdings, LLCOther EnergySeed$23.5M74%
Remora
Carbon capture for vehicles
Climate / Cleantech73%
Solugen, Inc.
Decarbonizing the chemicals industry.
Climate / CleantechSeries D+$6.9B73%
Paradigm Emissions Technologies, Inc.Other EnergyPre-Seed$3.1M73%
SuperCritical Technologies, Inc.Other EnergyPre-Seed$5.6M73%
Frequently asked
How much funding has First Mode Holdings, Inc. raised?
First Mode Holdings, Inc. has raised approximately $1.2B in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is First Mode Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for First Mode Holdings, Inc. is approximately $12.6B (modeled range $8.8B–$18.3B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is First Mode Holdings, Inc. at?
First Mode Holdings, Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Thu Jan 05.
What does First Mode Holdings, Inc. do and where is it based?
First Mode Holdings, Inc. operates in the Other Energy sector, based in SEATTLE. First Mode develops and manufactures decarbonization solutions for heavy industry partners dedicated to the clean energy future — for people and planet.
Explore related

See where First Mode Holdings, 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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