Companies · Manufacturing

Lightpath Technologies Inc

Orlando · Manufacturing

Diligence memoA one-page analyst read on Lightpath Technologies Inc — recommendation, valuation, rhythm, risks.
$48.5M
Total raised · real
7
Rounds
0.2×
Latest step-up
Top 8%
Sector rank · raised
Series B
Latest stage · inferred · Tue Sep 16 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Lightpath Technologies 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 0.51× the median modeled value of Series B Manufacturing companies in 2025–2027 (16 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

Lightpath Technologies Inc is one of 3256 Manufacturing companies tracked from Orlando. By capital raised it ranks among the largest (ahead of 93% 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
2
Investors (latest)
2025-09-16
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$50M$100M$150M$200MSeed · 2009-08-19 Raised $1.6M (real) Modeled valuation $20M (est)Seed2009Seed · 2010-04-08 Raised $1.1M (real) Modeled valuation $14M (est)Seed2010Seed · 2012-06-11 Raised $2.0M (real) Modeled valuation $24M (est)Seed2012Seed · 2015-01-20 Raised $1.3M (real) Modeled valuation $16M (est)Seed2015Seed · 2018-01-16 Raised $2.3M (real) Modeled valuation $28M (est)Seed2018Series B · 2025-03-05 Raised $32M (real) Modeled valuation $156M (est)Series B2025Series B · 2025-09-16 Raised $8.0M (real) Modeled valuation $35M (est)Series B2025+$1.1M+$2.0M+$1.3M+$2.3M+$32M+$8.0MCumulative $48M

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$1.6M · 2009
Seed extension$1.1M · 2010
Seed extension$2.0M · 2012
Seed extension$1.3M · 2015
Seed extension$2.3M · 2018
Series B$32.2M · 2025no Series A on file
Series B extension$8.0M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$35.4M
Base estimate est.
$20.4M
Conservative case
$50.2M
Upside case
$44.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the manufacturing sector profile. Directional, not a quoted figure.

Seed · modeled $20.1M · 2009-08-192009Seed · modeled $13.7M · 2010-04-08Seed · modeled $24.3M · 2012-06-11Seed · modeled $16.0M · 2015-01-20Seed · modeled $27.6M · 2018-01-16Series B · modeled $156.2M · 2025-03-05Series B · modeled $35.4M · 2025-09-162025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
69%
Survival probability
46% low · 85% high
1.19×/yr
Annual markup
1.44×/yr upside case
0.8 yr
Elapsed time used
0.8 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
32 mo
Avg between rounds
$3.0M/yr
Capital velocity
16.9 yr
On record since
2009
First round
7
Rounds on file
How it compares to the market

Benchmarked against 3256 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) 24× above median
This company$48.5M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.4× of median
This company$8.0M
Sector median$18.5M
Modeled value — vs sector median (estimate, all stages) 2.9× above median
This company$35.4M
Sector median$12.0M

Raised more than 93% of sector peers (real $). Modeled value above 74% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) 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 #10 of 16.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Lexington Medical, Inc. · Series B Raised $37.8M · modeled $180.2M (est)Lumber Manufactory Inc. · Series B Raised $53.1M · modeled $155.6M (est)PulseForge, Inc. · Series B Raised $28.0M · modeled $128.4M (est)MOLG Inc. · Series B Raised $37.2M · modeled $123.3M (est)Elect Nano, LLC · Series B Raised $25.0M · modeled $107.8M (est)Electrified Materials Corp / IN · Series B Raised $20.0M · modeled $83.9M (est)Flamingo Electric Inc. · Series B Raised $21.6M · modeled $81.9M (est)Hyperframe Inc. · Series B Raised $28.0M · modeled $76.8M (est)Inventwood Inc. · Series B Raised $30.0M · modeled $62.8M (est)Compagnie Financiere Richemont Sa · Series B Raised $42.4M · modeled $29.4M (est)CleanFiber, LLC · Series B Raised $111.8M · modeled $28.7M (est)Lightpath Technologies Inc (this company) Raised $48.5M · modeled $35.4M (est)Lightpath Technologies Inc
CompanyStageRaised · realValue · estvs peer med.
Lexington Medical, Inc.Series B$37.8M$180.2M2.58×
Lumber Manufactory Inc.Series B$53.1M$155.6M2.23×
PulseForge, Inc.Series B$28.0M$128.4M1.84×
MOLG Inc.Series B$37.2M$123.3M1.77×
Elect Nano, LLCSeries B$25.0M$107.8M1.54×
Electrified Materials Corp / INSeries B$20.0M$83.9M1.20×
Flamingo Electric Inc.Series B$21.6M$81.9M1.17×
Hyperframe Inc.Series B$28.0M$76.8M1.10×
Inventwood Inc.Series B$30.0M$62.8M0.90×
Lightpath Technologies Inc this companySeries B$48.5M$35.4M0.51×
Compagnie Financiere Richemont SaSeries B$42.4M$29.4M0.42×
CleanFiber, LLCSeries B$111.8M$28.7M0.41×
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$1.6M2009-08-19$8.2M$20.1M85%
Seed$1.1M2010-04-08$5.6M$13.7M85%
Seed$2.0M2012-06-11$9.9M$24.3M85%
Seed$1.3M2015-01-20$6.5M$16.0M85%
Seed$2.3M2018-01-16$11.3M$27.6M90%
Series B$32.2M2025-03-05$178.9M$156.2M90%
Series B$8.0M2025-09-16$44.4M$35.4M90%
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$1.6M2009-08-19
    • First recorded raise — entered as Seed.
    • 33 investors on this round.
  2. Seed$1.1M2010-04-08
    • Raised 8 mo later, in step with the ~12 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 7 investors on this round.
  3. Seed$2.0M2012-06-11
    • Raised again after 26 mo — slower than the ~12 mo sector norm.
    • Round 1.8× larger than the prior — scaling up.
    • 19 investors on this round.
  4. Seed$1.3M2015-01-20
    • Raised again after 31 mo — slower than the ~12 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 1 investor on this round.
  5. Seed$2.3M2018-01-16
    • Raised again after 36 mo — slower than the ~12 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 2 investors on this round.
  6. Series B$32.2M2025-03-05
    • Raised again after 86 mo — slower than the ~12 mo sector norm.
    • Round 14.3× larger than the prior — scaling up.
    • 6 investors on this round.
  7. Series B$8.0M2025-09-16
    • Came back fast: 6 mo vs the ~12 mo sector norm.
    • Round 4.0× smaller than the prior — bridge or down round.
    • 2 investors on this round.
Intelligence
2028 ~Q2
Modeled next raise · ~32mo cadence
$8.0M
Modeled next size est.range $8.0M$12.8M
0.2×
Last step-up
$3.0M/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
Sohail Khan2 other2009-08
Steven R.J. Brueck1 other2018-01
Alan Scott Symmons2015-01
Albert Miranda2025-03
Craig Scott Dunham2018-01
Darcie E. Peck2025-09
Darcie Peck2025-03
Dorothy Marie Cipolla2009-08
Dorothy M. Cipolla2018-01
Gary James Silverman2010-04
Gary Marie Silverman2012-06
Gary Silverman2009-08
J. James Gaynor2009-08
Joseph E. Menaker2025-09
Joseph Menaker2025-03
Kimberly Anne Crider2025-09
Kim Crider2025-03
Louis James Leeburg2010-04
Louis Leeburg2009-08
Louis Marie Leeburg2012-06
Louis R.J. Leeburg2018-01
M. Scott Faris2012-06
Robert James Ripp2010-04
Robert Marie Ripp2012-06
Registry & provenance

Lightpath Technologies 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
889971
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.

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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
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Optical Structures IncManufacturingPre-Seed$15.2M83%
Optical Cable CorpManufacturingSeed$5.5M83%
Arborlight Inc.ManufacturingSeed$9.2M83%
Advanced Lighting Technologies, LLCManufacturingSeries D+$148.5M82%
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Frequently asked
How much funding has Lightpath Technologies Inc raised?
Lightpath Technologies Inc has raised approximately $48.5M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Lightpath Technologies Inc's estimated valuation?
Provath's modeled valuation for Lightpath Technologies Inc is approximately $35.4M (modeled range $20.4M–$50.2M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Lightpath Technologies Inc at?
Lightpath Technologies Inc's latest modeled financing stage is Series B. Its most recent recorded round closed around Tue Sep 16.
What does Lightpath Technologies Inc do and where is it based?
Lightpath Technologies Inc operates in the Manufacturing sector, based in Orlando.
Explore related

See where Lightpath Technologies 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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