Companies · Other Technology

SmartKem, Inc.

MANCHESTER · Other Technology

Diligence memoA one-page analyst read on SmartKem, Inc. — recommendation, valuation, rhythm, risks.
$50.2M
Total raised · real
10
Rounds
50.2×
Latest step-up
Top 8%
Sector rank · raised
Series B
Latest stage · inferred · Fri Dec 20 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

SmartKem, Inc. looks under-valued 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.

Under-valued
  • Modeled value is 0.23× the median modeled value of Series B Other Technology companies in 2022–2024 (514 peers) — value vs value, same stage and era.
Quiet
  • Last raise 18 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 Other Technology

SmartKem, Inc. is one of 21292 Other Technology companies tracked from MANCHESTER. By capital raised it ranks among the largest (ahead of 93% of sector peers), and mid-pack 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
13
Investors (latest)
2020
Year incorporated
2024-12-20
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$1.0BSeries B · 2021-02-23 Raised $25M (real) Modeled valuation $597M (est)Series B2021Series B · 2021-05-27 Raised $100K (real) Modeled valuation $2.2M (est)Series B2021Series B · 2021-08-13 Raised $120K (real) Modeled valuation $2.5M (est)Series B2021Series B · 2022-01-27 Raised $2.0M (real) Modeled valuation $35M (est)Series B2022Series B · 2022-05-27 Raised $100K (real) Modeled valuation $1.6M (est)Series B2022Series B · 2022-06-29 Raised $720K (real) Modeled valuation $11M (est)Series B2022Series B · 2023-06-14 Raised $14M (real) Modeled valuation $155M (est)Series B2023Series A · 2023-06-14 Raised $12M (real) Modeled valuation $103M (est)Series A2023Series B · 2024-03-07 Raised $348K (real) Modeled valuation $2.9M (est)Series B2024Series B · 2024-09-10 Raised $152K (real) Modeled valuation $1.1M (est)Series B2024Series B · 2024-12-20 Raised $7.6M (real) Modeled valuation $48M (est)Series B2024Cumulative $62M

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$24.6M · 2021
Series B extension$100K · 2021
Series B extension$120K · 2021
Series B extension$2.0M · 2022
Series B extension$100K · 2022
Series B extension$720K · 2022
Series B extension$14.3M · 2023
Bridge · Series B-stage$12.3M · 2023smaller follow-on
Series B extension$348K · 2024
Series B extension$152K · 2024
Series B extension$7.6M · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — 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
$48.4M
Base estimate est.
$18.7M
Conservative case
$79.2M
Upside case
$42.5M
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 technology sector profile. Directional, not a quoted figure.

Series B · modeled $597.2M · 2021-02-232021Series B · modeled $2.2M · 2021-05-27Series B · modeled $2.5M · 2021-08-13Series B · modeled $35.0M · 2022-01-27Series B · modeled $1.6M · 2022-05-27Series B · modeled $10.9M · 2022-06-29Series B · modeled $154.7M · 2023-06-14Series A · modeled $103.3M · 2023-06-14Series B · modeled $2.9M · 2024-03-07Series B · modeled $1.1M · 2024-09-10Series B · modeled $48.4M · 2024-12-202024
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
67%
Survival probability
44% low · 81% high
1.42×/yr
Annual markup
1.72×/yr upside case
1.5 yr
Elapsed time used
1.5 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
5 mo
Avg between rounds
$13.1M/yr
Capital velocity
5.4 yr
On record since
2021
First round
11
Rounds on file
How it compares to the market

Benchmarked against 21292 companies in Other Technology. 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) 16× above median
This company$50.2M
Sector median$3.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.4× of median
This company$7.6M
Sector median$19.2M
Modeled value — vs sector median (estimate, all stages) 1.3× above median
This company$48.4M
Sector median$37.3M

Raised more than 93% of sector peers (real $). Modeled value above 57% 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 #453 of 514.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Contabilizei Co · Series B Raised $66.4M · modeled $707.8M (est)Skan, Inc. · Series B Raised $39.3M · modeled $684.7M (est)Design Barn Inc. · Series B Raised $37.0M · modeled $662.7M (est)SKAEL, Inc. · Series B Raised $37.9M · modeled $658.4M (est)Maze.Design, Inc. · Series B Raised $57.0M · modeled $649.8M (est)Infinity Stones Inc. · Series B Raised $78.9M · modeled $648.5M (est)GridX, Inc. · Series B Raised $54.7M · modeled $623.3M (est)Convictional, Inc. · Series B Raised $43.4M · modeled $608.7M (est)SourceDay, Inc. · Series B Raised $58.0M · modeled $599.3M (est)Xatabase, Inc. · Series B Raised $35.0M · modeled $596.0M (est)Concord SCC Ltd · Series B Raised $39.8M · modeled $585.1M (est)sovrn Holdings, Inc. · Series B Raised $80.4M · modeled $559.5M (est)SmartKem, Inc. (this company) Raised $50.2M · modeled $48.4M (est)SmartKem, Inc.
CompanyStageRaised · realValue · estvs peer med.
Contabilizei CoSeries B$66.4M$707.8M3.30×
Skan, Inc.Series B$39.3M$684.7M3.19×
Design Barn Inc.Series B$37.0M$662.7M3.09×
SKAEL, Inc.Series B$37.9M$658.4M3.07×
Maze.Design, Inc.Series B$57.0M$649.8M3.03×
Infinity Stones Inc.Series B$78.9M$648.5M3.02×
GridX, Inc.Series B$54.7M$623.3M2.90×
Convictional, Inc.Series B$43.4M$608.7M2.84×
SourceDay, Inc.Series B$58.0M$599.3M2.79×
Xatabase, Inc.Series B$35.0M$596.0M2.78×
Concord SCC LtdSeries B$39.8M$585.1M2.73×
sovrn Holdings, Inc.Series B$80.4M$559.5M2.61×
SmartKem, Inc. this companySeries B$50.2M$48.4M0.23×
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$24.6M2021-02-23$136.9M$597.2M90%
Series B$100K2021-05-27$556K$2.2M90%
Series B$120K2021-08-13$667K$2.5M90%
Series B$2.0M2022-01-27$11.1M$35.0M90%
Series B$100K2022-05-27$556K$1.6M90%
Series B$720K2022-06-29$4.0M$10.9M90%
Series B$14.3M2023-06-14$79.6M$154.7M90%
Series A$12.3M2023-06-14$55.9M$103.3M90%
Series B$348K2024-03-07$1.9M$2.9M90%
Series B$152K2024-09-10$847K$1.1M90%
Series B$7.6M2024-12-20$42.5M$48.4M90%
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. Series B$24.6M2021-02-23
    • First recorded raise — entered as Series B.
    • 78 investors on this round.
  2. Series B$100K2021-05-27
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 246.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series B$120K2021-08-13
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  4. Series B$2.0M2022-01-27
    • Came back fast: 5 mo vs the ~13 mo sector norm.
    • Round 16.7× larger than the prior — scaling up.
    • 2 investors on this round.
  5. Series B$100K2022-05-27
    • Came back fast: 4 mo vs the ~13 mo sector norm.
    • Round 20.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Series B$720K2022-06-29
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round 7.2× larger than the prior — scaling up.
    • 1 investor on this round.
  7. Series B$14.3M2023-06-14
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 19.9× larger than the prior — scaling up.
    • 89 investors on this round.
  8. Series A$12.3M2023-06-14
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 80 investors on this round.
  9. Series B$348K2024-03-07
    • Raised 9 mo later, in step with the ~13 mo sector norm.
    • Round 35.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  10. Series B$152K2024-09-10
    • Came back fast: 6 mo vs the ~13 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  11. Series B$7.6M2024-12-20
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 50.2× larger than the prior — scaling up.
    • 13 investors on this round.
Intelligence
2025 ~Q2
Modeled next raise · ~5mo cadence
$22.9M
Modeled next size est.range $14.9M$36.7M
50.2×
Last step-up
$13.1M/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
Steven DenBaars4 other2022-06
Klaas De Boer2 other2021-02
Barbra Keck1 other2023-06
Sri Peruvemba1 other2024-03
Barbara Beck2022-05
Barbra C. Beck2021-02
Beverley Brown2023-06
Ian C. Jenks2022-01
Ian Jenks2021-02
Melisa Denis2024-03
Robert Bahns2021-02
Simon King2021-02
Simon Ogier2023-06
Registry & provenance

SmartKem, 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
1817760
SEC CIK
2020
Incorporated
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Frequently asked
How much funding has SmartKem, Inc. raised?
SmartKem, Inc. has raised approximately $50.2M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is SmartKem, Inc.'s estimated valuation?
Provath's modeled valuation for SmartKem, Inc. is approximately $48.4M (modeled range $18.7M–$79.2M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is SmartKem, Inc. at?
SmartKem, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri Dec 20.
What does SmartKem, Inc. do and where is it based?
SmartKem, Inc. operates in the Other Technology sector, based in MANCHESTER.
Explore related

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