Companies · Other Technology

Forge Nano, Inc.

THORNTON · Other Technology

Diligence memoA one-page analyst read on Forge Nano, Inc. — recommendation, valuation, rhythm, risks.
$72.7M
Total raised · real
6
Rounds
0.3×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Tue Dec 20 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Forge Nano, Inc. looks fair against its niche peers and is at-risk 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.

Fair
  • Modeled value is 0.98× the median modeled value of Series C Other Technology companies in 2022–2024 (187 peers) — value vs value, same stage and era.
  • Within the normal band (98% of peer median) for its niche.
At-risk
  • Last raise 3.5 yr ago; this sector typically re-raises about every 13 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
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

Forge Nano, Inc. is one of 21302 Other Technology companies tracked from THORNTON. By capital raised it ranks among the largest (ahead of 95% 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.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2022-12-20
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$250M$500M$750M$1.0BSeed · 2017-09-29 Raised $3.0M (real) Modeled valuation $103M (est)Seed2017Seed · 2017-09-29 Raised $3.0M (real) Modeled valuation $103M (est)Seed2017Seed · 2018-08-09 Raised $1.0M (real) Modeled valuation $34M (est)Seed2018Series B · 2018-12-23 Raised $21M (real) Modeled valuation $640M (est)Series B2018Series B · 2021-06-03 Raised $2.8M (real) Modeled valuation $62M (est)Series B2021Series B · 2022-02-01 Raised $670K (real) Modeled valuation $12M (est)Series B2022Pre-Seed · 2022-02-01 Raised $670K (real) Modeled valuation $12M (est)Pre-Seed2022Series C · 2022-12-20 Raised $44M (real) Modeled valuation $658M (est)Series C2022Series A · 2022-12-20 Raised $15M (real) Modeled valuation $153M (est)Series A2022+$3.0M+$1.0M+$21M+$2.8M+$670K+$670K+$44M+$15MCumulative $91M

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$3.0M · 2017
Seed extension$3.0M · 2017
Seed extension$1.0M · 2018
Series B$21.0M · 2018no Series A on file
Series B extension$2.8M · 2021
Series B extension$670K · 2022
Bridge · Series B-stage$670K · 2022smaller follow-on
Series C$44.2M · 2022
Bridge · Series C-stage$15.0M · 2022smaller follow-on

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

Modeled valuation trajectory
$657.5M
Base estimate est.
$167.6M
Conservative case
$1.2B
Upside case
$294.8M
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 scaled by the technology sector profile. Directional, not a quoted figure.

Seed · modeled $103.4M · 2017-09-292017Seed · modeled $103.4M · 2017-09-29Seed · modeled $34.1M · 2018-08-09Series B · modeled $639.8M · 2018-12-23Series B · modeled $62.0M · 2021-06-03Series B · modeled $11.7M · 2022-02-01Pre-Seed · modeled $12.0M · 2022-02-01Series C · modeled $657.5M · 2022-12-20Series A · modeled $153.3M · 2022-12-202022
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
76%
Survival probability
57% low · 88% high
1.35×/yr
Annual markup
1.55×/yr upside case
3.5 yr
Elapsed time used
3.5 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$13.9M/yr
Capital velocity
8.8 yr
On record since
2017
First round
9
Rounds on file
How it compares to the market

Benchmarked against 21302 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) 23× above median
This company$72.7M
Sector median$3.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.3× of median
This company$15.0M
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages) 18× above median
This company$657.5M
Sector median$37.3M

Raised more than 95% of sector peers (real $). Modeled value above 94% 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 #95 of 187.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)LinkSquares, Inc. · Series C Raised $160.2M · modeled $1.9B (est)Semperis Ltd. · Series C Raised $130.0M · modeled $1.8B (est)Veev Group, Inc. · Series C Raised $94.5M · modeled $1.8B (est)GPI Acquisitions, Inc. · Series C Raised $175.0M · modeled $1.7B (est)DVX Ventures LLC · Series C Raised $119.8M · modeled $1.5B (est)Ncr Corp · Series C Raised $73.7M · modeled $1.5B (est)RelationalAI, Inc. · Series C Raised $74.0M · modeled $1.4B (est)Nantero Inc · Series C Raised $172.9M · modeled $1.4B (est)MoEngage, Inc. · Series C Raised $172.2M · modeled $1.4B (est)H2scan Corp · Series C Raised $83.2M · modeled $1.4B (est)ITsavvy Holdings, LLC · Series C Raised $81.4M · modeled $1.4B (est)Coherent Group Inc. · Series C Raised $74.0M · modeled $1.3B (est)Forge Nano, Inc. (this company) Raised $72.7M · modeled $657.5M (est)Forge Nano, Inc.
CompanyStageRaised · realValue · estvs peer med.
LinkSquares, Inc.Series C$160.2M$1.9B2.80×
Semperis Ltd.Series C$130.0M$1.8B2.74×
Veev Group, Inc.Series C$94.5M$1.8B2.71×
GPI Acquisitions, Inc.Series C$175.0M$1.7B2.47×
DVX Ventures LLCSeries C$119.8M$1.5B2.27×
Ncr CorpSeries C$73.7M$1.5B2.19×
RelationalAI, Inc.Series C$74.0M$1.4B2.07×
Nantero IncSeries C$172.9M$1.4B2.06×
MoEngage, Inc.Series C$172.2M$1.4B2.05×
H2scan CorpSeries C$83.2M$1.4B2.03×
ITsavvy Holdings, LLCSeries C$81.4M$1.4B2.03×
Coherent Group Inc.Series C$74.0M$1.3B2.02×
Forge Nano, Inc. this companySeries C$72.7M$657.5M0.98×
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$3.0M2017-09-29$15.2M$103.4M90%
Seed$3.0M2017-09-29$15.2M$103.4M90%
Seed$1.0M2018-08-09$5.0M$34.1M90%
Series B$21.0M2018-12-23$116.7M$639.8M90%
Series B$2.8M2021-06-03$15.6M$62.0M90%
Series B$670K2022-02-01$3.7M$11.7M90%
Pre-Seed$670K2022-02-01$3.7M$12.0M90%
Series C$44.2M2022-12-20$294.8M$657.5M90%
Series A$15.0M2022-12-20$68.2M$153.3M90%
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$3.0M2017-09-29
    • First recorded raise — entered as Seed.
    • 25 investors on this round.
  2. Seed$3.0M2017-09-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 25 investors on this round.
  3. Seed$1.0M2018-08-09
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 14 investors on this round.
  4. Series B$21.0M2018-12-23
    • Came back fast: 4 mo vs the ~13 mo sector norm.
    • Round 21.0× larger than the prior — scaling up.
    • 33 investors on this round.
  5. Series B$2.8M2021-06-03
    • Raised again after 29 mo — slower than the ~13 mo sector norm.
    • Round 7.5× smaller than the prior — bridge or down round.
    • 23 investors on this round.
  6. Series B$670K2022-02-01
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 4.2× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  7. Pre-Seed$670K2022-02-01
    • 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.
  8. Series C$44.2M2022-12-20
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 66.0× larger than the prior — scaling up.
    • 25 investors on this round.
  9. Series A$15.0M2022-12-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.9× smaller than the prior — bridge or down round.
    • 1 investor on this round.
Intelligence
2023 ~Q3
Modeled next raise · ~8mo cadence
$15.0M
Modeled next size est.range $15.0M$24.0M
0.3×
Last step-up
$13.9M/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 King15 other2017-09
Chris Lee4 other2022-12
Jack McFarland4 other2017-09
Jim LaCasse1 other2022-02
Bill Flecky2017-09
Dennis Townsend2017-09
Gary Ullman2022-12
Ingo Drescher2021-06
James LaCasse2021-06
James Trevey2017-09
Michael Danner2018-08
Michael Kleinberg2021-06
Millicent Pitts-DiCicco2022-12
Paul Lichty2017-09
Reuben Sarkar2018-12
Thomas Lehnert2022-02
Registry & provenance

Forge Nano, 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
1719324
SEC CIK
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Frequently asked
How much funding has Forge Nano, Inc. raised?
Forge Nano, Inc. has raised approximately $72.7M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Forge Nano, Inc.'s estimated valuation?
Provath's modeled valuation for Forge Nano, Inc. is approximately $657.5M (modeled range $167.6M–$1.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Forge Nano, Inc. at?
Forge Nano, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Tue Dec 20.
What does Forge Nano, Inc. do and where is it based?
Forge Nano, Inc. operates in the Other Technology sector, based in THORNTON.
Explore related

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