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. ZeroAvia
ZeroAvia is a developer of zero-emission aviation powertrains, focusing on hydrogen-electric propulsion systems for regional aircraft. Their technology aims to reduce carbon dioxide emissions and operational costs in aviation by integrating hydrogen fuel-cell systems into existing aircraft, thereby facilitating a transition to sustainable aviation.
- Sector: Industrials
- Industry: Aerospace & Defense
- Last known transaction date: Series C, $150M, announced September 2023 (with follow-on private financing announced December 2025)
- Major sponsors/backers: Airbus, Barclays Climate Ventures, Breakthrough Energy Ventures, Ecosystem Integrity Fund, Horizons Ventures, AP Ventures, Summa Equity, NEOM Investment Fund, UK Infrastructure Bank, Scottish National Investment Bank, American Airlines, International Airlines Group, ITOCHU Corporation, Amazon Climate Pledge Fund, Alaska Air Group
- Why timing suggests a near-term transaction: Given ZeroAvia’s $150M Series C in September 2023 and a subsequent extension financing in December 2025 extending runway into 2027, the company is now entering the typical 18–30 month post–late-stage funding window when aerospace and industrial technology firms pursue strategic partnerships, project-level financings, or follow-on rounds as programs move toward commercialization. Ongoing certification progress, early defense and modular fuel-cell deployments, and heightened strategic interest from OEMs and government-aligned investors suggest an increased likelihood of a near-term transaction to support scale-up and deployment.
2. Phoenix Digital Health Inc
Phoenix Digital Health Inc is a Canadian telehealth company specializing in men's health services, offering online treatments for erectile dysfunction, hair loss, weight loss, premature ejaculation, testosterone boosting, and smoking cessation. Their platform connects patients with licensed Canadian physicians for discreet, doctor-prescribed medications delivered directly to their homes.
- Sector: Health Care
- Industry: Health Care Providers & Services
- Last known transaction date: Series A, $50M CAD announced in March 2025.
- Major sponsors/backers: Led by Valspring Capital, with participation from Y Combinator and support from CIBC Innovation Banking
- Why timing suggests a near-term transaction: Following Phoenix Digital Health Inc.’s $34.69M Series A in March 2025, the company is entering the typical 9–18 month window when healthcare services and digital health platforms pursue follow-on funding, strategic partnerships, or tuck-in acquisitions to accelerate customer expansion and clinical validation. As providers increasingly adopt technology-enabled care models and reimbursement pathways clarify, the timing suggests a near-term transaction to support scaling operations and deepen market penetration.
3. freightmate AI
freightmate AI is a freight technology company developing an AI-driven, autonomous freight management system designed to modernize freight forwarding operations. The platform automates manual workflows across quoting, booking, documentation, and shipment execution, enabling zero-touch freight forwarding and improved operational efficiency.
- Sector: Industrials
- Industry: Transportation & Logistics Technology
- Last known funding round: Seed, $5M, announced January 2025
- Major sponsors/backers: Led by early-stage institutional investors (specific lead undisclosed); participation from logistics and supply chain–focused angels
- Why timing suggests a near-term transaction: Following freightmate AI’s $5M seed round in January 2025, the company is entering the typical 12–24 month window when early-stage logistics software platforms pursue Series A funding or strategic partnerships to scale product adoption and enterprise deployments. With growing interest in AI-driven automation across freight forwarding and continued pressure to reduce manual processes, the timing suggests a near-term transaction to accelerate go-to-market expansion and customer acquisition.
4. Upwell
Upwell is a financial operations and payment automation platform focused on the logistics industry. The company streamlines accounts receivable workflows by automating invoice submission, approval, and payment processes, helping freight brokers, carriers, and logistics providers get paid faster and reduce administrative friction.
- Sector: Financials
- Industry: Financial Software / Fintech
- Last known funding round: Seed, $6.5M, announced January 2025
- Major sponsors/backers: Led by Vertical Venture Partners, with participation from Plug and Play Ventures, Black Dog Ventures, Neverlift Ventures, Automotive Ventures, and prior investors including NVP, SaaS Ventures, Rise of the Rest, Invest Nebraska, and Motivate Ventures
- Why timing suggests a near-term transaction: Following Upwell’s $6.5M seed round in January 2025, the company is entering the typical 12–18 month post-seed window when vertical SaaS and fintech platforms pursue Series A funding or strategic partnerships to scale customer adoption and expand product capabilities. With persistent inefficiencies in logistics billing and growing demand for payment automation, the timing suggests a near-term transaction to support go-to-market expansion and platform scaling.
5. VulnCheck
VulnCheck is a cybersecurity company specializing in exploit intelligence, providing real-time vulnerability and exploit data to help organizations prioritize and remediate critical threats. Their platform autonomously collects and integrates intelligence from nearly 500 sources, delivering machine-readable feeds that enable security teams to act swiftly against emerging vulnerabilities.
- Sector: Information Technology
- Industry: Software
- Last known funding round: Series A, $12M, announced March 2025.
- Major sponsors/backers: Led by Ten Eleven Ventures with participation from existing investors, including Sorenson Capital and In-Q-Tel.
- Why timing suggests a near-term transaction: Following VulnCheck’s $12M Series A in March 2025, the company is entering the typical 9–15 month window when early-stage cybersecurity software firms pursue follow-on capital or strategic partnerships to accelerate product development and enterprise adoption. With heightened demand for vulnerability intelligence and exposure management solutions, the timing suggests a near-term transaction to scale go-to-market efforts and expand platform capabilities.
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!
