Companies · Biotechnology

Ocugen, Inc.

MALVERN · Biotechnology

Diligence memoA one-page analyst read on Ocugen, Inc. — recommendation, valuation, rhythm, risks.
$145.6M
Total raised · real
10
Rounds
40.8×
Latest step-up
Top 7%
Sector rank · raised
Series B
Latest stage · inferred · Wed Apr 22 2020 00:00:00 GMT+0000 (Coordinated Universal Time)

Ocugen, Inc. looks fair 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 biotech sector profile.

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

Fair
  • Modeled value is 0.92× the median modeled value of Series B Biotechnology companies in 2019–2021 (118 peers) — value vs value, same stage and era.
  • Within the normal band (92% of peer median) for its niche.
Dormant
  • Last raise 6.2 yr ago; this sector typically re-raises about every 14 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 Biotechnology

Ocugen, Inc. is one of 4291 Biotechnology companies tracked from MALVERN. By capital raised it ranks among the largest (ahead of 94% 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
6
Investors (latest)
2020-04-22
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$2.0BSeries B · 2011-05-13 Raised $34M (real) Modeled valuation $1.4B (est)Series B2011Series B · 2012-07-20 Raised $37M (real) Modeled valuation $1.5B (est)Series B2012Series B · 2012-07-20 Raised $38M (real) Modeled valuation $1.5B (est)Series B2012Series B · 2013-12-18 Raised $10M (real) Modeled valuation $410M (est)Series B2013Series B · 2016-06-30 Raised $200K (real) Modeled valuation $7.9M (est)Series B2016Series B · 2016-09-29 Raised $30M (real) Modeled valuation $1.2B (est)Series B2016Series B · 2016-11-17 Raised $6.0M (real) Modeled valuation $238M (est)Series B2016Series B · 2017-05-23 Raised $7.5M (real) Modeled valuation $298M (est)Series B2017Series B · 2018-02-01 Raised $5.0M (real) Modeled valuation $198M (est)Series B2018Series B · 2018-11-05 Raised $350K (real) Modeled valuation $14M (est)Series B2018Series B · 2020-04-22 Raised $14M (real) Modeled valuation $567M (est)Series B2020Cumulative $183M

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 B$34.3M · 2011
Series B extension$37.5M · 2012
Series B extension$37.6M · 2012
Series B extension$10.3M · 2013
Series B extension$200K · 2016
Series B extension$30.0M · 2016
Series B extension$6.0M · 2016
Series B extension$7.5M · 2017
Series B extension$5.0M · 2018
Series B extension$350K · 2018
Series B extension$14.3M · 2020

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 25%.

Modeled valuation trajectory
$566.9M
Base estimate est.
$28.6M
Conservative case
$2.2B
Upside case
$79.4M
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 biotech sector profile. Directional, not a quoted figure.

Series B · modeled $1.4B · 2011-05-132011Series B · modeled $1.5B · 2012-07-20Series B · modeled $1.5B · 2012-07-20Series B · modeled $409.8M · 2013-12-18Series B · modeled $7.9M · 2016-06-30Series B · modeled $1.2B · 2016-09-29Series B · modeled $238.1M · 2016-11-17Series B · modeled $297.7M · 2017-05-23Series B · modeled $198.4M · 2018-02-01Series B · modeled $13.9M · 2018-11-05Series B · modeled $566.9M · 2020-04-222020
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
36% low · 66% high
1.54×/yr
Annual markup
1.86×/yr upside case
6.0 yr
Elapsed time used
6.2 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$16.3M/yr
Capital velocity
15.1 yr
On record since
2011
First round
11
Rounds on file
How it compares to the market

Benchmarked against 4291 companies in Biotechnology. 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) 20× above median
This company$145.6M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.8× of median
This company$14.3M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 8.8× above median
This company$566.9M
Sector median$64.2M

Raised more than 94% of sector peers (real $). Modeled value above 84% 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 #66 of 118.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Pandion Therapeutics Holdco LLC · Series B Raised $40.0M · modeled $1.6B (est)Ocular Therapeutix, Inc · Series B Raised $81.0M · modeled $1.5B (est)Insilico Medicine Cayman TopCo · Series B Raised $36.8M · modeled $1.5B (est)Purigen Biosystems, Inc. · Series B Raised $61.9M · modeled $1.4B (est)Lucira Health, Inc. · Series B Raised $32.5M · modeled $1.3B (est)Peptilogics, Inc. · Series B Raised $40.9M · modeled $1.2B (est)Nanotech Energy, Inc. · Series B Raised $31.6M · modeled $1.1B (est)Windtree Therapeutics Inc /De/ · Series B Raised $104.5M · modeled $1.0B (est)Liminal BioSciences Inc. · Series B Raised $67.1M · modeled $1.0B (est)Palladio Biosciences, Inc. · Series B Raised $28.0M · modeled $1.0B (est)Faze Medicines, Inc. · Series B Raised $30.4M · modeled $998.4M (est)Inivata Ltd · Series B Raised $25.0M · modeled $992.2M (est)Ocugen, Inc. (this company) Raised $145.6M · modeled $566.9M (est)Ocugen, Inc.
CompanyStageRaised · realValue · estvs peer med.
Pandion Therapeutics Holdco LLCSeries B$40.0M$1.6B2.58×
Ocular Therapeutix, IncSeries B$81.0M$1.5B2.42×
Insilico Medicine Cayman TopCoSeries B$36.8M$1.5B2.37×
Purigen Biosystems, Inc.Series B$61.9M$1.4B2.22×
Lucira Health, Inc.Series B$32.5M$1.3B2.10×
Peptilogics, Inc.Series B$40.9M$1.2B1.90×
Nanotech Energy, Inc.Series B$31.6M$1.1B1.82×
Windtree Therapeutics Inc /De/Series B$104.5M$1.0B1.71×
Liminal BioSciences Inc.Series B$67.1M$1.0B1.67×
Palladio Biosciences, Inc.Series B$28.0M$1.0B1.63×
Faze Medicines, Inc.Series B$30.4M$998.4M1.62×
Inivata LtdSeries B$25.0M$992.2M1.61×
Ocugen, Inc. this companySeries B$145.6M$566.9M0.92×
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 B$34.3M2011-05-13$190.6M$1.4B85%
Series B$37.5M2012-07-20$208.3M$1.5B85%
Series B$37.6M2012-07-20$209.1M$1.5B85%
Series B$10.3M2013-12-18$57.4M$409.8M85%
Series B$200K2016-06-30$1.1M$7.9M90%
Series B$30.0M2016-09-29$166.7M$1.2B90%
Series B$6.0M2016-11-17$33.3M$238.1M90%
Series B$7.5M2017-05-23$41.7M$297.7M90%
Series B$5.0M2018-02-01$27.8M$198.4M90%
Series B$350K2018-11-05$1.9M$13.9M90%
Series B$14.3M2020-04-22$79.4M$566.9M90%
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 B$34.3M2011-05-13
    • First recorded raise — entered as Series B.
    • 15 investors on this round.
  2. Series B$37.5M2012-07-20
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  3. Series B$37.6M2012-07-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 13 investors on this round.
  4. Series B$10.3M2013-12-18
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round 3.6× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 17 investors on this round.
  5. Series B$200K2016-06-30
    • Raised again after 30 mo — slower than the ~14 mo sector norm.
    • Round 51.6× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  6. Series B$30.0M2016-09-29
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round 150.0× larger than the prior — scaling up.
    • 20 investors on this round.
  7. Series B$6.0M2016-11-17
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 5.0× smaller than the prior — bridge or down round.
    • 9 investors on this round.
  8. Series B$7.5M2017-05-23
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 6 investors on this round.
  9. Series B$5.0M2018-02-01
    • Raised 8 mo later, in step with the ~14 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  10. Series B$350K2018-11-05
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 14.3× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  11. Series B$14.3M2020-04-22
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 40.8× larger than the prior — scaling up.
    • 6 investors on this round.
Intelligence
2021 ~Q1
Modeled next raise · ~11mo cadence
$42.9M
Modeled next size est.range $27.9M$68.6M
40.8×
Last step-up
$16.3M/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
John Johnson24 other2013-12
Garheng Kong15 other2012-07
Michael Lewis11 other2012-07
Kevin Rakin6 other2012-07
Patrick O'Donnell5 other2011-05
Adam Gridley3 other2016-09
Kevin McArdle2 other2011-05
Peter Greenleaf2 other2013-12
Charles Kang1 other2016-11
David J. Gill1 other2016-09
Frank Leo1 other2017-05
John Zhang1 other2018-02
Jonathan J. Lieber1 other2016-09
Joshua Baltzell1 other2012-07
Manish Potti1 other2018-02
Martin Coyne1 other2018-11
Ramesh Kumar1 other2020-04
Shankar Musunuri1 other2016-06
Brian J.B. Callahan2011-05
Daniel B Jorgensen2020-04
Daniel Suha Jorgensen2018-02
Dominic J.B. Redfern2011-05
Garheng Kong, M.D., Ph.D2013-12
Halit Suha Taspolatoglu2018-02
Registry & provenance

Ocugen, 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
1372299
SEC CIK
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Frequently asked
How much funding has Ocugen, Inc. raised?
Ocugen, Inc. has raised approximately $145.6M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is Ocugen, Inc.'s estimated valuation?
Provath's modeled valuation for Ocugen, Inc. is approximately $566.9M (modeled range $28.6M–$2.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Ocugen, Inc. at?
Ocugen, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Apr 22.
What does Ocugen, Inc. do and where is it based?
Ocugen, Inc. operates in the Biotechnology sector, based in MALVERN.
Explore related

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