California closed 148 Reg CF deals in 2025 — more than Florida, New York, and Texas combined. But volume isn't value. When we looked at the median raise size by state, Georgia came out on top at $748,653, more than 3.5x the national median, with strong deals across the board rather than one outlier pulling the number up. Arizona and Wyoming took second and third, and five deals hit the $5M Reg CF cap from states like Maryland, Tennessee, and Nevada — not exactly the usual VC hotspots. Read the full breakdown

Healthcare real estate has emerged as one of the most resilient areas of private investing, supported by long-term demographic trends and growing demand for outpatient care.

Join Kingscrowd CEO Chris Lustrino and Zeus Companies Founder Dr. Steven Kaufman on Tuesday, July 21 at 2 PM ET as they discuss how healthcare developments are evaluated, what separates successful projects from the rest, and why disciplined underwriting has helped projects navigate even the most challenging market environments.

Can AI replace your financial advisor?

This week, Brian Belley, Teddy Lyons, and Léa Bouhelier-Gautreau review Lumida Wealth, an SEC-registered investment advisor building toward an AI-native wealth management platform. The team discusses Lumida’s current advisory business, its AI investing app, valuation questions, and whether a startup can compete as Robinhood, Schwab, Betterment, and other major fintech players race into AI. Plus, Brian shares a July 4th crowdfunding story that brings together two storied names in American history (Joseph Pulitzer, Statue of LIberty) and walks through Kingscrowd’s upgraded private market data tools.

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By Teddy Lyons \ Deal Report

Brief: Biostate AI is an AI company built on one idea: own the cheapest, most comprehensive RNA and DNA sequencing, use it to win clinical partners and consented patient data, then turn that data into AI models that get better with every sample. Founded in 2023 by repeat founders David Zhang and Ashwin Gopinath, it raised a $12M Series A led by Accel and is now running a SAFE on Wefunder at a $100M valuation cap with a 20% discount.

Teddy’s Quick Take: 

I came into this one a skeptic. "General purpose biomedical AI to help 90% of people live to 90" is exactly the kind of sensationalist tagline that usually sends me running. But after digging in, the thesis holds up, and the people around it are about as strong as I have seen on a deal at this stage.

There are two layers. The first is a wet lab whose proprietary sequencing cuts the cost of RNA and DNA testing by roughly 8x, and the edge is not magic, it is a clever multiplexing trick that batches many samples through one library prep. The second is the AI, where K-Dense is an autonomous research agent in beta and N-Act is a clinical model that is the long term prize but still needs a trial that will not finish until late 2027.

The part I actually care about is the data. The cost edge comes from a barcoding step the company says is protected by patents, but patents on a lab method are the kind of thing a well funded competitor can eventually design around. The moat I trust more is the consented clinical data that cheap sequencing unlocks. Low cost testing wins hospital partners, those partners hand over patient samples and labeled outcomes, and that data trains models a competitor cannot easily replicate. And the partnerships are concrete, with named work alongside Weill Cornell, Harvard Med, and MD Anderson and reported access to more than 100,000 consented samples.

Then there is the backing, the single strongest signal in the deal. A Series A led by Accel, plus seed checks from Dario Amodei of Anthropic, Emily Leproust of Twist Bioscience, and the CTO of 10x Genomics. When the people running the most relevant AI lab and the most relevant sequencing companies put their own money in, I pay attention.

So what would I dig into before deciding? Two things. First, the valuation. This SAFE caps at $100M, and Accel marked the company at $62M a year ago with no priced round in between, so I would want to understand the step up. Second, the structure, since K-Dense is a partially spun out entity and there are subsidiaries in India, China, and Saudi Arabia, so a SAFE holder should know exactly what a check buys and how it shares in that upside. None of that erases what I like here, and it is one of the more interesting pitches I have looked at all year.

Want deeper analysis on every deal?

The Pitch Review you just read is a taste of what Kingscrowd Edge has to offer. Edge members get 5-star quantitative ratings, expert-reviewed analyst reports, and portfolio tracking across every active raise, plus access to Top Deals, our highest-conviction picks from the Kingscrowd analyst team. Only a select few raises earn that designation. If you're not already an Edge member, try it free for 7 days.

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Mercury Delivers a 3.25x Unrealized Return

Mercury’s 2021 Wefunder investors are now sitting on a 3.25x unrealized return after the fintech company closed a $200 million round at a $5.2 billion valuation. In our latest company update, Léa looks back at why Mercury earned a Kingscrowd Top Deal rating in 2021, how the company has expanded beyond startup banking, and what its performance says about the kind of execution startup investors should be looking for.

Read the update

We're excited to introduce the Kingscrowd Capital Syndicate.

If you're an accredited investor, the syndicate gives you the opportunity to invest alongside the Kingscrowd Capital team in exclusive private Reg D offerings. These are opportunities that aren't available to retail investors and are often follow-on rounds from companies we've previously invested in and have continued to monitor closely.

Join the Syndicate

Endosound

By Léa Bouhelier-Gautreau

Endosound is back just one year after its successful raise. Revenue declined as anticipated, but the company achieved the milestone it was working toward: FDA clearance. Investors in the previous round at a $45 million valuation cap now have their share converted at 20% on the current $30 million priced round, thus at $24 million. It's great news for both previous and new investors.

Arctic7

By Teddy Lyons

Arctic7 is a media studio that turns games into films and films into games, staffed by ex-Electronic Arts and Keywords Studios veterans who have already worked on Star Wars: The Mandalorian and Marvel films, and it is raising at a $20M valuation with $7.7M in 2025 revenue.

That's a wrap on this week's issue!

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