Companies · Manufacturing

Harvest Thermal, Inc.

KENSINGTON · Manufacturing

Diligence memoA one-page analyst read on Harvest Thermal, Inc. — recommendation, valuation, rhythm, risks.
$11.9M
Total raised · real
3
Rounds
0.5×
Latest step-up
Top 20%
Sector rank · raised
Series A
Latest stage · inferred · Mon Oct 06 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Harvest Thermal, Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the manufacturing sector profile.

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

Under-valued
  • Modeled value is 0.20× the median modeled value of Series A Manufacturing companies in 2025–2027 (62 peers) — value vs value, same stage and era.
Active
  • Last raise 9 mo ago; this sector typically re-raises about every 12 months.
  • Raising on or ahead of the sector's normal rhythm.
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 Manufacturing

Harvest Thermal, Inc. is one of 3257 Manufacturing companies tracked from KENSINGTON. By capital raised it ranks in the upper tier (ahead of 81% of sector peers), and in the long tail 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
28
Investors (latest)
2025-10-06
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$13M$25M$38M$50MSeries A · 2023-07-20 Raised $8.8M (real) Modeled valuation $44M (est)$8.8M$44MSeries A2023Seed · 2023-07-20 Raised $3.2M (real) Modeled valuation $16M (est)$3.2M$16MSeed2023Seed · 2023-07-20 Raised $2.1M (real) Modeled valuation $10M (est)$2.1M$10MSeed2023Series A · 2024-12-16 Raised $2.0M (real) Modeled valuation $7.4M (est)$2.0M$7.4MSeries A2024Series A · 2025-10-06 Raised $1.1M (real) Modeled valuation $3.2M (est)$1.1M$3.2MSeries A2025+$3.2M+$2.1M+$2.0M+$1.1MCumulative $17M

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$8.8M · 2023
Bridge · Series A-stage$3.2M · 2023smaller follow-on
Bridge · Series A-stage$2.1M · 2023smaller follow-on
Series A extension$2.0M · 2024
Series A extension$1.1M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$3.2M
Base estimate est.
$1.5M
Conservative case
$5.2M
Upside case
$4.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the manufacturing sector profile. Directional, not a quoted figure.

Series A · modeled $44.0M · 2023-07-202023Seed · modeled $15.6M · 2023-07-20Seed · modeled $10.4M · 2023-07-20Series A · modeled $7.4M · 2024-12-16Series A · modeled $3.2M · 2025-10-062025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
56%
Survival probability
31% low · 77% high
1.26×/yr
Annual markup
1.58×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$5.4M/yr
Capital velocity
3.0 yr
On record since
2023
First round
5
Rounds on file
How it compares to the market

Benchmarked against 3257 companies in Manufacturing. 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) 5.9× above median
This company$11.9M
Sector median$2.0M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.2× of median
This company$1.1M
Sector median$5.3M
Modeled value — vs sector median (estimate, all stages) 0.3× of median
This company$3.2M
Sector median$12.0M

Raised more than 81% of sector peers (real $). Modeled value above 23% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #57 of 62.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Island Hedley Parent LLC · Series A Raised $13.8M · modeled $41.4M (est)Salt Lake City Distillery, Llc · Series A Raised $43.3M · modeled $37.9M (est)Bespoken Spirits Inc. · Series A Raised $18.5M · modeled $37.4M (est)AiTA Bio Inc. · Series A Raised $10.0M · modeled $35.6M (est)C-Motive Technologies, Inc. · Series A Raised $26.1M · modeled $35.1M (est)Hheli. Llc · Series A Raised $11.4M · modeled $32.6M (est)Brother Justus Whiskey Co. · Series A Raised $22.8M · modeled $31.4M (est)Pallet SPC · Series A Raised $34.4M · modeled $31.4M (est)Foundry Lab, Inc. · Series A Raised $17.7M · modeled $31.0M (est)JWC Gburg LLC · Series A Raised $9.2M · modeled $30.4M (est)NALA Membranes, Inc. · Series A Raised $14.2M · modeled $30.3M (est)WarpForge Pty Ltd · Series A Raised $10.2M · modeled $29.2M (est)Harvest Thermal, Inc. (this company) Raised $11.9M · modeled $3.2M (est)Harvest Thermal, Inc.
CompanyStageRaised · realValue · estvs peer med.
Island Hedley Parent LLCSeries A$13.8M$41.4M2.55×
Salt Lake City Distillery, LlcSeries A$43.3M$37.9M2.34×
Bespoken Spirits Inc.Series A$18.5M$37.4M2.30×
AiTA Bio Inc.Series A$10.0M$35.6M2.19×
C-Motive Technologies, Inc.Series A$26.1M$35.1M2.16×
Hheli. LlcSeries A$11.4M$32.6M2.01×
Brother Justus Whiskey Co.Series A$22.8M$31.4M1.94×
Pallet SPCSeries A$34.4M$31.4M1.93×
Foundry Lab, Inc.Series A$17.7M$31.0M1.91×
JWC Gburg LLCSeries A$9.2M$30.4M1.87×
NALA Membranes, Inc.Series A$14.2M$30.3M1.86×
WarpForge Pty LtdSeries A$10.2M$29.2M1.80×
Harvest Thermal, Inc. this companySeries A$11.9M$3.2M0.20×
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$8.8M2023-07-20$40.1M$44.0M90%
Seed$3.2M2023-07-20$15.8M$15.6M90%
Seed$2.1M2023-07-20$10.6M$10.4M90%
Series A$2.0M2024-12-16$9.3M$7.4M90%
Series A$1.1M2025-10-06$4.8M$3.2M90%
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$8.8M2023-07-20
    • First recorded raise — entered as Series A.
    • 63 investors on this round.
  2. Seed$3.2M2023-07-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.8× smaller than the prior — bridge or down round.
    • 65 investors on this round.
  3. Seed$2.1M2023-07-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 63 investors on this round.
  4. Series A$2.0M2024-12-16
    • Raised 17 mo later, in step with the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 23 investors on this round.
  5. Series A$1.1M2025-10-06
    • Raised 10 mo later, in step with the ~12 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 28 investors on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~7mo cadence
$1.1M
Modeled next size est.range $1.1M$1.7M
0.5×
Last step-up
$5.4M/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
Elisabeth Jane Melia2023-07
Ken Munson2025-10
Registry & provenance

Harvest Thermal, 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
1988015
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
Enda Athletic, Inc.ManufacturingSeries A$10.5M$3.5Msame sector · same stage
Mpc Holdings, LlcManufacturingSeries A$10.3M$2.8Msame sector · same stage
AVT, Inc.ManufacturingSeries A$9.1M$2.2Msame sector · same stage
GreenWorld Homes USA & Caribbean, Inc.ManufacturingSeries A$8.2M$3.8Msame sector · same stage
Winning Brands CorpManufacturingSeries A$17.7M$2.2Msame sector · same stage
UNEQUAL Technologies CoManufacturingSeries A$17.9M$2.5Msame sector · same stage
Noble Environmental Technologies Corp.ManufacturingSeries A$20.2M$2.5Msame sector · same stage
Racing & Performance Holdings, LLCManufacturingSeries A$21.1M$2.7Msame 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
Harvest Soul, LLCManufacturingPre-Seed$15.3M90%
Indoor Harvest CorpManufacturingSeries A$9.0M88%
Harvest Power, Inc.Other EnergySeries D+$72.3M84%
Heartwood Biomass Inc.ManufacturingSeed$5.6M83%
TreeFree Biomass Solutions, Inc.ManufacturingSeries A$49.9M82%
Ohio Heat Holdings LLCManufacturingSeed$25.6M81%
Planet Resource Recovery, Inc.ManufacturingPre-Seed$1.5M81%
Power Solutions Holdings, LLCManufacturingSeries A$17.1M81%
Frequently asked
How much funding has Harvest Thermal, Inc. raised?
Harvest Thermal, Inc. has raised approximately $11.9M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Harvest Thermal, Inc.'s estimated valuation?
Provath's modeled valuation for Harvest Thermal, Inc. is approximately $3.2M (modeled range $1.5M–$5.2M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Harvest Thermal, Inc. at?
Harvest Thermal, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Mon Oct 06.
What does Harvest Thermal, Inc. do and where is it based?
Harvest Thermal, Inc. operates in the Manufacturing sector, based in KENSINGTON.
Explore related

See where Harvest Thermal, 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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