How to use it
The map shows who just got money. Here’s what to do about it.
Every row on Noctura is a company that told the SEC it raised money. Each one is on the map the morning after EDGAR publishes the filing. What you do with it depends on who you are.
“It shows you which private companies just got money, and whether they’re hiring. If you want a job, a client or a read on the market, those are the companies to look at this week.”
From the map to a decision
From 82 rounds to a read on the market
Four filters, then a next step. Illustrative numbers and companies, not live filings
- Step 182rounds filed in 28 daysUp 32% on the prior 28. Start with the whole window.
- Step 2 · Rising2sectors rising at 90%Fintech & insurance 31 vs 12 · AI, data & digital infrastructure 18 vs 8.
- Step 3 · Falling1sector fallingHealthcare & biotech 9 vs 24. Nine are quiet: too few rounds to call.
- Step 4 · Size36%of dollars in 9 Series B roundsWhere the size sits, not just the count.
Your read, not a deal listCapital is concentrating in fintech and AI infrastructure and thinning in healthcare, with Series B carrying a third of the dollars.
Velocity confirms; it does not predict. Noctura never lists open offerings or sells access to them.
From the filing to the press release
One raise, in the order it happened
An illustrative company, with dates as its Form D, careers page and press release would show them, in the order they happened.
- Tue Sep 8First saleMoney starts moving
- Tue Sep 15Form D filedPublic on EDGAR
- Wed Sep 16On NocturaThe next morning · your window opens
- Fri Sep 182 roles postedOn its careers page
- Mon Sep 21Press releaseNames the investors
- Tue Sep 22Filing amended · 3rd roleOffered $18.0M → $20.0M
The filing is a legal notice the company has to make; the press release is a choice. In this example, Company A’s raise is on Noctura from Sep 16 and its press release comes on Sep 21: the green window between them is yours. A filing is on Noctura the morning after EDGAR publishes it: across 139 filings from Sep 21 to Sep 26, the median wait was 1 day and 100% showed within a day (measured Sep 28).
Read a company page in thirty seconds
Six fields, six questions answered
Every company page opens with the same line. Here’s what each part tells you.
Company AAI, data & digital infrastructure · Denver, CO
Raised $18M of $20M1 on Sep 15, 8 days ago2 (Form D, 506(b)3). Officers: Elias Kovac, Dana Whitfield, Mira Anand4
Hiring actively · 3 roles5Amended Sep 226
Alert me to raises like thisComing with Signals
- Sold of offered: did the money land?90% sold means the round is real and nearly closed. A low share is a question to ask, not a verdict.
- Days since filing: how early are you?The fewer days, the earlier you are. This is the number that decides whether to act today.
- Exemption: could they advertise the offering?506(c) issuers may advertise the offering to investors; 506(b) issuers may not. It’s the box they checked, not our judgement.
- Officers: who do you address?Names and relationships as filed with the SEC, not a guess from a profile site. Never emails.
- Hiring: is the money being spent on people?Hiring actively, Hiring or Quiet, from the company’s own careers page. Quiet means no open roles found there; it can mean you’re earlier than the roles.
- Flags: anything to check first?Amended as of Sep 22: the amount offered changed after filing. Read the latest filing before you rely on the number.
The same signal, three readings
What each tag means for you
Your column is highlighted. Change it at the top of the page.
| When you see | Looking for work | Selling to startups | Investing |
|---|---|---|---|
| Hiring activelyFive or more open roles on its careers page, or any role first seen in the last 14 days. | Roles are live. Reach out this week, while the team is still being shaped. | Headcount is growing: payroll, benefits, office space and counsel are all on the list. | The money is going into people, not sitting in the bank. |
| QuietNo open roles found on a careers page we could read, or no careers page found. | No open roles found yet. Save it and check back; you may be earlier than the roles. | Early days: counsel, accounting and insurance usually get set up around now. | Not a signal on its own. Noctura never lists open offerings or arranges access to them. |
| First-ever Form DNo earlier Form D from the same issuer. | First real money. Expect a small team and broad roles. | A first-time raiser likely has no outside counsel, auditor or broker yet. | A new issuer with no filing history to compare against. |
| UndersubscribedUnder 50% of the amount offered sold, 90 or more days after the first sale. | Under half the round sold three months in. A fair thing to ask about in an interview. | The raise is taking longer than planned, which is when financing counsel matters. | Under half sold after 90 days, as of the last filing; check any amendment. Noctura never lists open offerings or arranges access to them. |
| AmendedAt least one amended filing (D/A) exists for the offering. | Something changed after filing. Read the latest version, not the first. | The round changed; read the latest filing before relying on the amount. | Compare the original and the amendment: the amount, the date, the officers. |
| ▲ Sector risingMore rounds in the last 28 days than the 28 before, with the whole 90% range above 1×. | More companies in that field raised this month than last; openings tend to follow. | More first-time and repeat raisers in that sector; worth a filter of its own. | More rounds there than last month, clear of noise at 90%. It confirms a trend; it does not predict one. |
- Hiring activelyFive or more open roles on its careers page, or any role first seen in the last 14 days.Investing
The money is going into people, not sitting in the bank.
The other two readings
- Looking for work
- Roles are live. Reach out this week, while the team is still being shaped.
- Selling to startups
- Headcount is growing: payroll, benefits, office space and counsel are all on the list.
- QuietNo open roles found on a careers page we could read, or no careers page found.Investing
Not a signal on its own. Noctura never lists open offerings or arranges access to them.
The other two readings
- Looking for work
- No open roles found yet. Save it and check back; you may be earlier than the roles.
- Selling to startups
- Early days: counsel, accounting and insurance usually get set up around now.
- First-ever Form DNo earlier Form D from the same issuer.Investing
A new issuer with no filing history to compare against.
The other two readings
- Looking for work
- First real money. Expect a small team and broad roles.
- Selling to startups
- A first-time raiser likely has no outside counsel, auditor or broker yet.
- UndersubscribedUnder 50% of the amount offered sold, 90 or more days after the first sale.Investing
Under half sold after 90 days, as of the last filing; check any amendment. Noctura never lists open offerings or arranges access to them.
The other two readings
- Looking for work
- Under half the round sold three months in. A fair thing to ask about in an interview.
- Selling to startups
- The raise is taking longer than planned, which is when financing counsel matters.
- AmendedAt least one amended filing (D/A) exists for the offering.Investing
Compare the original and the amendment: the amount, the date, the officers.
The other two readings
- Looking for work
- Something changed after filing. Read the latest version, not the first.
- Selling to startups
- The round changed; read the latest filing before relying on the amount.
- ▲ Sector risingMore rounds in the last 28 days than the 28 before, with the whole 90% range above 1×.Investing
More rounds there than last month, clear of noise at 90%. It confirms a trend; it does not predict one.
The other two readings
- Looking for work
- More companies in that field raised this month than last; openings tend to follow.
- Selling to startups
- More first-time and repeat raisers in that sector; worth a filter of its own.
Worked examples
Three readings of one week
Sell to startupsHow a fractional CFO could spot the companies that just outgrew the spreadsheetOne saved filter and one weekly CSV. What she reads on each filing, and what she never asks it for.Read the exampleLooking for workHow a designer could find a company that just raised and is hiringA first-ever Form D, roles on its careers page and an officer named on the filing.Read the exampleInvestWhat last week’s map said about AI infrastructure18 rounds against 8, rising at 90% confidence, and what that does and doesn’t tell you.Read the example
Start where you are
Open the map, pick your sector, and look at who raised this week.