United States · Series A startup
7 rounds we have observed, with the 12 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.
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Funding summaryUpdated 5 Nov 2026
$40Mraised across 7 rounds since 2012, from 7 sources
Each circle is a round, placed by date and sized by amount. The line above is the running total.
Reported by Silicon Canals
Source recordedSEC filing: $15M sold, first sale Nov 2023
No investor was named in the report.
Reported by FinSMEsSEC filing: $7.5M sold, first sale Sept 2018
The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.
RRE Ventures
True Ventures
Gener8tor
Smedvig VenturesL
National Science Foundation
Seed Capital
Firstminute CapitalVegasTechFund
SK Ventures
BoltMissing a round, or an investor who was in one? Tell us.
These 4 firms list Understory as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.
Understory's investors include RRE Ventures, True Ventures, Gener8tor, Smedvig Ventures and National Science Foundation, and 7 more on record. Smedvig Ventures led its latest round.
Understory has raised $40M across 7 rounds since 2012.
Understory's most recent round was a Series A of $14M in Sept 2025, led by Smedvig Ventures.
Understory's largest round on record is $15M (Series A), in Jun 2024.
Understory's first round on record, in Jun 2012, was backed by Gener8tor.
Understory's latest named round is a Series A, in Sept 2025.
Understory is based in the United States.
Smedvig Ventures led the Series A in 2025.
In the same sector, and raised in the last eighteen months.
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United States · 
