Diligence memo · auto-generated · as of July 2, 2026
Forward Networks, Inc.
Forward Networks, Inc. looks fair against its niche peers and is at-risk on financing cadence.
Businessfiled
Forward Networks, Inc. operates in Other Technology, based in Santa Clara.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Forward Networks, Inc. has raised $113M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $50M on 2022-12-09.
Most recent recorded round closed around 2022-12-09.
Valuation (modeled)modeled
Provath models Forward Networks, Inc. at approximately $750M (range $189M–$1.4B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.12× 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 (112% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 28 months.
Last raise 3.6 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 1.4× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 97% of Other Technology peers (21302 compared).
Modeled value ranks above 94% of those peers.
Closest niche peers: LinkSquares, Inc., Semperis Ltd., Veev Group, Inc., GPI Acquisitions, Inc., DVX Ventures LLC.
Peoplefiled
7 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.