Convertible Note Funded Startups in United States
Among the 50 convertible-note rounds shown, the largest disclosed amount is Arctic Wolf’s $401M on 2022-10-06, dwarfing the rest of the disclosed amounts (…
Among the 50 convertible-note rounds shown, the largest disclosed amount is Arctic Wolf’s $401M on 2022-10-06, dwarfing the rest of the disclosed amounts (the next-largest disclosed figures are $100M for Dave on 2022-03-21 and $90K for Phinge on 2025-11-19). Disclosed amounts also show a long tail: multiple entries sit at $2M–$30M (e.g., Superlogic at $14M on 2025-10-27; AEON Biopharma at $30M on 2022-08-03; ProSomnus Sleep Technologies at $30M on 2022-08-26), while several are very small (e.g., $1M ShipCalm on 2022-05-01; $400K Lupii on 2022-03-09).
Temporal clustering is muted across the full window: rounds span from 2022-03-04 through 2025-11-19, but only a handful fall in late 2025 (e.g., Phinge $90K on 2025-11-19 and Superlogic $14M on 2025-10-27). Sector-wise, “Artificial Intelligence (AI)” appears repeatedly (Phinge, Namu Robotics, Prometheus Technologies, 5x5 Technologies, Bigfoot Biomedical, and others), while disclosure is uneven: 14 of 50 rows list “undisclosed” amounts (including World Labs on 2025-11-19), compared with the remaining disclosed entries across the same geographic set of U.S. cities from Palo Alto, CA to Orlando, FL.
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Frequently asked
What stands out in round size, and how extreme is the top disclosed amount versus the rest?
Arctic Wolf’s $401M convertible-note round (2022-10-06) is the only disclosed round above $100M, with the next-largest disclosed figure at $100M for Dave (2022-03-21). Multiple other disclosed rounds cluster far lower, including $30M ProSomnus Sleep Technologies (2022-08-26) and $14M Superlogic (2025-10-27).
Is there a meaningful concentration of rounds in a narrow recent date window?
Late-2025 activity is present but limited: the most recent date in the list is 2025-11-19 (Phinge at $90K; World Labs is undisclosed), followed by adjacent late-2025 entries such as Superlogic on 2025-10-27 ($14M) and FlyUSA on 2025-10-17 ($7M). The broader span runs from 2022-03-04 to 2025-11-19, suggesting no tight multi-month cluster across the entire set.
Which sector appears most consistently, and what does that imply for targeting?
“Artificial Intelligence (AI)” shows up across multiple companies and years, including Phinge (2025-11-19, $90K), Namu Robotics (2025-09-27, undisclosed), Prometheus Technologies (2022-09-19, $1M), 5x5 Technologies (2022-09-06, undisclosed), and Bigfoot Biomedical (2022-08-15, undisclosed). For outbound targeting, this repeated presence suggests AI is a recurring theme within this convertible-note slice rather than a one-off.
How often is the disclosed amount missing, and does that affect where the largest “visible” rounds concentrate?
14 of 50 rows are “undisclosed” (for example, World Labs on 2025-11-19 and FORAY bioscience on 2025-09-27). The largest disclosed amount still remains Arctic Wolf’s $401M (2022-10-06), so the top-end conclusion here depends only on disclosed figures rather than inferred missing amounts.
Are there outliers in size at the low end that matter for deal-size expectations?
Yes. Several disclosed rounds are near the bottom of the disclosed range, including $1M ShipCalm (2022-05-01) and $2M rounds such as CarthroniX (2022-04-11) and TapRm (2022-04-01). At the other end of the disclosed distribution, Arctic Wolf’s $401M (2022-10-06) is an order-of-magnitude gap from $20M–$100M rounds (e.g., 98point6 at $20M on 2022-09-01 and Dave at $100M on 2022-03-21).
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