Companies · Energy / Climate

Natron Energy, Inc.

SANTA CLARA · Energy / Climate · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Natron Energy, Inc. — recommendation, valuation, rhythm, risks.
$255.4M
Total raised · real
6
Rounds
5.1×
Latest step-up
Top 1%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Dec 28 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Natron Energy, Inc. has raised $255M over 6 rounds; too few niche peers to rank its valuation yet.

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

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

At-risk
  • Last raise 2.5 yr ago; this sector typically re-raises about every 11 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
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 Energy / Climate

Natron Energy, Inc. is one of 235 Energy / Climate companies tracked from SANTA CLARA. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest 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
22
Investors (latest)
2023-12-28
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$500M$1.0B$1.5B$2.0BSeed · 2013-01-18 Raised $1.0M (real) Modeled valuation $16M (est)Seed2013Series A · 2016-03-08 Raised $6.6M (real) Modeled valuation $82M (est)Series A2016Series A · 2017-10-25 Raised $7.5M (real) Modeled valuation $94M (est)Series A2017Series A · 2019-11-08 Raised $14M (real) Modeled valuation $171M (est)Series A2019Series C · 2021-10-04 Raised $58M (real) Modeled valuation $651M (est)Series C2021Series B · 2021-10-04 Raised $37M (real) Modeled valuation $383M (est)Series B2021Series D+ · 2023-12-28 Raised $189M (real) Modeled valuation $1.7B (est)Series D+2023+$6.6M+$7.5M+$14M+$58M+$37M+$189MCumulative $313M

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$1.0M · 2013
Series A$6.6M · 2016
Series A extension$7.5M · 2017
Series A extension$13.7M · 2019
Series C$57.7M · 2021no Series B on file
Bridge · Series C-stage$37.2M · 2021smaller follow-on
Series D+$189.3M · 2023

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: 83%.

Modeled valuation trajectory
$1.7B
Base estimate est.
$997.8M
Conservative case
$2.5B
Upside case
$1.6B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.

Seed · modeled $15.7M · 2013-01-182013Series A · modeled $82.4M · 2016-03-08Series A · modeled $93.5M · 2017-10-25Series A · modeled $171.2M · 2019-11-08Series C · modeled $651.1M · 2021-10-04Series B · modeled $383.0M · 2021-10-04Series D+ · modeled $1.7B · 2023-12-282023
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
79%
Survival probability
63% low · 87% high
1.14×/yr
Annual markup
1.27×/yr upside case
2.5 yr
Elapsed time used
2.5 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
22 mo
Avg between rounds
$23.3M/yr
Capital velocity
13.5 yr
On record since
2013
First round
7
Rounds on file
How it compares to the market

Benchmarked against 235 companies in Energy / Climate. 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) 51× above median
This company$255.4M
Sector median$5.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.3× above median
This company$189.3M
Sector median$149.0M
Modeled value — vs sector median (estimate, all stages) 90× above median
This company$1.7B
Sector median$19.0M

Raised more than 100% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) 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.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
Electric Hydrogen Co.Series D+$544.6M$3.8B1.38×
Natron Energy, Inc. this companySeries D+$255.4M$1.7B0.62×
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$1.0M2013-01-18$5.1M$15.7M85%
Series A$6.6M2016-03-08$30.1M$82.4M85%
Series A$7.5M2017-10-25$34.1M$93.5M90%
Series A$13.7M2019-11-08$62.4M$171.2M90%
Series C$57.7M2021-10-04$384.9M$651.1M90%
Series B$37.2M2021-10-04$206.9M$383.0M90%
Series D+$189.3M2023-12-28$1.6B$1.7B90%
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$1.0M2013-01-18
    • First recorded raise — entered as Seed.
    • 3 investors on this round.
  2. Series A$6.6M2016-03-08
    • Raised again after 38 mo — slower than the ~11 mo sector norm.
    • Round 6.4× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 4 investors on this round.
  3. Series A$7.5M2017-10-25
    • Raised again after 20 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  4. Series A$13.7M2019-11-08
    • Raised again after 24 mo — slower than the ~11 mo sector norm.
    • Round 1.8× larger than the prior — scaling up.
    • 7 investors on this round.
  5. Series C$57.7M2021-10-04
    • Raised again after 23 mo — slower than the ~11 mo sector norm.
    • Round 4.2× larger than the prior — scaling up.
    • 24 investors on this round.
  6. Series B$37.2M2021-10-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 11 investors on this round.
  7. Series D+$189.3M2023-12-28
    • Raised again after 27 mo — slower than the ~11 mo sector norm.
    • Round 5.1× larger than the prior — scaling up.
    • 22 investors on this round.
Intelligence
2025 ~Q4
Modeled next raise · ~22mo cadence
$568.0M
Modeled next size est.range $369.2M$908.8M
5.1×
Last step-up
$23.3M/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
Gabriel Kra11 other2016-03
SVEN STROHBAND7 other2013-01
Andrew Feldman4 other2013-01
Aymeric Sallin2 other2021-10
Jay Parikh2 other2021-10
Raffi Garabedian2 other2021-10
Sanjay Jha1 other2021-10
Alex Molinaroli2023-12
COLIN WESSELLS2013-01
Francois Gabella2021-10
Registry & provenance

Natron Energy, 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
1567664
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
Electric Hydrogen Co.Energy / ClimateSeries D+$544.6M$3.8Bnetwork2 shared operators · same sector · same stage
Solid Power Inc.Energy / ClimateSeries D+$180.2M$1.9Bsame sector · same stage
Opentrons Labworks Inc.OtherSeries D+$303.4M$156.0Mnetwork1 shared operator · same stage
DataStax, Inc.Other TechnologySeries D+$213.9M$955.4Mnetwork1 shared operator · same stage
Lightship Energy, Inc.Energy / ClimateSeries B$88.0M$108.1Mnetwork1 shared operator · same sector
Crusoe Energy Systems Inc.Energy / ClimateSeries D+$128.0M$1.6Bsame sector · same stage
Sense Labs, Inc.Software / TechSeries D+$154.8M$2.1Bnetwork1 shared operator · same stage
Form Energy, Inc.Climate / CleantechSeries D+$610.2M$5.1Bnetwork1 shared operator · 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
Natel Energy, Inc.Energy / ClimateSeries B$104.3M89%
Angstron Energy CoEnergy / ClimateSeries A$37.4M89%
Aquilon Energy Services, Inc.Energy / ClimateSeries A$181.6M88%
NexGen Power Systems, Inc.Energy / ClimateSeries A$99.7M87%
Equilibrium Energy, Inc.Energy / ClimateSeries B$122.7M87%
Noon Energy Inc.Energy / ClimateSeries B$219.4M87%
LevelTen Energy, Inc.Energy / ClimateSeries C$422.1M87%
Ion Energy, Inc.Energy / ClimateSeed$16.0M87%
Frequently asked
How much funding has Natron Energy, Inc. raised?
Natron Energy, Inc. has raised approximately $255.4M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Natron Energy, Inc.'s estimated valuation?
Provath's modeled valuation for Natron Energy, Inc. is approximately $1.7B (modeled range $997.8M–$2.5B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Natron Energy, Inc. at?
Natron Energy, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Dec 28.
What does Natron Energy, Inc. do and where is it based?
Natron Energy, Inc. operates in the Energy / Climate sector, based in SANTA CLARA.
Explore related

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