Diligence memo · auto-generated · as of July 2, 2026
FTC Solar, Inc.
FTC Solar, Inc. looks over-valued against its niche peers and is quiet on financing cadence.
Businessfiled
FTC Solar, Inc. operates in Other Energy, based in AUSTIN.
Sub-sector tags: climate/cleantech.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
FTC Solar, Inc. has raised $15M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series A (a $4.0M–$15M round).
Largest single filing: $15M on 2024-12-04.
Most recent recorded round closed around 2024-12-04.
Valuation (modeled)modeled
Provath models FTC Solar, Inc. at approximately $53M (range $19M–$103M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.56× the median modeled value of Series A Other Energy companies in 2022–2024 (105 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Last raise 19 mo ago; this sector typically re-raises about every 12 months.
Slightly overdue versus sector cadence.
Comparablesmixed
Capital scale ranks ahead of 76% of Other Energy peers (2049 compared).
Modeled value ranks above 73% of those peers.
Closest niche peers: Versogen, Inc., Juhl Clean Energy Assets, Inc., UtilityAPI, Inc., Premier Uranium, Inc., Controlled Thermal Resources Holdings Inc..
Peoplefiled
9 named people on file across officers, directors and signatories.
Risks & flagsmixed
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.