Companies · Software / Tech

Second Front Systems, Inc.

Arlington · Software / Tech · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Second Front Systems, Inc. — recommendation, valuation, rhythm, risks.
$125.1M
Total raised · real
4
Rounds
2.1×
Latest step-up
Top 5%
Sector rank · raised
Series C
Latest stage · inferred · Thu Sep 05 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Second Front Systems, Inc. looks fair against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the technology 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 0.97× the median modeled value of Series C Software / Tech companies in 2022–2024 (55 peers) — value vs value, same stage and era.
  • Within the normal band (97% of peer median) for its niche.
Quiet
  • Last raise 22 mo ago; this sector typically re-raises about every 13 months.
  • Slightly overdue versus sector 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 Software / Tech

Second Front Systems, Inc. is one of 3920 Software / Tech companies tracked from Arlington. By capital raised it ranks among the largest (ahead of 96% 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
7
Investors (latest)
2024-09-05
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$250M$500M$750M$1.0BSeed · 2020-06-29 Raised $2.6M (real) Modeled valuation $88M (est)$2.6M$88MSeed2020Series B · 2022-10-28 Raised $19M (real) Modeled valuation $257M (est)$19M$257MSeries B2022Series B · 2023-11-22 Raised $33M (real) Modeled valuation $309M (est)$33M$309MSeries B2023Series C · 2024-09-05 Raised $70M (real) Modeled valuation $619M (est)$70M$619MSeries C2024+$19M+$33M+$70MCumulative $125M

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$2.6M · 2020
Series B$19.1M · 2022no Series A on file
Series B extension$33.4M · 2023
Series C$70.0M · 2024

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: 60%.

Modeled valuation trajectory
$619.0M
Base estimate est.
$265.3M
Conservative case
$917.3M
Upside case
$466.7M
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 technology sector profile. Directional, not a quoted figure.

Seed · modeled $87.7M · 2020-06-292020Series B · modeled $257.4M · 2022-10-28Series B · modeled $308.9M · 2023-11-22Series C · modeled $619.0M · 2024-09-052024
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
76%
Survival probability
57% low · 88% high
1.35×/yr
Annual markup
1.55×/yr upside case
1.8 yr
Elapsed time used
1.8 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
17 mo
Avg between rounds
$29.9M/yr
Capital velocity
6.0 yr
On record since
2020
First round
4
Rounds on file
How it compares to the market

Benchmarked against 3920 companies in Software / Tech. 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) 27× above median
This company$125.1M
Sector median$4.6M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.4× above median
This company$70.0M
Sector median$51.0M
Modeled value — vs sector median (estimate, all stages) 17× above median
This company$619.0M
Sector median$36.6M

Raised more than 96% of sector peers (real $). Modeled value above 93% 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 55.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Pinecone Systems, Inc. · Series C Raised $128.2M · modeled $1.4B (est)Hydration Labs, Inc. · Series C Raised $135.0M · modeled $1.3B (est)SiMa Technologies, Inc. · Series C Raised $167.8M · modeled $1.2B (est)Atlas Technology Solutions Inc. · Series C Raised $95.0M · modeled $1.2B (est)Pascaline Systems, Inc. · Series C Raised $106.0M · modeled $1.2B (est)Innovative Data Processing Solutions LLC · Series C Raised $60.0M · modeled $1.2B (est)Dura Software, Inc. · Series C Raised $101.1M · modeled $1.1B (est)Voyager Digital Ltd. · Series C Raised $145.4M · modeled $1.1B (est)Workstream Technologies, Inc. · Series C Raised $107.9M · modeled $1.0B (est)Parry Labs Holdings, LLC · Series C Raised $90.7M · modeled $994.2M (est)Mobix Labs, Inc · Series C Raised $100.0M · modeled $989.2M (est)Databook Labs, Inc. · Series C Raised $71.4M · modeled $968.1M (est)Second Front Systems, Inc. (this company) Raised $125.1M · modeled $619.0M (est)Second Front Systems, Inc.
CompanyStageRaised · realValue · estvs peer med.
Pinecone Systems, Inc.Series C$128.2M$1.4B2.12×
Hydration Labs, Inc.Series C$135.0M$1.3B1.99×
SiMa Technologies, Inc.Series C$167.8M$1.2B1.96×
Atlas Technology Solutions Inc.Series C$95.0M$1.2B1.89×
Pascaline Systems, Inc.Series C$106.0M$1.2B1.83×
Innovative Data Processing Solutions LLCSeries C$60.0M$1.2B1.82×
Dura Software, Inc.Series C$101.1M$1.1B1.78×
Voyager Digital Ltd.Series C$145.4M$1.1B1.67×
Workstream Technologies, Inc.Series C$107.9M$1.0B1.60×
Parry Labs Holdings, LLCSeries C$90.7M$994.2M1.56×
Mobix Labs, IncSeries C$100.0M$989.2M1.55×
Databook Labs, Inc.Series C$71.4M$968.1M1.52×
Second Front Systems, Inc. this companySeries C$125.1M$619.0M0.97×
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$2.6M2020-06-29$12.9M$87.7M90%
Series B$19.1M2022-10-28$106.3M$257.4M90%
Series B$33.4M2023-11-22$185.6M$308.9M90%
Series C$70.0M2024-09-05$466.7M$619.0M90%
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$2.6M2020-06-29
    • First recorded raise — entered as Seed.
    • 8 investors on this round.
  2. Series B$19.1M2022-10-28
    • Raised again after 28 mo — slower than the ~13 mo sector norm.
    • Round 7.4× larger than the prior — scaling up.
    • 7 investors on this round.
  3. Series B$33.4M2023-11-22
    • Raised 13 mo later, in step with the ~13 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 4 investors on this round.
  4. Series C$70.0M2024-09-05
    • Raised 9 mo later, in step with the ~13 mo sector norm.
    • Round 2.1× larger than the prior — scaling up.
    • 7 investors on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~17mo cadence
$146.7M
Modeled next size est.range $95.4M$234.7M
2.1×
Last step-up
$29.9M/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
Aaron Jacobson7 other2023-11
Alberto Yepez6 other2020-06
Peter Pace2 other2020-06
Stanley McChrystal2 other2020-06
Austin Walne1 other2020-06
Drew Podgorski1 other2022-10
Mark Butler1 other2020-06
Michael Neumann1 other2024-09
Peter Dixon1 other2020-06
Christine McGarry2023-11
Clifford Conner2023-11
Enrique Oti2022-10
Jervis Williams2024-09
Martha McSally2024-09
Sam Gray2024-09
Tyler Sweatt2023-11
Registry & provenance

Second Front Systems, 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
1817057
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
Elder Technologies, Inc.Software / TechSeries C$123.0M$372.0Msame sector · same stage
Alembic Technologies, Inc.Software / TechSeries C$123.0M$644.1Msame sector · same stage
3D Systems CorpSoftware / TechSeries C$127.4M$403.8Msame sector · same stage
Liberation Labs Holdings Inc.Software / TechSeries C$121.2M$367.7Msame sector · same stage
Candy Digital, Inc.Software / TechSeries C$129.9M$564.7Msame sector · same stage
Waith.io, Inc.Software / TechSeries C$130.0M$893.9Msame sector · same stage
Aspire Financial Technologies Holding, Inc.Software / TechSeries C$118.6M$864.5Msame sector · same stage
Xona Space Systems Inc.Software / TechSeries C$115.3M$525.5Msame 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
Front Edge Technology IncSoftware / TechSeed$92.3M83%
2B Technologies Inc.Software / TechSeed$13.5M83%
Second Sun, Inc.Other TechnologyPre-Seed$4.9M82%
ForwardX Technology Inc.Software / TechPre-Seed$2.5M82%
Frontline Technology Solutions, LLCSoftware / TechSeed$34.1M82%
Frontdesk, Inc.Other TechnologySeries A$41.8M82%
2X Solutions, LlcOther TechnologyPre-Seed$1.7M81%
Second Spectrum, Inc.Other TechnologySeries B$612.1M81%
Frequently asked
How much funding has Second Front Systems, Inc. raised?
Second Front Systems, Inc. has raised approximately $125.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Second Front Systems, Inc.'s estimated valuation?
Provath's modeled valuation for Second Front Systems, Inc. is approximately $619.0M (modeled range $265.3M–$917.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Second Front Systems, Inc. at?
Second Front Systems, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Thu Sep 05.
What does Second Front Systems, Inc. do and where is it based?
Second Front Systems, Inc. operates in the Software / Tech sector, based in Arlington.
Explore related

See where Second Front Systems, 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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