Companies · Manufacturing

Soluna Holdings, Inc

ALBANY · Manufacturing

Diligence memoA one-page analyst read on Soluna Holdings, Inc — recommendation, valuation, rhythm, risks.
$42.8M
Total raised · real
7
Rounds
1.6×
Latest step-up
Top 9%
Sector rank · raised
Series B
Latest stage · inferred · Mon Dec 05 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Soluna Holdings, Inc looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the manufacturing 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 0.03× the median modeled value of Series B Manufacturing companies in 2022–2024 (44 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.6 yr ago; this sector typically re-raises about every 12 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Soluna Holdings, Inc behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
9.7 yr record
Peak capital year was 2021 with $33.5M across 2 filings.
Market position
ahead of 92% of Manufacturing peers
Capital scale is ahead of 92% of Manufacturing peers; modeled value is above 23% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2021: $33.5M across 2 filings.
  • Largest single filing was $30.0M on 2021-10-29.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
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 Manufacturing

Soluna Holdings, Inc is one of 3257 Manufacturing companies tracked from ALBANY. By capital raised it ranks among the largest (ahead of 92% 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
1
Investors (latest)
2022-12-05
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$125M$250M$375M$500MSeed · 2016-10-21 Raised $2.7M (real) Modeled valuation $34M (est)Seed2016Seed · 2021-10-29 Raised $3.5M (real) Modeled valuation $29M (est)Seed2021Series B · 2021-10-29 Raised $30M (real) Modeled valuation $261M (est)Series B2021Series B · 2022-07-19 Raised $5.0M (real) Modeled valuation $38M (est)Series B2022Series B · 2022-10-07 Raised $850K (real) Modeled valuation $6.3M (est)Series B2022Series B · 2022-10-24 Raised $285K (real) Modeled valuation $2.1M (est)Series B2022Series B · 2022-12-05 Raised $460K (real) Modeled valuation $3.3M (est)Series B2022+$3.5M+$30M+$5.0M+$850K+$285K+$460KCumulative $43M

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$2.7M · 2016
Seed extension$3.5M · 2021
Series B$30.0M · 2021no Series A on file
Series B extension$5.0M · 2022
Series B extension$850K · 2022
Series B extension$285K · 2022
Series B extension$460K · 2022

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: 50%.

Modeled valuation trajectory
$3.3M
Base estimate est.
$1.2M
Conservative case
$8.0M
Upside case
$2.6M
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 manufacturing sector profile. Directional, not a quoted figure.

Seed · modeled $33.6M · 2016-10-212016Seed · modeled $28.7M · 2021-10-29Series B · modeled $261.0M · 2021-10-29Series B · modeled $38.4M · 2022-07-19Series B · modeled $6.3M · 2022-10-07Series B · modeled $2.1M · 2022-10-24Series B · modeled $3.3M · 2022-12-052022
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
69%
Survival probability
46% low · 85% high
1.19×/yr
Annual markup
1.44×/yr upside case
3.6 yr
Elapsed time used
3.6 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
12 mo
Avg between rounds
$7.0M/yr
Capital velocity
9.7 yr
On record since
2016
First round
7
Rounds on file
How it compares to the market

Benchmarked against 3257 companies in Manufacturing. 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) 21× above median
This company$42.8M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.0× of median
This company$460K
Sector median$18.5M
Modeled value — vs sector median (estimate, all stages) 0.3× of median
This company$3.3M
Sector median$12.0M

Raised more than 92% of sector peers (real $). Modeled value above 23% 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 #41 of 44.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Stryve Foods, Inc. · Series B Raised $35.0M · modeled $294.7M (est)JW Rutledge Distillery, LLC · Series B Raised $34.0M · modeled $276.3M (est)Orange EV LLC · Series B Raised $35.0M · modeled $267.9M (est)Brondell Inc. · Series B Raised $28.6M · modeled $230.0M (est)Advantest Corp · Series B Raised $26.1M · modeled $204.8M (est)Endera Corp · Series B Raised $55.9M · modeled $200.9M (est)Goldback Inc. · Series B Raised $35.0M · modeled $197.4M (est)Trade Secret Chocolates, LLC · Series B Raised $32.1M · modeled $177.2M (est)VGI Plastics Sub Acquisition Company, LLC · Series B Raised $22.3M · modeled $163.9M (est)Lemurian, Inc. · Series B Raised $33.0M · modeled $158.2M (est)Selkirk Pharma, Inc. · Series B Raised $82.1M · modeled $152.7M (est)Xos, Inc. · Series B Raised $20.0M · modeled $152.0M (est)Soluna Holdings, Inc (this company) Raised $42.8M · modeled $3.3M (est)Soluna Holdings, Inc
CompanyStageRaised · realValue · estvs peer med.
Stryve Foods, Inc.Series B$35.0M$294.7M2.64×
JW Rutledge Distillery, LLCSeries B$34.0M$276.3M2.47×
Orange EV LLCSeries B$35.0M$267.9M2.40×
Brondell Inc.Series B$28.6M$230.0M2.06×
Advantest CorpSeries B$26.1M$204.8M1.83×
Endera CorpSeries B$55.9M$200.9M1.80×
Goldback Inc.Series B$35.0M$197.4M1.77×
Trade Secret Chocolates, LLCSeries B$32.1M$177.2M1.58×
VGI Plastics Sub Acquisition Company, LLCSeries B$22.3M$163.9M1.47×
Lemurian, Inc.Series B$33.0M$158.2M1.41×
Selkirk Pharma, Inc.Series B$82.1M$152.7M1.37×
Xos, Inc.Series B$20.0M$152.0M1.36×
Soluna Holdings, Inc this companySeries B$42.8M$3.3M0.03×
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$2.7M2016-10-21$13.7M$33.6M90%
Seed$3.5M2021-10-29$17.4M$28.7M90%
Series B$30.0M2021-10-29$166.7M$261.0M90%
Series B$5.0M2022-07-19$27.8M$38.4M90%
Series B$850K2022-10-07$4.7M$6.3M90%
Series B$285K2022-10-24$1.6M$2.1M90%
Series B$460K2022-12-05$2.6M$3.3M90%
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$2.7M2016-10-21
    • First recorded raise — entered as Seed.
    • 1 investor on this round.
  2. Seed$3.5M2021-10-29
    • Raised again after 60 mo — slower than the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  3. Series B$30.0M2021-10-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 8.6× larger than the prior — scaling up.
    • 1 investor on this round.
  4. Series B$5.0M2022-07-19
    • Raised 9 mo later, in step with the ~12 mo sector norm.
    • Round 6.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  5. Series B$850K2022-10-07
    • Came back fast: 3 mo vs the ~12 mo sector norm.
    • Round 5.9× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Series B$285K2022-10-24
    • Came back fast: 1 mo vs the ~12 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Series B$460K2022-12-05
    • Came back fast: 1 mo vs the ~12 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2023 ~Q4
Modeled next raise · ~12mo cadence
$743K
Modeled next size est.range $483K$1.2M
1.6×
Last step-up
$7.0M/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 Belizaire2 other2022-10
David C Michaels1 other2016-10
Kevin G. Lynch1 other2016-10
Matthew Lipman1 other2022-10
Michael Toporek1 other2021-10
Thomas J. Marusak1 other2016-10
William P. Phelan1 other2016-10
Alykan R. Madhavji2021-10
David L Michaels2021-10
Edward L Hirshfield2022-07
Edward R. Hirshfield2016-10
Frederick W. Jones2016-10
Jessica L Thomas2021-10
John Bottomley2021-10
John L Belizaire2021-10
John L Bottomley2022-07
Matthew E. Lipman2016-10
Matthew L Lipman2022-07
Matthew R. Lipman2021-10
Michael E. Toporek2016-10
Moshe L. Binyamin2021-10
Philip Patman2022-10
Thomas L Marusak2022-07
William Hazelip2022-10
Registry & provenance

Soluna Holdings, 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
64463
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
Westwin Elements IncManufacturingSeries B$42.1M$2.6Msame sector · same stage
Jimmyash LlcManufacturingSeries B$28.4M$3.3Msame sector · same stage
Addentax Group Corp.ManufacturingSeries B$24.0M$3.6Msame sector · same stage
Neochord IncManufacturingSeries B$78.2M$2.4Msame sector · same stage
STRATA Skin Sciences, Inc.ManufacturingSeries B$17.5M$4.0Msame sector · same stage
FirstBest Systems, Inc.Other TechnologySeries A$16.7M$296.1Mnetwork2 shared operators
U.S. Lighting Group, Inc.ManufacturingSeries C$56.1M$3.8Msame sector
Mti Microfuel Cells IncOther EnergySeed$2.7M$35.0Mnetwork2 shared operators
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
Solais Lighting Holdings, LLCManufacturingSeries A$53.2M88%
Sol-Gen CorpManufacturingSeries A$24.0M88%
Azuna Inc.ManufacturingSeed$2.8M87%
Solx Holdings, LLCManufacturingPre-Seed$1.4M87%
Soluna Technologies, Ltd.Other EnergySeed$6.5M84%
Caputo Investment Holdings, LLCManufacturingSeries B$165.0M83%
Cenveo Enterprises, Inc.ManufacturingSeries B$264.6M82%
Camira Holdings LtdManufacturingSeries C$77.7M82%
Frequently asked
How much funding has Soluna Holdings, Inc raised?
Soluna Holdings, Inc has raised approximately $42.8M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Soluna Holdings, Inc's estimated valuation?
Provath's modeled valuation for Soluna Holdings, Inc is approximately $3.3M (modeled range $1.2M–$8.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Soluna Holdings, Inc at?
Soluna Holdings, Inc's latest modeled financing stage is Series B. Its most recent recorded round closed around Mon Dec 05.
What does Soluna Holdings, Inc do and where is it based?
Soluna Holdings, Inc operates in the Manufacturing sector, based in ALBANY.
Explore related

See where Soluna Holdings, 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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