Companies · Crypto / Web3

Forward Industries, Inc.

HAUPPAUGE · Crypto / Web3 · refined from filed group “Other · https://forwardindustries.com/

Diligence memoA one-page analyst read on Forward Industries, Inc. — recommendation, valuation, rhythm, risks.
$1.7B
Total raised · real
3
Rounds
4008.0×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Wed Sep 10 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Forward Industries, Inc. has raised $1.7B over 3 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 crypto/web3 sector profile.

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

Quiet
  • Last raise 10 mo ago; this sector typically re-raises about every 7 months.
  • Slightly overdue versus sector cadence.
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 Crypto / Web3

Forward Industries, Inc. is one of 196 Crypto / Web3 companies tracked from HAUPPAUGE. 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

As the fastest and most scalable blockchain, Solana is built to power global markets. Forward Industries is capitalizing on that momentum.

As the fastest and most scalable blockchain, Solana is built to power global markets. Forward Industries is capitalizing on that momentum. Announcing Forward's Letter of Intent to Brera Holdings PLC - Read Press Release ( Disclaimer ) ( 8-K ) Forward Industries is accelerating the growth and adoption of the Solana Ecosystem. Tokenize your shares on-chain for DeFi composability Stake SOL for fwdSOL, or use fwdSOL in Solana DeFi View information about FWDI and Forward's SOL Treasury Building the world's largest Solana treasury for long-term shareholder value Building the world's largest Solana treasury for long-term shareholder value Deploying through staking, lending, and DeFi participation to generate revenue Deploying through staking, lending, and DeFi participation to generate revenue Growing modified Net Asset Value through strategic onchain yield generation Growing modified Net Asset Value through strategic onchain yield generation Kyle Samani serves as Chairman of the Board of Directors of Forward Industries. Saurabh Sharma serves as a Board Director for Forward Industries. Michael is a Board Observer for Forward Industries. Sangita Shah joined the Board of Directors of Forwar

crypto/web3
Find Forward online

Trades publicly as Forward.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(c)
Reg D exemption
214
Investors (latest)
2025-09-10
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$20.0BPre-Seed · 2013-06-28 Raised $750K (real) Modeled valuation $38M (est)$750K$38MPre-Seed2013Pre-Seed · 2018-01-22 Raised $412K (real) Modeled valuation $21M (est)$412K$21MPre-Seed2018Growth/Late · 2025-09-10 Raised $1.6B (real) Modeled valuation $15.2B (est)$1.6B$15.2BGrowth/Late2025+$412K+$1.6BCumulative $1.7B

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
Pre-Seed$750K · 2013
Pre-Seed extension$412K · 2018
Growth/Late$1.6B · 2025no Seed / Series A / Series B / Series C / Series D+ on file

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A, 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
$15.2B
Base estimate est.
$10.6B
Conservative case
$17.6B
Upside case
$16.5B
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 crypto/web3 sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $38.4M · 2013-06-282013Pre-Seed · modeled $21.1M · 2018-01-22Growth/Late · modeled $15.2B · 2025-09-102025
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
74%
Survival probability
64% low · 80% high
1.32×/yr
Annual markup
1.44×/yr upside case
0.8 yr
Elapsed time used
0.8 yr actual, capped for stale marks
crypto/web3
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
73 mo
Avg between rounds
$135.3M/yr
Capital velocity
13.0 yr
On record since
2013
First round
3
Rounds on file
How it compares to the market

Benchmarked against 196 companies in Crypto / Web3. 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) 472× above median
This company$1.7B
Sector median$3.5M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 3.4× above median
This company$1.6B
Sector median$486.2M
Modeled value — vs sector median (estimate, all stages) 288× above median
This company$15.2B
Sector median$53.0M

Raised more than 100% of sector peers (real $). Modeled value above 99% of peers (estimate).

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.
Pre-Seed$750K2013-06-28$4.2M$38.4M85%
Pre-Seed$412K2018-01-22$2.3M$21.1M90%
Growth/Late$1.6B2025-09-10$16.5B$15.2B90%
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. Pre-Seed$750K2013-06-28
    • First recorded raise — entered as Pre-Seed.
    • 7 investors on this round.
  2. Pre-Seed$412K2018-01-22
    • Raised again after 55 mo — slower than the ~7 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 10 investors on this round.
  3. Growth/Late$1.6B2025-09-10
    • Raised again after 92 mo — slower than the ~7 mo sector norm.
    • Round 4008.0× larger than the prior — scaling up.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 214 investors on this round.
Intelligence
2031 ~Q4
Modeled next raise · ~73mo cadence
$4.9B
Modeled next size est.range $3.2B$7.9B
4008.0×
Last step-up
$135.3M/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
Howard Morgan16 other2018-01
Keith Johnson7 other2025-09
Michael Pruitt2 other2025-09
Pyahm Samani2 other2025-09
Christopher Ferraro1 other2025-09
James Frost1 other2018-01
Frank LaGrange Johnson2013-06
Howard F. Morgan2013-06
James O. McKenna2013-06
John F. Chiste2013-06
Kathleen Weisberg2025-09
Michael Matte2018-01
Owen P.J. King2013-06
Robert Garrett, Jr.2013-06
Samarth Haribhakti2025-09
Sangita Shah2018-01
Sharon Hrynkow2025-09
Terence F. Wise2013-06
Terence Wise2018-01
Timothy F. Gordon2013-06
Registry & provenance

Forward Industries, 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
38264
SEC CIK
Recent activity

Discovered from forwardindustries — 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
Hedera Hashgraph, LLCCrypto / Web3Growth/Late$800.6M$27.4Bsame sector · same stage
ConsenSys Software Inc.Crypto / Web3Growth/Late$600.8M$9.9Bsame sector · same stage
Circle International Bermuda LtdCrypto / Web3Growth/Late$486.2M$14.4Bsame sector · same stage
Sonnet BioTherapeutics Holdings, Inc.BiotechnologySeries A$25.4M$16.6Mnetwork2 shared operators
Fresh Vine Wine, Inc.ManufacturingSeries A$6.5M$5.3Mnetwork2 shared operators
The Sun ExchangeCrypto / Web3Growth/Late$1.6M$62.9Msame sector · same stage
Payward, Inc.Crypto / Web3Series D+$703.3M$1.8Bsame sector
Bluefin Topco, LlcCrypto / Web3Series D+$700.0M$14.7Bsame sector
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
Solum Global, Inc.OtherSeed$12.5M73%
DeFi Ventures Inc.Crypto / Web3Seed$37.7M73%
Mudrex, Inc.
India's largest crypto investing paltform
Crypto / Web3Series A$158.7M73%
Solium Capital IncOther TechnologySeed$74.7M72%
Circle International Bermuda Ltd
Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today!
Crypto / Web3Growth/Late$14.4B72%
Provenance Blockchain, Inc.Crypto / Web3Series B$735.6M72%
Valiu Inc.
USD mobile banking for LatAm's businesses and people
FintechSeed$43.8M72%
Blockchain Holdings Capital Ventures, Inc.Crypto / Web3Pre-Seed$15.3M72%
Frequently asked
How much funding has Forward Industries, Inc. raised?
Forward Industries, Inc. has raised approximately $1.7B in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Forward Industries, Inc.'s estimated valuation?
Provath's modeled valuation for Forward Industries, Inc. is approximately $15.2B (modeled range $10.6B–$17.6B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Forward Industries, Inc. at?
Forward Industries, Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Wed Sep 10.
What does Forward Industries, Inc. do and where is it based?
Forward Industries, Inc. operates in the Crypto / Web3 sector, based in HAUPPAUGE. As the fastest and most scalable blockchain, Solana is built to power global markets. Forward Industries is capitalizing on that momentum.
Explore related

See where Forward Industries, 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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