How the map is made
A Form D is the notice a company files with the SEC after it sells securities in a private placement: who the issuer is, where it is based, who its officers are, how much it offered and how much it has sold. It is not a venture-capital database; it covers every kind of exempt private sale, says nothing about valuation, and never names the investors.
Everything on the map starts from those filings and ends in a number you can trace back to one. A company page’s “First-ever Form D” is read from the company’s whole EDGAR filing history, not only the filings on the map. A round is marked on its company page when the amount sold is under 35% of the company’s previous offering, filed in the 18 months before the round, with something sold and at least 30 days between the two filings; the previous offering comes from the same EDGAR history, and the page shows the two figures, not a label. This page is linked from every number’s tooltip.
- 01
The operating-company filter
Funds, SPVs, REITs and holding vehicles file Form D too; ordered rules keep only operating companies, with the reason recorded for every filing they drop, and on a model-judged audit of 200 dropped filings, 198 were funds or vehicles and 2 were unclear. Public companies (10-K or 10-Q filers) are excluded; they raise through Form D too, but as listed companies.
- 02
This week's three counts
- Filings ingested
- 894
- Every original Form D read this week, before any rule.
- Operating companies kept
- 81
- Rounds of $1.0M and up at operating companies this week, including those still being classified.
- Rounds shown
- 65
- Of those, the rounds on the map: companies already in a sector.
Week 2026-09-28–2026-10-04 · as of 2026-10-03 · version 1
- 03
Website resolution
The filing gives a legal name and a city; we resolve a website and, when a press release matches the filing, a brand name and investors, and show each as a fact with a link rather than a guess.
- 04
The 13-sector taxonomy (v0.3)
Every operating company gets one sector and one subsector from a fixed list, so a number for “Fintech & insurance” means the same thing every week.
- AI, data & digital infrastructure
- Enterprise software & business services
- Fintech & insurance
- Healthcare & biotech
- Climate & energy
- Industrial, robotics & manufacturing
- Defense, aerospace & space
- Consumer & marketplaces
- Commerce, supply chain & logistics
- Real estate, construction & proptech
- Education & workforce
- Media, gaming & entertainment
- Food & agriculture
- 05
The velocity rule
A sector is rising or falling only when its rounds in the last 28 days differ from the prior 28 outside a 90% interval; otherwise it is steady, and with too few rounds to test it is quiet. When the change is clear only at 80%, the cell takes the palest tint and is marked leaning; the hover shows the 90% range either way. Velocity confirms; it does not lead.
- 06
The as-of convention
Every number carries the date it was computed, weekly snapshots are kept point-in-time, and a number is never revised in place: a later filing changes next week’s figure, not last week’s.
- 07
Never stored, never shown
Related-person addresses stay in the raw filing; no email address is collected for anyone on a filing, and press-release and job-posting bodies are never shown; nothing on the map is a paid position; and no candidate data is sold to anyone.