Private funding rounds, May 2025
Every private raise an operating company reported to the SEC on Form D in May 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
887
Rounds with money sold
$9.04bn
Total sold
$1.5M
Median round
95
Rounds by pre-revenue companies
The largest raises
Amount sold as reported on the Form D. Each company links to its filing on EDGAR.
| Company | State | Industry | Sold | Investors | Filed |
|---|---|---|---|---|---|
| World View Enterprises Inc.Equity | AZ | Other Technology | $2.57bn | 12 | 2025-05-22 |
| Takanock, LLCEquity | MI | Other Real Estate | $435M | 5 | 2025-05-15 |
| Pathos AI, Inc.Equity | IL | Biotechnology | $283M | 11 | 2025-05-01 |
| Lumicell, Inc.Equity | MA | Biotechnology | $198M | 64 | 2025-05-06 |
| Stash Financial, Inc.Equity | NY | Other Banking and Financial Services | $187M | 88 | 2025-05-16 |
| Vascular Perfusion Solutions, Inc.Equity | TX | Biotechnology | $147M | 21 | 2025-05-30 |
| NewLimit, Inc.Equity | CA | Biotechnology | $130M | 38 | 2025-05-15 |
| TensorWave Inc.Equity | NV | Other Technology | $100M | 11 | 2025-05-27 |
| Cohere Health Inc.Equity | MA | Other Technology | $90M | 8 | 2025-05-22 |
| Sanity, Inc.Equity | CA | Other Technology | $87.2M | 11 | 2025-05-02 |
| Akido Labs, Inc.Equity | CA | Other Technology | $84.3M | 94 | 2025-05-16 |
| Vumedi, Inc.Equity | CA | Other Technology | $80M | 4 | 2025-05-22 |
| AssetWatch, Inc.Equity | OH | Other Technology | $74.3M | 11 | 2025-05-05 |
| Horizon 3 AI, Inc.Equity | CA | Other Technology | $73M | 5 | 2025-05-22 |
| Toloka Group, Inc.Equity, revenue $25m to $100m | MA | Other Technology | $72M | 3 | 2025-05-16 |
| CAST AI Group, Inc.Equity | FL | Other Technology | $71.5M | 6 | 2025-05-07 |
| Stord, Inc.Equity | GA | Other Technology | $67.2M | 20 | 2025-05-22 |
| CoRegen, Inc.Equity | CO | Biotechnology | $62.6M | 8 | 2025-05-22 |
| Utilidata, Inc.Equity | RI | Energy Conservation | $60.3M | 11 | 2025-05-01 |
| US Claims Litigation Funding, LLCDebt | FL | Other Banking and Financial Services | $60M | 5 | 2025-05-30 |
| Twin Health, Inc.Equity | CA | Other Technology | $48.8M | 7 | 2025-05-23 |
| Character Biosciences, Inc.Equity | NJ | Biotechnology | $48.2M | 16 | 2025-05-12 |
| BKV dCarbon Project, LLCEquity | DE | Oil and Gas | $48M | 1 | 2025-05-23 |
| Nuclear CoEquity | KY | Other Energy | $46.3M | 9 | 2025-05-15 |
| Bon Vert Ventures LLCEquity | AR | Other | $44.4M | 114 | 2025-05-07 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 263 | $4.84bn | $3M | World View Enterprises Inc. $2.57bn |
| Healthcare425 healthcare and life sciences investors | 121 | $1.47bn | $2.3M | Pathos AI, Inc. $283M |
| Real estate39 real estate investors | 139 | $895M | $1.4M | Takanock, LLC $435M |
| Other | 244 | $886M | $850K | Bon Vert Ventures LLC $44.4M |
| Financial services296 financial services investors | 30 | $453M | $5.6M | Stash Financial, Inc. $187M |
| Energy204 energy and utilities investors | 24 | $316M | $4.3M | Utilidata, Inc. $60.3M |
| Industrials122 industrials and manufacturing investors | 30 | $68.9M | $945K | Prairie Aquatech Manufacturing, LLC $16M |
| Consumer238 consumer and retail investors | 18 | $67M | $368K | Staud, Inc. $29M |
| Business services77 business and professional services investors | 18 | $36.1M | $538K | European Technology Group Ltd $19.6M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 372 | $123M | $250K |
| $1M to $5M | 257 | $627M | $2M |
| $5M to $20M | 192 | $1.93bn | $9.3M |
| $20M to $50M | 46 | $1.42bn | $28.8M |
| $50M to $100M | 12 | $882M | $72.5M |
| $100M and over | 8 | $4.05bn | $193M |
By company revenue
The revenue range the issuer reported on its Form D. Many decline to disclose it.
| Revenue | Rounds | Total sold | Median round |
|---|---|---|---|
| No revenue | 95 | $127M | $525K |
| Up to $1M | 48 | $48.4M | $452K |
| $1M to $5M | 17 | $67.7M | $880K |
| $5M to $25M | 12 | $87.6M | $1.7M |
| $25M to $100M | 3 | $74M | $1.4M |
| Over $100M | 1 | $16.8M | $16.8M |
| Declined to disclose | 704 | $8.59bn | $2M |
| Not applicable | 7 | $23M | $1M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 354 | $1.64bn | $1M |
| 2 to 5 years | 253 | $2bn | $1.9M |
| Over 5 years | 280 | $5.4bn | $2.3M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 696 | $8.5bn | $1.9M |
| Debt | 29 | $219M | $956K |
| Convertible | 69 | $191M | $1.3M |
| SAFE | 45 | $71.1M | $285K |
| Options or warrants | 31 | $48.4M | $325K |
| Other | 17 | $9.3M | $395K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| AZ | 14 | $2.6bn | $853K |
| CA | 150 | $1.39bn | $2.5M |
| NY | 78 | $682M | $4.1M |
| MA | 40 | $580M | $3.5M |
| MI | 11 | $469M | $1.9M |
| TX | 78 | $460M | $2.1M |
| IL | 17 | $314M | $1M |
| FL | 56 | $280M | $850K |
| Outside US | 70 | $198M | $505K |
| CO | 43 | $188M | $750K |
| NV | 11 | $176M | $1.5M |
| GA | 23 | $175M | $1.6M |
| OH | 20 | $128M | $2.6M |
| NJ | 15 | $108M | $609K |
| UT | 12 | $94M | $2.6M |
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How this is built
A US company raising money privately files a Form D with the SEC within 15 days of the first sale. Each report counts every original Form D (not amendments, so a round that closes in tranches is counted once) filed in the period by an operating company. A weekly report covers an ISO week, Monday to Sunday UTC; a monthly report the calendar month. Investment funds, SPVs, finance vehicles and business-combination filings are left out. A round is counted when the filing reports money already sold, and its size is that amount.
Form D does not name the round, so there is no seed or Series A label here. The tables group by what the filing does state: the amount sold, the issuer's industry group, its own revenue range, how long ago it was incorporated, and the instrument sold.
2,846 original Form D notices were filed in May 2025; 887 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for May 2025. Built 2026-10-11 from the SEC quarterly Form D data set, with the same filters as the reports built from EDGAR each month.