Look at the SEC’s Form D filings. A US company raising money privately under Regulation D has to file one within 15 days of its first sale, and most of these raises never reach the news: of 197 new raises above $5m filed between 1 September and 21 October, 186 had no report in the news Kronical reads. A Kronical agent reads every Form D as it is filed and tells you who raised, how much, how it compares with their last raise and what the news says.
Most raises never make the news.
We took every new Form D for a raise of $5m or more filed with the SEC between 1 September and 21 October 2026, leaving out investment funds. That is 212 raises. We searched the news Kronical reads, more than a thousand sources, for 197 of them (the other 15 have names too common to match), from 60 days before each filing to 30 days after, or to 26 October for the newest.
186 of them, more than 9 in 10, had no report at all.
Of the 11 that did reach the news, 8 were reported before the filing and 3 after it. Big rounds were announced first: Armadin’s $255m in the Wall Street Journal, Estuary Biotherapeutics’ $103m and Metaview’s $60m in Axios. For the rest, from biotech to batteries to software, the filing was the only trace.
We matched companies by name, so a raise announced under a different brand name can be missed. Treat the share as approximate.
What a Form D tells you.
A Form D is short. It gives:
- how much the company has sold, and how much it means to raise in total;
- how many investors have bought in;
- what was sold: shares, debt, or something else such as a SAFE;
- the directors and executive officers, and anyone paid to find investors;
- the industry and the state;
- the date of the first sale.
It does not give a price, a valuation or the names of investors. Kronical never fills those gaps with guesses.
The change is the signal.
One filing tells you a raise happened. A company’s filings side by side tell you what changed. Across the 109,063 Form Ds filed from January 2025 to 26 October 2026, Kronical found:
- 2,869 raises bigger than the company’s previous one, and 2,429 smaller;
- 1,798 raise targets increased, and 302 cut;
- 412 switches from shares to debt or something such as a SAFE;
- 2,947 filings where an executive officer named on an earlier filing no longer appears;
- 7,575 raises still open more than a year after their first sale.
A change is a reason to look, not a verdict. A smaller raise can be a second close, and an officer can leave for good reasons. Kronical tells you what changed and leaves the judgement to you.
Sometimes the filing comes first.
- Day 1The first saleAltay Therapeutics, a California biotech, sells the first shares in a new raise.
- Day 16The Form D is filed$15.7m sold of a $45.1m raise, from 19 investors. A Kronical agent would have written to you here.
- Day 28The announcementA Business Wire release says Altay has closed a $37 million Series A.
Adden Energy, a Harvard spinout making solid-state batteries, filed $16.9m sold of a $26.6m raise 11 days before Axios reported that it was raising $27m. RapidCanvas filed its $29m raise a day before Axios’s story, and the filing showed it was bigger than its previous raise of $23.9m.
Usually, when a raise is announced, the press release comes first and the filing follows within 15 days. The filing’s value is everything that never gets announced, and the changes no press release mentions.
How investors use it.
- Find companies before their next round. A quiet seed round today is next year’s Series A.
- Watch the competitors of the companies you back. A rival’s raise changes the fight.
- See where money is going. Raises by industry and state, week by week, before the press catches up.
- Notice changes at the companies you follow. Smaller raises, cut targets, officers who no longer appear.
- Track other funds. Fund managers file Form Ds too, so you can see who is raising and how much.
For UK companies, new shares, owners and lenders are filed at Companies House instead: see how to set up Companies House alerts.
Questions.
How do you find recently funded startups?
Look at the SEC’s Form D filings: US companies raising money privately must file one within 15 days of their first sale, and most of these raises are never announced. A Kronical agent reads every Form D as it is filed and tells you when a company you watch raises, or sends you a weekly list of new raises in the industries you choose.
What is a Form D filing?
A short notice a US company files with the SEC when it raises money without a public offering, under Regulation D. It is due within 15 days of the first sale and lists the amount sold, the size of the raise, the number of investors, the people running the company and what was sold.
How do I search Form D filings?
On the SEC’s EDGAR site, look up a company and filter its filings to form type D. EDGAR shows one filing at a time. Kronical keeps every Form D filed since January 2025 with what changed between them, and you can ask it in plain English, for example in Claude or ChatGPT: “Which tech startups raised more than $20m last week?”
Is there a database of Form D filings?
The SEC’s EDGAR is the official record, and the SEC also publishes Form D data sets every quarter. Kronical adds what changed from each company’s earlier filings and puts the company’s news beside it.
Do all startups file a Form D?
No. A Form D is needed for raises under Regulation D, which covers most private rounds from investors. Some companies raise in ways that need no Form D, and some file late, so not every round appears.
Does a Form D show valuations or investors?
No. It shows how much was sold and how many investors bought in, but not the price, the valuation or who the investors are.
How is it priced?
It is set with your team, to the number of agents and runs you need, with delivery to email, Slack, Telegram and more. Book an intro and we will size it with you.
Kronical reports what companies file and what is published. It does not judge a company’s prospects, and nothing here is advice.
