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 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 today’s list of five 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.
Sourced from Dakota Sponsor Backed Companies.
1. Second Front Systems
Second Front Systems is a private company founded in 2014, headquartered in Wilmington, Delaware. The company specializes in providing security and cloud hosting platforms designed to accelerate third-party application delivery and cloud adoption in public sector markets. Their software configures, secures, and deploys compliant applications, enabling clients to deliver software to global government customers and facilitating government access to commercially proven software-as-a-service applications for national security missions.
- Sector: Defense Technology / National Security
- Industry: Defense software, government SaaS, simulation & operational technology
- Last known transaction date: September 13, 2024 — $70 million Series C financing announced and closed
- Major sponsors/backers: Salesforce Ventures (Series C lead), Battery Ventures (new investor), NEA (existing investor), Moore Strategic Ventures, Artis Ventures
- Why timing suggests a near-term transaction: Second Front Systems is coming off a large Series C raise with a high-profile strategic lead (Salesforce Ventures), signaling a scale-up phase rather than early product development. The company is expanding internationally (including NATO engagement), deepening DoD penetration, and operating in a sector experiencing heightened government demand and budget tailwinds. These factors typically position companies for a strategic acquisition, growth equity round, or pre-IPO positioning within 18–36 months post-Series C, particularly given increasing interest from large defense primes and enterprise software platforms.
View all private company data in Dakota Marketplace.
2. ATLANT 3D
ATLANT 3D is an advanced manufacturing company specializing in atomic-scale material processing for microelectronics and photonics applications. Its proprietary Direct Atomic Layer Processing (DALP®) technology enables precise material deposition to accelerate device development, process testing, and innovation across the semiconductor value chain.
- Sector: Industrials
- Industry: Machinery
- Last known transaction date: Series A, $15M, announced March 2025
- Major sponsors/backers: Led by West Hill Capital
- Why timing suggests a near-term transaction: ATLANT 3D’s $15M Series A announced in March 2025 places the company roughly 12–18 months removed from its most recent financing by mid to late 2026. At this stage, venture-backed advanced manufacturing platforms often begin evaluating follow-on growth capital, strategic partnerships, or acquisition interest, as customer adoption, industrial partnerships, and commercialization efforts continue to scale.
View all private company data in Dakota Marketplace.
3. RegCell, Inc.
RegCell, Inc. is a biotechnology company focused on developing antigen-specific regulatory T cell (Treg) therapies to treat autoimmune diseases and cancer. The company leverages immune tolerance mechanisms to restore immune balance without broad immunosuppression, with programs advancing toward clinical development.
- Sector: Health Care
- Industry: Pharmaceuticals
- Last known funding round: Seed, $45.8M, announced in March 2025
- Major sponsors/backers: Co-led by University of Tokyo Edge Capital Partners (UTEC) and Fast Track Initiative with participation from Celadon Partners, Mitsubishi UFJ Financial Group, Inc., Osaka University Venture Capital, and Kyoto University Innovation Capital
- Why timing suggests a near-term transaction: RegCell, Inc.’s $45.8M seed round announced in March 2025 places the company approximately 12–18 months removed from its initial institutional financing by mid to late 2026. For a venture-backed biotechnology company raising at significant scale at the seed stage, this period often brings increased evaluation of follow-on growth capital, strategic partnerships, or acquisition interest, particularly as clinical milestones approach and regulatory pathways become clearer.
View all private company data in Dakota Marketplace.
4. 257
257 is a software and AI company providing a data platform that delivers home-level energy insights to accelerate residential electrification. The company builds “digital energy twins” for every U.S. home, enabling utilities, solar providers, HVAC companies, and retail energy suppliers to better analyze, target, and engage homeowners through analytics tools, APIs, and marketing solutions.
- Sector: Energy
- Industry: Energy Technology / Software
- Last known funding round: Seed, $9.2M, announced March 2025
- Major sponsors/backers: F2 Venture Capital (lead), participation from strategic energy and AI angels, including leadership affiliated with Crius Energy, Energywell, Open Athena, Cloudera, SUSI, and GM Ventures
- Why timing suggests a near-term transaction: 257’s $9.2M seed round announced in March 2025 positions the company approximately 12–18 months post-financing by mid to late 2026. As a venture-backed energy data and software platform operating at the intersection of AI, utilities, and residential electrification, this stage often brings evaluation of follow-on growth capital, strategic partnerships, or minority investments—particularly as customer adoption scales and utilities and energy service providers seek differentiated data-driven engagement tools.
View all private company data in Dakota Marketplace.
5. XGS Energy
XGS Energy is a geothermal energy company developing advanced heat-harvesting technology to deliver scalable, water-independent geothermal power. Its proprietary system uses thermally conductive materials to enable affordable geothermal energy deployment across a wide range of geographies.
- Sector: Utilities
- Industry: Independent Power and Renewable Electricity Producers
- Last known funding round: Series A, $13M, announced March 2025
- Major sponsors/backers: Backers included Aligned Climate Capital, ClearSky, Climate Innovation Capital, and WovenEarth Ventures with advisor Wilson Sonsini Goodrich & Rosati
- Why timing suggests a near-term transaction: XGS Energy’s $13M Series A announced in March 2025 places the company roughly 12–18 months removed from its most recent financing by mid to late 2026. At this stage, venture-backed energy technology platforms often begin evaluating follow-on growth capital, strategic partnerships, or acquisition interest, as pilot deployments, commercial traction, and utility engagement continue to advance.
View all private company data in Dakota Marketplace.
Use Dakota’s Sponsor Backed Company Intelligence to Spot Likely Exits Before the Market Does
Dakota’s 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.
Fully integrated into Dakota Marketplace, 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.
To explore more companies likely to transact, book a demo of Dakota Marketplace!
