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Tracking when private companies are nearing a sale, recap, or financing event has always been a guessing game. With thousands of sponsor-backed firms spread across sectors and geographies, most deal teams are forced to react after the market moves.
Investors, bankers, and service providers struggle to know which private companies are gearing up for a transaction or capital raise. Signals are scattered, opaque, and nearly impossible to track across thousands of PE- and VC-backed businesses.
Dakota Private Markets centralizes those signals (holding periods, funding rounds, platform acquisition dates, ownership changes, and exit timing patterns) into one predictive transaction-readiness tool. Instead of waiting for headlines, users can see which companies are showing the strongest likelihood of pursuing a sale, recapitalization, or new financing before the market knows.
Below is our weekly roundup of ten PE- or VC-backed companies that, based on their hold period, financing stage, and last transaction date, appear to be credible candidates for a sale or next-round raise.
Nothing is guaranteed, but these companies fall squarely within the timing windows where sponsors typically look to generate liquidity or secure additional capital.
Top 10 Companies Likely to Transact (September 21 - 25)
1. Tobe Energy
Tobe Energy is a renewable energy company focused on making green hydrogen practical and affordable. They aim to deliver renewable energy solutions that are cost-competitive with fossil fuels, emphasizing equitable and accessible renewables. Their innovative approach to hydrogen production seeks to eliminate waste heat and the use of exotic materials, positioning them as a leader in the hydrogen economy.
- Sector: Utilities
- Last known transaction date: Seed Venture, $1.8M, September 2025
- Why timing suggests a near-term transaction: This $1.8M seed round is modest for the utilities sector, likely covering 12-18 months of runway despite typically capital-intensive utilities burn, suggesting a narrow scope or bridge-style raise. A follow-on round is plausible in the mid to late 2026 window, sooner than standard sector norms.
2. MCatalysis
MCatalysis, Inc. is a Dallas-based deep tech company specializing in developing novel, high-efficiency industrial microwave processes and catalysts to produce low-cost, clean synthetic fuels and chemicals from waste carbon resources. By commercializing these breakthrough technologies, MCatalysis aims to accelerate the transition to sustainable, circular economies. The company has secured an exclusive worldwide license agreement from Oxford University Innovation (OUI) for its microwave catalysis technology, which utilizes high-efficiency industrial microwave processes combined with unique catalysts to enhance processing times and product selectivity. This approach promises more cost-effective and energy-efficient production for a wide range of sustainable fuels and chemicals. The company is led by CEO Michael Irwin.
- Sector: Health Care
- Last known transaction date: Seed Venture, $5M, September 2025
- Why timing suggests a near-term transaction: The $5M seed round should fund roughly 18-24 months of runway consistent with health care-sector capital intensity. A Series A is likely in the early to mid-2027 window, tied to early technical or clinical validation.
3. AURVA INC.
Aurva Inc. is a data security company specializing in real-time, identity-linked visibility into data access across humans, services, and AI agents. Their platform offers capabilities such as multi-cloud Database Activity Monitoring (DAM), Data Security Posture Management (DSPM), and runtime data flow monitoring, enabling organizations to monitor database activities, discover and classify sensitive data, and track data movement between systems and third parties.
- Sector: Information Technology
- Last known funding round: Seed Venture, $2.2M, September 2025
- Why timing suggests a near-term transaction: This $2.2M seed round is on the smaller side, likely providing 12-18 months of runway under software-driven IT burn rates, possibly reflecting a lean early build-out. A Series A raise is plausible in the late 2026 to early 2027 window.
4. Architect AI
Architect AI is an AI-powered platform founded on October 26, 2022, by David Adjei, headquartered in London, England. The company aims to transform the architecture industry by streamlining processes, enhancing creativity, and improving efficiency through data-driven insights. Architect AI offers a range of services designed to automate and optimize various aspects of architectural design and project management, catering to the evolving needs of modern architectural practices. The platform is actively operating and continues to develop innovative solutions to address challenges within the architecture sector.
- Sector: Information Technology
- Last known funding round: Seed Venture, $4.7M, September 2025
- Why timing suggests a near-term transaction: The $4.7M seed round likely covers 12-18 months of runway typical of software-driven IT burn rates. A Series A is probable in the late 2026 to early 2027 window, contingent on product and early customer traction.
5. Accordance
Accordance is an AI-driven platform designed to enhance the efficiency and accuracy of tax, audit, and CPA teams by automating complex accounting tasks and providing insightful analytics. Founded in 2024 and headquartered in San Francisco, California, the company aims to revolutionize the accounting profession through innovative technology.
- Sector: Information Technology
- Last known funding round: Seed Venture, $10M, September 2025
- Why timing suggests a near-term transaction: This $10M seed round is on the larger side for stage, likely providing 18-24 months of runway under IT-sector burn rates. A Series A raise is plausible in the early to mid-2027 window, tied to growth and retention metrics.
6. Metal Technologies Inc
Metal Technologies Inc is a private company founded in 1997, specializing in ductile iron and gray iron castings. The company offers component design, engineering, and machining services, focusing on providing quality products tailored to customer needs. Headquartered in Auburn, Indiana, United States, Metal Technologies Inc operates in the manufacturing industry, specifically in the metal casting sector. The company's mission is to deliver high-quality metal products through advanced casting techniques and engineering expertise. Recent developments include a partnership with Trine University announced on April 8, 2021, aimed at enhancing educational and research opportunities in the field of metal casting.
- Sector: Information Technology
- Last known funding round: Seed Venture, $5M, September 2025
- Why timing suggests a near-term transaction: The $5M seed round should fund roughly 12-18 months of runway under software-driven IT burn rates. A Series A is likely in the late 2026 to early 2027 window, pending product-market fit signals.
7. Mazlo
Mazlo is a financial technology company founded in 2022, headquartered in San Francisco, California, United States. The company specializes in providing compliance-driven banking solutions tailored for nonprofit organizations. Mazlo's platform offers bespoke checking accounts, accounting tools with user-friendly transaction coding, and smart cards designed to enhance financial transparency and control for nonprofits. The company's mission is to simplify accounting, banking, compliance, and fundraising processes, enabling nonprofits to focus more on their core missions rather than administrative tasks. Mazlo serves a diverse range of nonprofit organizations, including fiscal sponsors and their projects, by offering real-time financial management, automated payments, and integrated donation tracking.
- Sector: Financials
- Last known funding round: Seed Venture, $4.6M, September 2025
- Why timing suggests a near-term transaction: This $4.6M seed round likely covers 12-18 months of runway consistent with capital-efficient financials-sector burn. A Series A raise is plausible in the late 2026 to early 2027 window, tied to regulatory progress and early traction.
8. Reorbit
ReOrbit is a Finnish space technology company specializing in the manufacturing of sovereign satellites and connected systems designed to enhance national security and autonomy. Founded in 2019 and headquartered in Helsinki, Finland, ReOrbit focuses on providing nations with full ownership and control over their satellite communications, offering alternatives to foreign-operated systems. Their product offerings include SILTA, a geostationary orbit satellite, and UKKO, a low Earth orbit satellite. The company's mission is to empower countries to develop national satellite technology for sovereign connected systems.
- Sector: Information Technology
- Last known funding round: Series A Venture, $52.4M, September 2025
- Why timing suggests a near-term transaction: This unusually large $52.4M Series A is a significant outlier for IT-sector Series A sizing, suggesting an aggressive scale-up strategy with 30+ months of runway. A Series B is less imminent, more plausible in the 2028 window, contingent on commercial and technical milestones.
9. Tern
TERN Group is a London-based company specializing in AI-driven recruitment solutions, focusing on sourcing and relocating top-tier healthcare professionals from countries such as India, North Africa, South Africa, and Central Asia to international markets, including the United Kingdom, Germany, and Saudi Arabia. Their platform offers a comprehensive suite of services, including candidate sourcing, document verification, pre-screening interviews, interview scheduling, and offer management. Additionally, TERN Group provides optional services like visa assistance, banking setup, and housing solutions to facilitate a seamless relocation process for healthcare professionals. The company's mission is to address critical workforce shortages in the healthcare sector by connecting high-potential international talent with healthcare institutions in need, thereby fostering a skilled, diverse, and professionally equipped global workforce. TERN Group's approach emphasizes a seamless, ethical, and transparent migration process, aiming to reduce complexity and costs for healthcare systems.
- Sector: Industrials
- Last known funding round: Series A Venture, $24M, September 2025
- Why timing suggests a near-term transaction: The $24M Series A should fund roughly 18-24 months of runway, consistent with the moderately capital-intensive burn profile typical of industrials-sector ventures scaling operations and early commercial deployments. A Series B raise is likely in the late 2026 to mid-2027 window, contingent on unit economics and commercial traction.
10. Optain
Optain Health is a New York-based company specializing in AI-enabled retinal imaging solutions for early detection and prevention of eye and systemic diseases. Their flagship product, Eyetelligence Assure, analyzes retinal images to screen for conditions such as glaucoma, diabetic retinopathy, age-related macular degeneration, and cardiovascular disease.
- Sector: Health Care
- Last known funding round: Series A Venture, $26M, September 2025
- Why timing suggests a near-term transaction: This $26M Series A likely provides 24-30 months of runway, reflecting health care R&D and clinical-stage capital intensity. A Series B is probable in the mid to late 2027 window, tied to data readouts or regulatory progress.
Use Dakota Private Markets' Sponsor Backed Company Intelligence to Spot Likely Exits Before the Market Does
Dakota Private Markets' private company data gives you a real-time view into thousands of sponsor-backed companies, including platform acquisition dates, funding rounds, parent sponsors, add-on activity, and sector categorization.
Instead of guessing where companies are in their lifecycle, you can instantly identify which ones are approaching the typical timing windows for a sale or recap.
This dataset enables deal sourcers, investor relations teams, and allocators to anticipate transactions, build targeted outreach lists, and stay ahead of market announcements, every single day.
Filter by sector, geography, funding stage, last transaction date, or parent sponsor to build the list that matches your mandate.
To explore more companies likely to transact, request access to Dakota Private Markets.
