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SEC Fundraising Activity ( Nov 1 – 30, 2025 )

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Startup Funding

Startup Fundraising Activity – November 2025

November saw a robust surge in private equity offerings, with 216 startups raising capital across a diverse set of industry verticals. The most active sectors included technology (especially AI, robotics, and quantum computing), biotechnology, health care, real estate, and financial services. This month’s activity underscores the continued investor appetite for innovation in deep tech, life sciences, and next-generation infrastructure.

Key Trends and Standout Companies

Deep Tech & Quantum Computing

  • Quantinuum led the month with a staggering $850M raise, cementing its position as a frontrunner in quantum computing. The scale of this round signals both the maturity of the quantum sector and the high expectations for commercial quantum applications.
  • Apptronik, Inc ($500M) and STOKE Space Technologies, Inc. ($410M) highlight the growing momentum in robotics and space technology, respectively, as investors bet on automation and the new space economy.

AI & Advanced Software

Climate, Energy & Materials Innovation

Life Sciences & Health Care

Real Estate & Financial Services

Noteworthy Early-Stage and Niche Innovators

Conclusion

November’s fundraising activity reflects a vibrant startup ecosystem, with capital flowing into both established and emerging sectors. The month was marked by mega-rounds in quantum computing, robotics, and biotech, as well as a healthy pipeline of early-stage companies tackling climate, health, and digital transformation challenges. As we look ahead, these investments are likely to drive significant technological and societal change in the years to come.

Top Companies

Apptronik, Inc, Austin, TX
Apptronik is a robotics manufacturer that builds machines to empower humans to reach their fullest potential.
Offering Amount: $500M, Sold: $331.4M, Investors: 44

STOKE Space Technologies, Inc., Kent, WA
Stoke Space is revolutionizing the space industry with its fully reusable rocket design, Nova.
Offering Amount: $410M, Sold: $410M, Investors: 29

Iambic Therapeutics, Inc., San Diego, CA
Iambic Therapeutics, Inc. has created a cutting-edge AI-driven platform to tackle the most challenging design problems in drug discovery and address unmet patient needs.
Offering Amount: $125M, Sold: $99.27M, Investors: 22

Harbor Health Team Inc., Austin, TX
Harbor Health is a primary care clinic group located in Austin, Texas, and surrounding areas.
Offering Amount: $123.04M, Sold: $83.69M, Investors: 18

Solve Therapeutics, Inc., Belmont, CA
Solve Therapeutics, Inc. is a biopharmaceutical company based in Belmont, California.
Offering Amount: $120.54M, Sold: $48.21M, Investors: 16

Crowdfunding Offerings

Crowdfunding Activity: November 2025

This November, 80 companies filed crowdfunding offerings with the SEC, reflecting a vibrant and diverse landscape of entrepreneurial activity. The filings span a wide range of business verticals, including technology, food & beverage, entertainment, health & wellness, agriculture, and real estate. While many offerings are from local businesses and consumer brands, several stand out for their innovation, technological advancement, or the importance of the problems they are addressing.

Notable Highlights

  • Aerospace & Advanced Logistics:
    MightyFly Inc is a standout in the logistics and transportation sector. Based in San Leandro, CA, MightyFly is pioneering autonomous cargo aircraft, aiming to revolutionize how goods are moved over medium distances. Their $1M offering signals strong investor interest in next-generation logistics solutions.

  • Medical Technology & Health:
    Bone Health Technologies, Inc. and Fisher Wallace Laboratories, Inc. are both advancing health tech. Bone Health Technologies is developing non-invasive solutions for osteoporosis, while Fisher Wallace Laboratories focuses on wearable neurostimulation devices for mental health—addressing critical and growing health challenges.

  • Biotech & Therapeutics:
    Origami Therapeutics, Inc. and Myosana Therapeutics Inc. are pushing the boundaries in biotech, with innovative approaches to neurodegenerative diseases and genetic therapies, respectively.

  • Entertainment & Community Engagement:
    Legion M Entertainment, Inc. continues to redefine film and media investment by enabling fans to become shareholders in Hollywood projects. Their $250K+ offering demonstrates the growing power of community-driven entertainment.

  • Water & Environmental Solutions:
    Automated Water Machines Inc d and Environmental Transit Authority, Inc. are tackling water access and sustainable transit, respectively—both critical for urban resilience and environmental sustainability.

  • AgTech & Sustainable Farming:
    Gold Leaf Farming LP and Grower's Secret, Inc. represent the agricultural innovation vertical, focusing on sustainable farming practices and organic crop solutions.

  • Aerospace Innovation:
    Doroni Aerospace, Inc. is developing personal electric vertical takeoff and landing (eVTOL) aircraft, a futuristic solution for urban mobility.

Trends & Observations

  • Health and Biotech remain strong, with several companies addressing chronic and emerging health issues.
  • Food & Beverage continues to be a popular vertical, with offerings from local bakeries, coffee shops, and specialty food producers.
  • Technology and SaaS startups are present, though fewer in number compared to consumer-facing businesses.
  • Environmental and AgTech are gaining traction, reflecting investor interest in sustainability and climate resilience.

As always, the diversity of offerings highlights the power of crowdfunding to democratize investment and support innovation across the U.S. economy. We’ll continue to monitor these companies as they progress through their fundraising journeys and bring new solutions to market.

For more details on each company, click their names to view their profiles on Firmographics.

Top Companies

MightyFly Inc, San Leandro, CA
MightyFly provides end-to-end solutions for middle-mile logistics using autonomous eVTOL aircraft with a cargo capacity of up to 500 pounds.
Offering Amount: $1M

Gold Leaf Farming LP, Modesto, CA
Gold Leaf Farming LLC is a modern, sustainable farming company specializing in the acquisition and operation of specialty crop farmland, primarily almond and pistachio orchards.
Offering Amount: $350,000

Legion M Entertainment, Inc., Los Angeles, CA
Legion M gives fans a first-of-its kind opportunity to invest in Hollywood. We're using the JOBS Act to create the world's first FAN-OWNED entertainment company with a goal of uniting 1 million fans as shareholders of our company.
Offering Amount: $249,998.7

DavidsBeenHere Channel Drop LLC, Sheridan, WY
The Issuer is a Wyoming limited liability company formed in 2025 to facilitate a Channel Drop for the YouTube travel channel Davidsbeenhere.
Offering Amount: $225,000

Schoolyardsuperman Nation LLC, Rockville Centre, NY
Schoolyardsuperman Nation LLC is a company focused on democratizing access to Thoroughbred horse racing by enabling enthusiasts to acquire equity interests in racehorses.
Offering Amount: $168,550

IPOs

November 2025 IPO Activity Report

November 2025 saw robust IPO activity, with 39 companies filing for initial public offerings with the SEC. This month’s filings reflect a diverse mix of industry verticals, including healthcare, technology, digital assets, renewable energy, and a significant number of SPACs (Special Purpose Acquisition Companies) targeting future business combinations.

Key Industry Trends

  • SPACs & Acquisition Vehicles: Over a third of the filings are SPACs or acquisition corps, continuing the trend of blank-check companies seeking targets in technology, healthcare, logistics, and other high-growth sectors.
  • Healthcare & MedTech: Several companies are innovating in healthcare, from oncology and medical imaging to digital health platforms.
  • Digital Assets & ETFs: The digital asset space remains active, with new ETFs and investment platforms seeking to provide regulated access to cryptocurrencies and blockchain-based assets.
  • Renewable Energy & Sustainability: Companies focused on hydrogen, renewable energy, and sustainable packaging are making their public market debut, reflecting investor interest in climate tech and ESG themes.

Notable IPOs & Innovative Companies

Healthcare & MedTech

Technology & Digital Assets

  • Grayscale Investments, Inc. (Stamford, CT) is a leader in digital asset investment products, with a history of pioneering regulated Bitcoin and Ethereum funds.
  • WisdomTree Coindesk 20 Fund and Canary MOG ETF are launching new ETFs to provide diversified exposure to digital assets, reflecting the maturation of crypto investment vehicles.
  • Wolfspeed, Inc. (Durham, NC) is facilitating a large secondary offering post-Chapter 11, underscoring its role in advanced semiconductor and power electronics.

Sustainability & Energy

SPACs & Acquisition Corps

Early-Stage & International Entrants

Several smaller and international companies are making their public market debut, including:

Summary

November’s IPO cohort is marked by:

  • Strong SPAC activity targeting future innovation.
  • Healthcare and medtech advances with large offerings and new technologies.
  • Digital asset investment vehicles expanding public market access to crypto.
  • Sustainability and energy innovation with new entrants in hydrogen and packaging.
  • Global reach with filings from China, Europe, and the Cayman Islands.

As these companies move toward public listings, investors will be watching for breakthroughs in healthcare, digital assets, and sustainability, as well as the next wave of SPAC-driven business combinations.

For more details on each company, click the company name to view their firmographic profile.

Top IPOs

Tranquil Healthcare, Inc., Irvine, CA
Tranquil Healthcare, Inc. provides financing, equipment leasing, and consulting services to organizations that build, develop, and operate Transcranial Magnetic Stimulation (TMS) and brain wellness clinics.
Offering: Tier 2 Offering, Securities Offered 5500000, Offering Amount 50000000.00

Edison Oncology Holding Corp, Menlo Park, CA
Edison Oncology Holding Corp is a clinical-stage biopharmaceutical company developing small‑molecule cancer therapies through reformulation and repurposing of existing compounds.
Offering: Edison Oncology Holding Corp. is conducting an initial public offering of common stock. The company is selling 2,777,777 shares and a selling stockholder is selling 50,000 shares (2,827,777 shares total). The expected offering price is $8.00 to $10.00 per share. The company intends to list its common stock on the NYSE American under the ticker EOHC, subject to NYSE American approval. The company plans to effect a reverse stock split (proposed 1-for-2 in the prospectus) prior to the offering. Konik Capital Partners, LLC is the lead underwriter; the underwriter has a 45‑day overallotment option and will receive warrants equal to 7% of the shares sold. This is the company’s initial public offering.

Nex Neo Tech Inc., Billings, MT
Nex Neo Tech Inc. is a technology startup developing a web-based environment for marketing specialists and content creators.
Offering: Nex Neo Tech Inc. is conducting its initial public offering of common stock, offering 5,000,000 shares at a fixed price of $0.0245 per share on a self‑underwritten, best‑efforts basis. The company will retain proceeds from any sold shares and there is no minimum required to close the offering. Shares may be sold directly by the company’s President relying on Rule 3a4‑1; there is currently no public market for the shares. The offering period is 240 days from the effective date of the prospectus. The company is an emerging growth company and its auditor has expressed doubt about its ability to continue as a going concern.

Mountain Lake Acquisition Corp. II, Incline Village, NV
Mountain Lake Acquisition Corp. II is a Cayman Islands exempted blank check company formed on October 16, 2025 to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other business combination with one or more businesses.
Offering: Registration statement for a public offering of units, Class A ordinary shares and public warrants, with BTIG, LLC named as sole book-running manager. The prospectus notes dealers may be required to deliver a prospectus for 25 days after the prospectus date. Estimated offering-related expenses (excluding underwriting discounts/commissions) are $750,000. The filing describes indemnification provisions for officers and directors under Cayman Islands law and the expectation to obtain directors’ and officers’ liability insurance.

Vine Hill Capital Investment Corp. II, Fort Lauderdale, FL
Vine Hill Capital Investment Corp. II is a newly organized Cayman Islands exempted company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (an initial business combination).
Offering: No offering details are present in the provided excerpt. The text only lists exhibit numbers and descriptions; it does not disclose the number of shares, offering price, total offering amount, commencement date, or whether this is an IPO.

Venture Funds

ClearSky Fund IV International LP, West Palm Beach, FL
ClearSky Fund IV International LP is a venture capital and growth equity firm that focuses on investing in innovative companies within the cybersecurity and energy transition sectors.
Offering Amount: $500M, Sold: $38.5M, Investors: 4

ClearSky Fund IV LP, West Palm Beach, FL
ClearSky Fund IV LP is a venture capital and growth equity firm based in West Palm Beach, Florida.
Offering Amount: $500M, Sold: $58.4M, Investors: 15

Windham Life Sciences Partners IV, L.P., New York, NY
Offering Amount: $150M, Sold: $30.78M, Investors: 51

Adara Ventures III S.C.A., SICAR, Grand Duchy Of Luxembourg, N4, Luxembourg
Adara Ventures III S.C.A., SICAR is a venture capital fund based in the Grand Duchy of Luxembourg.
Offering Amount: $91.39M, Sold: $784,455, Investors: 3

Collective Exchange Fund, L.P., Bronxville, NY
Collective Exchange Fund, L.P. is an investment fund based in Bronxville, NY, specializing in late-stage exchange funds.
Sold: $53.35M, Investors: 78