Diligence memo · auto-generated · as of July 2, 2026
Protocol Labs, Inc.
Protocol Labs, Inc. has raised $204M over 3 rounds; too few niche peers to rank its valuation yet.
Businessfiled
Protocol Labs, Inc. operates in Computers, based in SAN FRANCISCO, CA, USA; Remote. Protocol Labs makes internet protocols: IPFS, Filecoin, and more.
Sub-sector tags: Crypto / Web3, Open Source, crypto/web3.
Capital & rounds (filed)filed
Protocol Labs, Inc. has raised $204M in disclosed capital across 3 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $148M on 2017-08-10.
Most recent recorded round closed around 2017-08-10.
Valuation (modeled)modeled
Provath models Protocol Labs, Inc. at approximately $5.6B (range $840M–$12.3B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Too few comparable companies in this niche to rank the valuation fairly yet.
Financing rhythm & timingmixed
Historic cadence: a new round about every 4 months.
Last raise 8.9 yr ago; this sector typically re-raises about every 12 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 1.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 99% of Computers peers (1371 compared).
Modeled value ranks above 99% of those peers.
Closest niche peers: Flex Class Holdings Inc..
Peoplefiled
1 named person on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.