Companies · Other Energy

Stem, Inc.

MILLBRAE · Other Energy

Diligence memoA one-page analyst read on Stem, Inc. — recommendation, valuation, rhythm, risks.
$110.5M
Total raised · real
4
Rounds
5.2×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Fri Jan 19 2018 00:00:00 GMT+0000 (Coordinated Universal Time)

Stem, Inc. looks over-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.65× the median modeled value of Series C Other Energy companies in 2016–2018 (16 peers) — value vs value, same stage and era.
Dormant
  • Last raise 8.4 yr ago; this sector typically re-raises about every 12 months.
  • Silent for over 3× the sector's normal 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 Energy

Stem, Inc. is one of 2048 Other Energy companies tracked from MILLBRAE. By capital raised it ranks among the largest (ahead of 95% 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
25
Investors (latest)
2018-01-19
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 · 2009-04-09 Raised $1.6M (real) Modeled valuation $20M (est)Seed2009Seed · 2009-04-09 Raised $2.2M (real) Modeled valuation $29M (est)Seed2009Seed · 2009-04-09 Raised $2.9M (real) Modeled valuation $38M (est)Seed2009Seed · 2009-04-09 Raised $2.5M (real) Modeled valuation $33M (est)Seed2009Pre-Seed · 2009-04-09 Raised $200K (real) Modeled valuation $3.2M (est)Pre-Seed2009Series A · 2011-09-01 Raised $10M (real) Modeled valuation $109M (est)Series A2011Series B · 2015-03-30 Raised $16M (real) Modeled valuation $181M (est)Series B2015Series C · 2018-01-19 Raised $82M (real) Modeled valuation $978M (est)Series C2018+$2.2M+$2.9M+$2.5M+$200K+$10M+$16M+$82MCumulative $117M

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$1.6M · 2009
Seed extension$2.2M · 2009
Seed extension$2.9M · 2009
Seed extension$2.5M · 2009
Bridge · Seed-stage$200K · 2009smaller follow-on
Series A$10.3M · 2011
Series B$15.6M · 2015
Series C$81.7M · 2018

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$978.1M
Base estimate est.
$300.1M
Conservative case
$2.6B
Upside case
$544.6M
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 energy sector profile. Directional, not a quoted figure.

Seed · modeled $20.5M · 2009-04-092009Seed · modeled $28.9M · 2009-04-09Seed · modeled $37.6M · 2009-04-09Seed · modeled $33.0M · 2009-04-09Pre-Seed · modeled $3.2M · 2009-04-09Series A · modeled $108.5M · 2011-09-01Series B · modeled $181.1M · 2015-03-30Series C · modeled $978.1M · 2018-01-192018
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
74%
Survival probability
55% low · 86% high
1.16×/yr
Annual markup
1.33×/yr upside case
6.0 yr
Elapsed time used
8.4 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
15 mo
Avg between rounds
$12.6M/yr
Capital velocity
17.2 yr
On record since
2009
First round
8
Rounds on file
How it compares to the market

Benchmarked against 2048 companies in Other Energy. 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) 32× above median
This company$110.5M
Sector median$3.4M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.7× above median
This company$81.7M
Sector median$47.0M
Modeled value — vs sector median (estimate, all stages) 57× above median
This company$978.1M
Sector median$17.0M

Raised more than 95% of sector peers (real $). Modeled value above 97% 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 #4 of 16.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)WRH Associates, LLC · Series C Raised $100.0M · modeled $1.2B (est)Concessionaire CCNCM Transmission Line S.A.C. · Series C Raised $99.5M · modeled $1.2B (est)Clean Energy Fuels Corp. · Series C Raised $83.4M · modeled $998.7M (est)Mims Motors Corp · Series C Raised $76.0M · modeled $910.0M (est)Trinity Oaks Tyler, LLC · Series C Raised $72.0M · modeled $862.1M (est)IH Holdings International Ltd · Series C Raised $54.5M · modeled $652.2M (est)M-Kopa, Llc · Series C Raised $76.5M · modeled $613.7M (est)Nhet, Llc · Series C Raised $48.0M · modeled $574.7M (est)Modern Energy Group LLC · Series C Raised $42.4M · modeled $507.1M (est)Aquion Energy, Inc. · Series C Raised $181.2M · modeled $397.5M (est)Solazyme Inc · Series C Raised $140.3M · modeled $344.2M (est)Stem, Inc. (this company) Raised $110.5M · modeled $978.1M (est)Stem, Inc.
CompanyStageRaised · realValue · estvs peer med.
WRH Associates, LLCSeries C$100.0M$1.2B2.02×
Concessionaire CCNCM Transmission Line S.A.C.Series C$99.5M$1.2B2.01×
Clean Energy Fuels Corp.Series C$83.4M$998.7M1.68×
Stem, Inc. this companySeries C$110.5M$978.1M1.65×
Mims Motors CorpSeries C$76.0M$910.0M1.53×
Trinity Oaks Tyler, LLCSeries C$72.0M$862.1M1.45×
IH Holdings International LtdSeries C$54.5M$652.2M1.10×
M-Kopa, LlcSeries C$76.5M$613.7M1.03×
Nhet, LlcSeries C$48.0M$574.7M0.97×
Modern Energy Group LLCSeries C$42.4M$507.1M0.85×
Aquion Energy, Inc.Series C$181.2M$397.5M0.67×
Solazyme IncSeries C$140.3M$344.2M0.58×
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$1.6M2009-04-09$7.9M$20.5M85%
Seed$2.2M2009-04-09$11.1M$28.9M85%
Seed$2.9M2009-04-09$14.5M$37.6M85%
Seed$2.5M2009-04-09$12.7M$33.0M85%
Pre-Seed$200K2009-04-09$1.1M$3.2M85%
Series A$10.3M2011-09-01$46.7M$108.5M85%
Series B$15.6M2015-03-30$86.7M$181.1M85%
Series C$81.7M2018-01-19$544.6M$978.1M90%
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$1.6M2009-04-09
    • First recorded raise — entered as Seed.
    • 18 investors on this round.
  2. Seed$2.2M2009-04-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× larger than the prior — scaling up.
    • 20 investors on this round.
  3. Seed$2.9M2009-04-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.3× larger than the prior — scaling up.
    • 20 investors on this round.
  4. Seed$2.5M2009-04-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 20 investors on this round.
  5. Pre-Seed$200K2009-04-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 12.7× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  6. Series A$10.3M2011-09-01
    • Raised again after 29 mo — slower than the ~12 mo sector norm.
    • Round 51.4× larger than the prior — scaling up.
    • 24 investors on this round.
  7. Series B$15.6M2015-03-30
    • Raised again after 43 mo — slower than the ~12 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 3 investors on this round.
  8. Series C$81.7M2018-01-19
    • Raised again after 34 mo — slower than the ~12 mo sector norm.
    • Round 5.2× larger than the prior — scaling up.
    • 25 investors on this round.
Intelligence
2019 ~Q2
Modeled next raise · ~15mo cadence
$245.1M
Modeled next size est.range $159.3M$392.1M
5.2×
Last step-up
$12.6M/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
Michael Smith19 other2015-03
Brian Thompson5 other2009-04
David Buzby4 other2009-04
Anup Jacob3 other2018-01
Paul Leggett2 other2018-01
William Bush2 other2018-01
Zeb Rice2 other2011-09
John Carrington1 other2015-03
Olivia Steedman1 other2018-01
Stacey Reineccius1 other2009-04
Catherine Wainwright2018-01
Go Mizoguchi2018-01
Jonathan Gaskin2009-04
Shinichi Imanishi2015-03
Tad Glauthier2011-09
Registry & provenance

Stem, 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
1462370
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
Sunrun Inc.Other EnergySeries C$116.0M$551.7Mnetwork1 shared operator · same sector · same stage
Skyonic CorpOther EnergySeries C$110.5M$617.2Msame sector · same stage
Electra Battery Materials CorpOther EnergySeries C$111.3M$377.8Msame sector · same stage
FastCAP Systems CorpOther EnergySeries C$109.1M$347.7Msame sector · same stage
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Sungevity IncOther EnergySeries C$113.0M$232.5Msame sector · same stage
Arc Logistics Partners LPOther EnergySeries C$107.3M$386.7Msame sector · same stage
Bioleum CorpOther EnergySeries C$106.7M$116.6Msame 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
Fuel Tech, Inc.Other EnergySeries B$265.4M86%
Terrestrial Energy Inc.Other EnergySeries B$112.6M86%
One Scientific Inc.Other EnergyPre-Seed$10.5M86%
Sapphire Technologies, Inc.Other EnergySeries A$36.4M85%
Energy Intelligence, Inc.Other EnergyPre-Seed$2.3M85%
Purposeenergy IncOther EnergyPre-Seed$6.5M85%
OneEnergy, Inc.Other EnergySeries A$37.6M85%
Coal Conversion Ventures, LLCOther EnergySeries D+$4.8B85%
Frequently asked
How much funding has Stem, Inc. raised?
Stem, Inc. has raised approximately $110.5M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Stem, Inc.'s estimated valuation?
Provath's modeled valuation for Stem, Inc. is approximately $978.1M (modeled range $300.1M–$2.6B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Stem, Inc. at?
Stem, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri Jan 19.
What does Stem, Inc. do and where is it based?
Stem, Inc. operates in the Other Energy sector, based in MILLBRAE.
Explore related

See where Stem, 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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