Companies · Pharmaceuticals

Innovate Biopharmaceuticals, Inc.

RALEIGH · Pharmaceuticals

Diligence memoA one-page analyst read on Innovate Biopharmaceuticals, Inc. — recommendation, valuation, rhythm, risks.
$154.0M
Total raised · real
12
Rounds
8.2×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Mon May 04 2020 00:00:00 GMT+0000 (Coordinated Universal Time)

Innovate Biopharmaceuticals, Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the pharma 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 0.48× the median modeled value of Series C Pharmaceuticals companies in 2019–2021 (33 peers) — value vs value, same stage and era.
Dormant
  • Last raise 6.2 yr ago; this sector typically re-raises about every 13 months.
  • Silent for over 3× the sector's normal 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 Pharmaceuticals

Innovate Biopharmaceuticals, Inc. is one of 1613 Pharmaceuticals companies tracked from RALEIGH. By capital raised it ranks among the largest (ahead of 95% of sector peers), and in the upper tier 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
149
Investors (latest)
2020-05-04
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$1.3B$2.5B$3.8B$5.0BSeed · 2012-06-04 Raised $1.4M (real) Modeled valuation $52M (est)Seed2012Series A · 2012-06-04 Raised $5.3M (real) Modeled valuation $165M (est)Series A2012Series A · 2014-04-14 Raised $200K (real) Modeled valuation $6.2M (est)Series A2014Series A · 2016-11-22 Raised $500K (real) Modeled valuation $15M (est)Series A2016Series A · 2016-11-23 Raised $250K (real) Modeled valuation $7.7M (est)Series A2016Series C · 2018-01-29 Raised $93M (real) Modeled valuation $3.3B (est)Series C2018Series C · 2018-10-04 Raised $5.2M (real) Modeled valuation $182M (est)Series C2018Series C · 2019-03-08 Raised $5.5M (real) Modeled valuation $193M (est)Series C2019Series C · 2019-03-18 Raised $9.7M (real) Modeled valuation $342M (est)Series C2019Series C · 2019-05-01 Raised $8.7M (real) Modeled valuation $307M (est)Series C2019Series C · 2019-05-17 Raised $487K (real) Modeled valuation $17M (est)Series C2019Series C · 2020-01-10 Raised $2.8M (real) Modeled valuation $96M (est)Series C2020Series C · 2020-05-04 Raised $23M (real) Modeled valuation $792M (est)Series C2020Cumulative $155M

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
Seed$1.4M · 2012
Series A$5.3M · 2012
Series A extension$200K · 2014
Series A extension$500K · 2016
Series A extension$250K · 2016
Series C$92.8M · 2018no Series B on file
Series C extension$5.2M · 2018
Series C extension$5.5M · 2019
Series C extension$9.7M · 2019
Series C extension$8.7M · 2019
Series C extension$487K · 2019
Series C extension$2.8M · 2020
Series C extension$22.6M · 2020

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series B — 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
$791.8M
Base estimate est.
$73.3M
Conservative case
$2.1B
Upside case
$150.4M
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 scaled by the pharma sector profile. Directional, not a quoted figure.

Seed · modeled $52.1M · 2012-06-042012Series A · modeled $165.1M · 2012-06-04Series A · modeled $6.2M · 2014-04-14Series A · modeled $15.5M · 2016-11-22Series A · modeled $7.7M · 2016-11-23Series C · modeled $3.3B · 2018-01-29Series C · modeled $182.4M · 2018-10-04Series C · modeled $193.0M · 2019-03-08Series C · modeled $341.8M · 2019-03-18Series C · modeled $306.8M · 2019-05-01Series C · modeled $17.1M · 2019-05-17Series C · modeled $96.5M · 2020-01-10Series C · modeled $791.8M · 2020-05-042020
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
66%
Survival probability
49% low · 76% high
1.42×/yr
Annual markup
1.62×/yr upside case
6.0 yr
Elapsed time used
6.2 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$19.5M/yr
Capital velocity
14.1 yr
On record since
2012
First round
13
Rounds on file
How it compares to the market

Benchmarked against 1613 companies in Pharmaceuticals. 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) 19× above median
This company$154.0M
Sector median$8.1M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.5× of median
This company$22.6M
Sector median$46.4M
Modeled value — vs sector median (estimate, all stages) 10× above median
This company$791.8M
Sector median$76.1M

Raised more than 95% of sector peers (real $). Modeled value above 86% 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 #29 of 33.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Verastem, Inc. · Series C Raised $163.2M · modeled $3.5B (est)Sentia Wellness, Inc. · Series C Raised $91.6M · modeled $3.2B (est)Oyster Point Pharma, Inc. · Series C Raised $113.6M · modeled $3.0B (est)Terns Pharmaceuticals, Inc. · Series C Raised $97.7M · modeled $2.9B (est)Theseus Pharmaceuticals, Inc. · Series C Raised $117.2M · modeled $2.7B (est)Aerovate Therapeutics, Inc. · Series C Raised $78.3M · modeled $2.6B (est)Mereo Biopharma Group plc · Series C Raised $70.0M · modeled $2.5B (est)Goldfinch Bio, Inc. · Series C Raised $69.7M · modeled $2.4B (est)Avilar Therapeutics, Inc. · Series C Raised $75.3M · modeled $2.3B (est)Werewolf Therapeutics, Inc. · Series C Raised $128.2M · modeled $2.1B (est)Athenex, Inc. · Series C Raised $366.7M · modeled $2.1B (est)Tvardi Therapeutics, Inc. · Series C Raised $78.1M · modeled $1.8B (est)Innovate Biopharmaceuticals, Inc. (this company) Raised $154.0M · modeled $791.8M (est)Innovate Biopharmaceuticals, Inc.
CompanyStageRaised · realValue · estvs peer med.
Verastem, Inc.Series C$163.2M$3.5B2.12×
Sentia Wellness, Inc.Series C$91.6M$3.2B1.94×
Oyster Point Pharma, Inc.Series C$113.6M$3.0B1.80×
Terns Pharmaceuticals, Inc.Series C$97.7M$2.9B1.75×
Theseus Pharmaceuticals, Inc.Series C$117.2M$2.7B1.66×
Aerovate Therapeutics, Inc.Series C$78.3M$2.6B1.56×
Mereo Biopharma Group plcSeries C$70.0M$2.5B1.49×
Goldfinch Bio, Inc.Series C$69.7M$2.4B1.48×
Avilar Therapeutics, Inc.Series C$75.3M$2.3B1.36×
Werewolf Therapeutics, Inc.Series C$128.2M$2.1B1.30×
Athenex, Inc.Series C$366.7M$2.1B1.28×
Tvardi Therapeutics, Inc.Series C$78.1M$1.8B1.12×
Innovate Biopharmaceuticals, Inc. this companySeries C$154.0M$791.8M0.48×
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.
Seed$1.4M2012-06-04$6.8M$52.1M85%
Series A$5.3M2012-06-04$24.2M$165.1M85%
Series A$200K2014-04-14$909K$6.2M85%
Series A$500K2016-11-22$2.3M$15.5M90%
Series A$250K2016-11-23$1.1M$7.7M90%
Series C$92.8M2018-01-29$618.3M$3.3B90%
Series C$5.2M2018-10-04$34.6M$182.4M90%
Series C$5.5M2019-03-08$36.7M$193.0M90%
Series C$9.7M2019-03-18$64.9M$341.8M90%
Series C$8.7M2019-05-01$58.3M$306.8M90%
Series C$487K2019-05-17$3.2M$17.1M90%
Series C$2.8M2020-01-10$18.3M$96.5M90%
Series C$22.6M2020-05-04$150.4M$791.8M90%
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. Seed$1.4M2012-06-04
    • First recorded raise — entered as Seed.
    • 16 investors on this round.
  2. Series A$5.3M2012-06-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.9× larger than the prior — scaling up.
    • 85 investors on this round.
  3. Series A$200K2014-04-14
    • Raised again after 22 mo — slower than the ~13 mo sector norm.
    • Round 26.7× smaller than the prior — bridge or down round.
    • Switched to Rule 506(c) (was Rule 06).
    • 3 investors on this round.
  4. Series A$500K2016-11-22
    • Raised again after 31 mo — slower than the ~13 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 1 investor on this round.
  5. Series A$250K2016-11-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Series C$92.8M2018-01-29
    • Raised 14 mo later, in step with the ~13 mo sector norm.
    • Round 371.0× larger than the prior — scaling up.
    • 194 investors on this round.
  7. Series C$5.2M2018-10-04
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 17.8× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  8. Series C$5.5M2019-03-08
    • Came back fast: 5 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  9. Series C$9.7M2019-03-18
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.8× larger than the prior — scaling up.
    • 17 investors on this round.
  10. Series C$8.7M2019-05-01
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  11. Series C$487K2019-05-17
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round 18.0× smaller than the prior — bridge or down round.
    • 17 investors on this round.
  12. Series C$2.8M2020-01-10
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 5.6× larger than the prior — scaling up.
    • 1 investor on this round.
  13. Series C$22.6M2020-05-04
    • Came back fast: 4 mo vs the ~13 mo sector norm.
    • Round 8.2× larger than the prior — scaling up.
    • 149 investors on this round.
Intelligence
2020 ~Q4
Modeled next raise · ~8mo cadence
$67.7M
Modeled next size est.range $44.0M$108.3M
8.2×
Last step-up
$19.5M/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
Sandeep Laumas5 other2018-01
Anthony Maida4 other2018-01
Saira Ramasastry3 other2018-10
Christopher Prior2 other2018-01
Edward J. Sitar2 other2020-01
Anna Kazanchyan1 other2018-01
Jay Madan1 other2018-01
Anthony E Maida III2019-05
Christopher M. Miner2016-11
David H. Clarke2016-11
David L. Olert2016-11
Devinder Tandon2012-06
Jawahar Tandon2012-06
Jay P Madan2019-05
John Temperato2020-05
Jonathan P. Clark2016-11
Lorin Johnson2018-01
Lorin K. Johnson2019-05
Marc S. Matejka2016-11
Mark K. Sirgo2020-05
Michael Riddling2012-06
Nissim J. Darvish2020-05
Robert C Machinist2016-11
Roy K. Proujansky2019-05
Registry & provenance

Innovate Biopharmaceuticals, 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
1551986
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
Innovate Biopharmaceuticals Inc.PharmaceuticalsSeries B$42.7M$1.1Bnetwork3 shared operators · same sector
PhaseBio Pharmaceuticals IncPharmaceuticalsSeries C$102.1M$912.3Mnetwork1 shared operator · same sector · same stage
Portola Pharmaceuticals IncPharmaceuticalsSeries C$158.1M$315.8Msame sector · same stage
Reneo Pharmaceuticals, Inc.PharmaceuticalsSeries C$159.4M$519.8Msame sector · same stage
Cambrian BioPharma IncPharmaceuticalsSeries C$148.4M$293.3Msame sector · same stage
Nemus Bioscience, Inc.PharmaceuticalsSeries C$168.4M$388.7Msame sector · same stage
Apellis Pharmaceuticals, Inc.PharmaceuticalsSeries C$140.2M$703.0Msame sector · same stage
Enliven Therapeutics, Inc.PharmaceuticalsSeries C$140.1M$867.9Msame 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
Innovate Biopharmaceuticals Inc.PharmaceuticalsSeries B$1.1B100%
BioMedInnovations LLCBiotechnologyPre-Seed$553K85%
scPharmaceuticals Inc.PharmaceuticalsSeries C$1.6B83%
Innovative Health Solutions, Inc.BiotechnologySeries A$345.9M83%
Mitovation,Inc.BiotechnologyPre-Seed$27.6M83%
Innovative Med Concepts, LLCPharmaceuticalsSeries A$3.6M83%
Niche Biopharmaceuticals LLCPharmaceuticalsPre-Seed$278K83%
Biopharmaceutical Research CoOther TechnologySeries B$6.9M82%
Frequently asked
How much funding has Innovate Biopharmaceuticals, Inc. raised?
Innovate Biopharmaceuticals, Inc. has raised approximately $154.0M in disclosed capital across 12 recorded financing rounds, aggregated from public filings.
What is Innovate Biopharmaceuticals, Inc.'s estimated valuation?
Provath's modeled valuation for Innovate Biopharmaceuticals, Inc. is approximately $791.8M (modeled range $73.3M–$2.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Innovate Biopharmaceuticals, Inc. at?
Innovate Biopharmaceuticals, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Mon May 04.
What does Innovate Biopharmaceuticals, Inc. do and where is it based?
Innovate Biopharmaceuticals, Inc. operates in the Pharmaceuticals sector, based in RALEIGH.
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