Diligence memo · auto-generated · as of July 2, 2026
Formula, Inc.
Formula, Inc. looks over-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Formula, Inc. operates in Other Technology, based in DALLAS.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Formula, Inc. has raised $625K in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Pre-Seed (a round under $1.0M).
Largest single filing: $521K on 2022-10-07.
Most recent recorded round closed around 2022-10-07.
Valuation (modeled)modeled
Provath models Formula, Inc. at approximately $6.4M (range $341K–$37M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 2.33× the median modeled value of Pre-Seed Other Technology companies in 2022–2024 (975 peers) — value vs value, same stage and era. Issuer reports no revenue, yet is modeled well above niche peers.
Financing rhythm & timingmixed
Historic cadence: a new round about every 37 months.
Last raise 3.7 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.
The last round stepped up 5.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 21% of Other Technology peers (21292 compared).
Modeled value ranks above 17% of those peers.
Closest niche peers: InRev, Inc., Positiv.ly LLC, SmashNet INC, RealConnex Holdings Inc., Pm-Ordr, Inc..
Peoplefiled
6 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.