Companies · Other

Fortanix, Inc.

MOUNTAIN VIEW · Other

Diligence memoA one-page analyst read on Fortanix, Inc. — recommendation, valuation, rhythm, risks.
$127.3M
Total raised · real
4
Rounds
5.8×
Latest step-up
Top 4%
Sector rank · raised
Series C
Latest stage · inferred · Wed Jul 27 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Fortanix, Inc. looks over-valued 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.

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

Over-valued
  • Modeled value is 1.74× the median modeled value of Series C Other companies in 2022–2024 (192 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.9 yr ago; this sector typically re-raises about every 11 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

Fortanix, Inc. is one of 25015 Other companies tracked from MOUNTAIN VIEW. By capital raised it ranks among the largest (ahead of 97% 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
18
Investors (latest)
2022-07-27
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$1.0BSeries A · 2017-05-02 Raised $8.1M (real) Modeled valuation $122M (est)$8.1M$122MSeries A2017Series B · 2018-11-29 Raised $22M (real) Modeled valuation $360M (est)$22M$360MSeries B2018Series B · 2018-11-29 Raised $23M (real) Modeled valuation $382M (est)$23M$382MSeries B2018Series B · 2021-07-30 Raised $14M (real) Modeled valuation $181M (est)$14M$181MSeries B2021Series C · 2022-07-27 Raised $82M (real) Modeled valuation $932M (est)$82M$932MSeries C2022+$22M+$23M+$14M+$82MCumulative $149M

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$8.1M · 2017
Series B$21.7M · 2018
Series B extension$23.0M · 2018
Series B extension$14.3M · 2021
Series C$82.0M · 2022

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
$931.8M
Base estimate est.
$317.1M
Conservative case
$1.8B
Upside case
$546.7M
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 $122.2M · 2017-05-022017Series B · modeled $360.0M · 2018-11-29Series B · modeled $382.1M · 2018-11-29Series B · modeled $181.5M · 2021-07-30Series C · modeled $931.8M · 2022-07-272022
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
3.9 yr
Elapsed time used
3.9 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$24.3M/yr
Capital velocity
9.2 yr
On record since
2017
First round
5
Rounds on file
How it compares to the market

Benchmarked against 25015 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) 62× above median
This company$127.3M
Sector median$2.0M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.6× above median
This company$82.0M
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages) 53× above median
This company$931.8M
Sector median$17.7M

Raised more than 97% of sector peers (real $). Modeled value above 97% 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 #16 of 192.

This companyCohort peer
$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 $999.4M (est)CRB Topco LLC · Series C Raised $98.7M · modeled $995.9M (est)Alera Group Ultimate Holdings, LLC · Series C Raised $100.0M · modeled $993.4M (est)Redwire Corp · Series C Raised $80.8M · modeled $971.7M (est)Fortanix, Inc. (this company) Raised $127.3M · modeled $931.8M (est)Fortanix, 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$999.4M1.87×
CRB Topco LLCSeries C$98.7M$995.9M1.86×
Alera Group Ultimate Holdings, LLCSeries C$100.0M$993.4M1.86×
Redwire CorpSeries C$80.8M$971.7M1.82×
Fortanix, Inc. this companySeries C$127.3M$931.8M1.74×
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$8.1M2017-05-02$36.7M$122.2M90%
Series B$21.7M2018-11-29$120.4M$360.0M90%
Series B$23.0M2018-11-29$127.8M$382.1M90%
Series B$14.3M2021-07-30$79.2M$181.5M90%
Series C$82.0M2022-07-27$546.7M$931.8M90%
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$8.1M2017-05-02
    • First recorded raise — entered as Series A.
    • 18 investors on this round.
  2. Series B$21.7M2018-11-29
    • Raised again after 19 mo — slower than the ~11 mo sector norm.
    • Round 2.7× larger than the prior — scaling up.
    • 4 investors on this round.
  3. Series B$23.0M2018-11-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  4. Series B$14.3M2021-07-30
    • Raised again after 32 mo — slower than the ~11 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 7 investors on this round.
  5. Series C$82.0M2022-07-27
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round 5.8× larger than the prior — scaling up.
    • 18 investors on this round.
Intelligence
2023 ~Q4
Modeled next raise · ~16mo cadence
$246.0M
Modeled next size est.range $159.9M$393.6M
5.8×
Last step-up
$24.3M/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
Krishna Kolluri14 other2017-05
Ashu Garg11 other2017-05
Swaroop Kolluri3 other2022-07
Sunil Kurkure1 other2018-11
Ambui Kumar2021-07
AMBUJ KUMAR2017-05
ANAND BALASUBRAHMANYAN2021-07
ANAND KASHYAP2017-05
SOUMYA RAJAMANI2022-07
Registry & provenance

Fortanix, 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
1707138
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
MetroMile, Inc.OtherSeries C$100.0M$1.5Bnetwork1 shared operator · same sector · same stage
Promachos Holding, Inc.OtherSeries C$130.4M$935.0Msame sector · same stage
PPH Acquisition LLCOtherSeries C$133.2M$761.8Msame sector · same stage
Sitetracker, Inc.OtherSeries C$121.5M$763.9Msame sector · same stage
Hebbia Inc.OtherSeries C$121.1M$744.8Msame sector · same stage
TravelPerk, Inc.OtherSeries C$119.3M$1.0Bsame sector · same stage
Nasuni CorpOtherSeries C$137.7M$735.0Msame sector · same stage
Nerdwallet, Inc.OtherSeries C$117.3M$863.4Msame 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
Plantx Life Inc.OtherSeed$21.7M83%
Plutusx, Inc.OtherSeed$55.8M83%
TherOptix, Inc.OtherSeries A$83.2M82%
GovX, Inc.OtherSeries A$56.4M82%
NPX, Inc.OtherSeed$27.4M82%
Cymantix, Inc.OtherPre-Seed$11.4M82%
StemStix, Inc.OtherPre-Seed$5.8M82%
Trackx Holdings IncOtherPre-Seed$4.4M82%
Frequently asked
How much funding has Fortanix, Inc. raised?
Fortanix, Inc. has raised approximately $127.3M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Fortanix, Inc.'s estimated valuation?
Provath's modeled valuation for Fortanix, Inc. is approximately $931.8M (modeled range $317.1M–$1.8B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Fortanix, Inc. at?
Fortanix, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Wed Jul 27.
What does Fortanix, Inc. do and where is it based?
Fortanix, Inc. operates in the Other sector, based in MOUNTAIN VIEW.
Explore related

See where Fortanix, 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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