Diligence memo · auto-generated · as of July 2, 2026
Stem, Inc.
Stem, Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Stem, Inc. operates in Other Energy, based in MILLBRAE.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Stem, Inc. has raised $110M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $82M on 2018-01-19.
Most recent recorded round closed around 2018-01-19.
Valuation (modeled)modeled
Provath models Stem, Inc. at approximately $978M (range $300M–$2.6B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: 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.
Financing rhythm & timingmixed
Historic cadence: a new round about every 15 months.
Last raise 8.4 yr ago; this sector typically re-raises about every 12 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 5.2× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 95% of Other Energy peers (2048 compared).
Modeled value ranks above 97% of those peers.
Closest niche peers: WRH Associates, LLC, Concessionaire CCNCM Transmission Line S.A.C., Clean Energy Fuels Corp., Mims Motors Corp, Trinity Oaks Tyler, LLC.
Peoplefiled
15 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.