Companies · Telecommunications

Smith Micro Software, Inc.

PITTSBURGH · Telecommunications

Diligence memoA one-page analyst read on Smith Micro Software, Inc. — recommendation, valuation, rhythm, risks.
$78.5M
Total raised · real
13
Rounds
3.3×
Latest step-up
Top 10%
Sector rank · raised
Series A
Latest stage · inferred · Fri Mar 06 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

Smith Micro Software, Inc. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the telecom 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 0.80× the median modeled value of Series A Telecommunications companies in 2025–2027 (16 peers) — value vs value, same stage and era.
  • Within the normal band (80% of peer median) for its niche.
Active
  • Last raise 4 mo ago; this sector typically re-raises about every 10 months.
  • Raising on or ahead of the sector's normal rhythm.
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 Telecommunications

Smith Micro Software, Inc. is one of 929 Telecommunications companies tracked from PITTSBURGH. By capital raised it ranks among the largest (ahead of 91% of sector peers), and in the long tail 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)
2026-03-06
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$50M$100M$150M$200MSeries A · 2009-10-26 Raised $6.9M (real) Modeled valuation $121M (est)Series A2009Series A · 2014-08-20 Raised $5.6M (real) Modeled valuation $98M (est)Series A2014Series A · 2017-09-29 Raised $5.5M (real) Modeled valuation $96M (est)Series A2017Series A · 2018-03-05 Raised $5.0M (real) Modeled valuation $88M (est)Series A2018Series A · 2018-05-03 Raised $7.0M (real) Modeled valuation $123M (est)Series A2018Series A · 2018-11-07 Raised $7.5M (real) Modeled valuation $131M (est)Series A2018Series A · 2019-01-09 Raised $5.8M (real) Modeled valuation $101M (est)Series A2019Series A · 2021-04-16 Raised $10M (real) Modeled valuation $135M (est)Series A2021Series A · 2022-08-11 Raised $15M (real) Modeled valuation $131M (est)Series A2022Series A · 2024-10-02 Raised $3.0M (real) Modeled valuation $13M (est)Series A2024Series A · 2025-09-11 Raised $933K (real) Modeled valuation $3.0M (est)Series A2025Series A · 2025-11-07 Raised $1.5M (real) Modeled valuation $4.5M (est)Series A2025Series A · 2026-03-06 Raised $4.9M (real) Modeled valuation $13M (est)Series A2026Cumulative $79M

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 A$6.9M · 2009
Series A extension$5.6M · 2014
Series A extension$5.5M · 2017
Series A extension$5.0M · 2018
Series A extension$7.0M · 2018
Series A extension$7.5M · 2018
Series A extension$5.8M · 2019
Series A extension$10.0M · 2021
Series A extension$15.0M · 2022
Series A extension$3.0M · 2024
Series A extension$933K · 2025
Series A extension$1.5M · 2025
Series A extension$4.9M · 2026

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: 33%.

Modeled valuation trajectory
$13.2M
Base estimate est.
$6.5M
Conservative case
$19.4M
Upside case
$22.2M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the telecom sector profile. Directional, not a quoted figure.

Series A · modeled $120.6M · 2009-10-262009Series A · modeled $97.9M · 2014-08-20Series A · modeled $96.4M · 2017-09-29Series A · modeled $87.6M · 2018-03-05Series A · modeled $122.8M · 2018-05-03Series A · modeled $131.5M · 2018-11-07Series A · modeled $100.8M · 2019-01-09Series A · modeled $135.1M · 2021-04-16Series A · modeled $131.2M · 2022-08-11Series A · modeled $12.9M · 2024-10-02Series A · modeled $3.0M · 2025-09-11Series A · modeled $4.5M · 2025-11-07Series A · modeled $13.2M · 2026-03-062026
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
53%
Survival probability
29% low · 73% high
1.39×/yr
Annual markup
1.75×/yr upside case
0.3 yr
Elapsed time used
0.3 yr actual, capped for stale marks
telecom
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$4.8M/yr
Capital velocity
16.7 yr
On record since
2009
First round
13
Rounds on file
How it compares to the market

Benchmarked against 929 companies in Telecommunications. 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$78.5M
Sector median$4.0M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.9× of median
This company$4.9M
Sector median$5.3M
Modeled value — vs sector median (estimate, all stages) 0.5× of median
This company$13.2M
Sector median$28.3M

Raised more than 91% of sector peers (real $). Modeled value above 31% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #10 of 16.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Affiniti Ventures, Inc. · Series A Raised $10.4M · modeled $37.6M (est)Searchlight III CVL, LLC · Series A Raised $9.2M · modeled $32.2M (est)Caregility Corp · Series A Raised $7.5M · modeled $26.0M (est)Ondas Networks Inc. · Series A Raised $27.9M · modeled $23.7M (est)Otava, Inc. · Series A Raised $12.4M · modeled $21.6M (est)Tango Tango, Inc. · Series A Raised $5.9M · modeled $20.6M (est)Eino, Inc. · Series A Raised $5.0M · modeled $19.3M (est)Reddy Solutions, Inc. · Series A Raised $6.2M · modeled $17.7M (est)Ses S.A. · Series A Raised $10.1M · modeled $15.3M (est)Alyrica Networks, Inc. · Series A Raised $4.3M · modeled $13.1M (est)Aervivo, Inc. · Series A Raised $9.5M · modeled $7.2M (est)Smith Micro Software, Inc. (this company) Raised $78.5M · modeled $13.2M (est)Smith Micro Software, Inc.
CompanyStageRaised · realValue · estvs peer med.
Affiniti Ventures, Inc.Series A$10.4M$37.6M2.28×
Searchlight III CVL, LLCSeries A$9.2M$32.2M1.96×
Caregility CorpSeries A$7.5M$26.0M1.58×
Ondas Networks Inc.Series A$27.9M$23.7M1.44×
Otava, Inc.Series A$12.4M$21.6M1.31×
Tango Tango, Inc.Series A$5.9M$20.6M1.25×
Eino, Inc.Series A$5.0M$19.3M1.17×
Reddy Solutions, Inc.Series A$6.2M$17.7M1.07×
Ses S.A.Series A$10.1M$15.3M0.93×
Smith Micro Software, Inc. this companySeries A$78.5M$13.2M0.80×
Alyrica Networks, Inc.Series A$4.3M$13.1M0.79×
Aervivo, Inc.Series A$9.5M$7.2M0.44×
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 A$6.9M2009-10-26$31.3M$120.6M85%
Series A$5.6M2014-08-20$25.4M$97.9M85%
Series A$5.5M2017-09-29$25.0M$96.4M90%
Series A$5.0M2018-03-05$22.7M$87.6M90%
Series A$7.0M2018-05-03$31.8M$122.8M90%
Series A$7.5M2018-11-07$34.1M$131.5M90%
Series A$5.8M2019-01-09$26.1M$100.8M90%
Series A$10.0M2021-04-16$45.5M$135.1M90%
Series A$15.0M2022-08-11$68.2M$131.2M90%
Series A$3.0M2024-10-02$13.6M$12.9M90%
Series A$933K2025-09-11$4.2M$3.0M90%
Series A$1.5M2025-11-07$6.8M$4.5M90%
Series A$4.9M2026-03-06$22.2M$13.2M90%
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 A$6.9M2009-10-26
    • First recorded raise — entered as Series A.
    • 2 investors on this round.
  2. Series A$5.6M2014-08-20
    • Raised again after 58 mo — slower than the ~10 mo sector norm.
    • Round roughly the size of the prior one.
    • Switched to Rule 506(b) (was Rule 06).
    • 27 investors on this round.
  3. Series A$5.5M2017-09-29
    • Raised again after 37 mo — slower than the ~10 mo sector norm.
    • Round roughly the size of the prior one.
    • 18 investors on this round.
  4. Series A$5.0M2018-03-05
    • Came back fast: 5 mo vs the ~10 mo sector norm.
    • Round roughly the size of the prior one.
    • 6 investors on this round.
  5. Series A$7.0M2018-05-03
    • Came back fast: 2 mo vs the ~10 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 7 investors on this round.
  6. Series A$7.5M2018-11-07
    • Came back fast: 6 mo vs the ~10 mo sector norm.
    • Round roughly the size of the prior one.
    • 7 investors on this round.
  7. Series A$5.8M2019-01-09
    • Came back fast: 2 mo vs the ~10 mo sector norm.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  8. Series A$10.0M2021-04-16
    • Raised again after 27 mo — slower than the ~10 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 1 investor on this round.
  9. Series A$15.0M2022-08-11
    • Raised again after 16 mo — slower than the ~10 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 4 investors on this round.
  10. Series A$3.0M2024-10-02
    • Raised again after 26 mo — slower than the ~10 mo sector norm.
    • Round 5.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  11. Series A$933K2025-09-11
    • Raised 11 mo later, in step with the ~10 mo sector norm.
    • Round 3.2× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  12. Series A$1.5M2025-11-07
    • Came back fast: 2 mo vs the ~10 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 1 investor on this round.
  13. Series A$4.9M2026-03-06
    • Came back fast: 4 mo vs the ~10 mo sector norm.
    • Round 3.3× larger than the prior — scaling up.
    • 6 investors on this round.
Intelligence
2027 ~Q3
Modeled next raise · ~16mo cadence
$14.7M
Modeled next size est.range $9.5M$23.5M
3.3×
Last step-up
$4.8M/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 L. Elfman2 other2017-09
Andrew W. Arno1 other2022-08
James M Kempton1 other2022-08
Timothy C. Huffmyer1 other2017-09
Andrew C Schmidt2009-10
Andrew G. Arno2014-08
Andrew J. Arno2017-09
Asha L. Keddy2022-08
Chetan L. Sharma2022-08
David P Sperling2009-10
Gregory G. Szabo2014-08
Gregory J Szabo2009-10
Jonathan P Kahn2009-10
Rick M. Carpenter2014-08
Robert E Elliott2009-10
Samuel G Gulko2009-10
Samuel J. Gulko2017-09
Samuel L. Gulko2022-08
Steven M. Yasbek2014-08
Ted L Hoffman2009-10
Thomas G Campbell2009-10
Von E Cameron2009-10
William C Keiper2009-10
William W Smith2009-10
Registry & provenance

Smith Micro Software, 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
948708
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
Parkervision IncTelecommunicationsSeries A$60.2M$20.0Msame sector · same stage
Gc Holdings IncTelecommunicationsSeries A$43.3M$8.8Msame sector · same stage
Fonality IncTelecommunicationsSeries A$28.6M$10.5Msame sector · same stage
Ondas Networks Inc.TelecommunicationsSeries A$27.9M$23.7Msame sector · same stage
Caribe Spectrum Holdings, Inc.TelecommunicationsSeries C$77.6M$2.7Msame sector
Clearwire Communications LlcTelecommunicationsGrowth/Late$1.1B$21.8Bnetwork1 shared operator · same sector
Clearwire Corp /DETelecommunicationsGrowth/Late$1.1B$21.8Bnetwork1 shared operator · same sector
K4 Mobility Inc.TelecommunicationsSeries A$22.2M$6.0Msame 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
GenXComm, Inc.TelecommunicationsSeries B$68.8M82%
Airwavz Inc.TelecommunicationsPre-Seed$9.7M82%
Mobiquity Inc.TelecommunicationsSeries B$311.1M82%
Critical Telephone Applications, IncTelecommunicationsPre-Seed$2.7M81%
HomeWAV, LLCTelecommunicationsPre-Seed$7.3M81%
PhoneBrasil International IncTelecommunicationsSeries A$2.0M81%
Wireless Telecom Group IncTelecommunicationsSeries A$15.3M81%
World Communications Group Services, Ltd.TelecommunicationsPre-Seed$19.0M81%
Frequently asked
How much funding has Smith Micro Software, Inc. raised?
Smith Micro Software, Inc. has raised approximately $78.5M in disclosed capital across 13 recorded financing rounds, aggregated from public filings.
What is Smith Micro Software, Inc.'s estimated valuation?
Provath's modeled valuation for Smith Micro Software, Inc. is approximately $13.2M (modeled range $6.5M–$19.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Smith Micro Software, Inc. at?
Smith Micro Software, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Fri Mar 06.
What does Smith Micro Software, Inc. do and where is it based?
Smith Micro Software, Inc. operates in the Telecommunications sector, based in PITTSBURGH.
Explore related

See where Smith Micro Software, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Smith Micro Software, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.