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Upstart Power

Southborough, MA · Founded 2017 · Privately Held (backing)

Manufacturer of solid oxide fuel cell generators intended to make distributed electricity generation a reality. Upstart Power is based in Southborough, MA and was founded in 2017. It is valued at about $46.5 million as of Oct 2026, set by institutional fund marks. It has raised $70.7 million across 6 recorded rounds; the latest was a $2.1 million seed round in Dec 2024.

PMV mark · valuation
$46.5M
Oct 2026
Priced at
—
Total raised
$70.7M
Last round
Seed Round
Dec 2024

Upstart Power key facts

as of Oct 2026
  • Manufacturer of solid oxide fuel cell generators intended to make distributed electricity generation a reality.
  • Upstart Power is valued at approximately $46.5M as of Oct 2026, per PrivateMarketView’s mark.
  • It has raised $70.7M across 6 recorded rounds; the latest was Seed Round ($2.1M) in Dec 2024.
  • Notable investors include Cricetus Felix Ventures, Enphase Energy, H+ Partners, Itochu, Rodgers Capital — 6 tracked in total.
  • 1 institutional filer reports fund marks on Upstart Power across 3 filings.
  • Upstart Power has filed 7 Form Ds with the SEC since 2018, most recently Dec 2024 ($2.1M sold to 5 investors).
  • Status: Privately Held (backing).
PrivateMarketView mark
LOW confidence
$46.5M

Reported valuation; nothing comparable since.

set by institutional fund marksas of Oct 2026question about this number?
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Institutional fund marks on Upstart Power

1 filers · latest Jan 2026

1 SEC-registered fund reported 3 fair-value marks on Upstart Power between Jan 2026 and Jan 2026. Filer-level marks and implied $/share are available to Pro members.

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Upstart Power funding rounds

6 rounds
Dec 2024Seed Round$2.1MSEC filing▮
Jul 2024Early Stage VC$22.5MSEC filing▮
Oct 2022Early Stage VC$16.9MSEC filing▮
Dec 2020Early Stage VC$15.5MSEC filing▮
Jul 2019Seed Round$1.0MSEC filing▮
Full funding history →

Upstart Power valuation

Upstart Power is valued at approximately $46.5 million as of Oct 2026. The figure is set by institutional fund marks.

How much has Upstart Power raised?

Upstart Power has raised $70.7 million across 6 recorded rounds since 2018. The largest was a $472,000 seed round in Aug 2018; the most recent was a $2.1 million seed round in Dec 2024.

Upstart Power has filed 7 Form Ds with the SEC since 2018, most recently in Dec 2024 ($2.1 million sold to 5 investors).

Institutional holders and vehicles

1 SEC-registered fund reported 3 fair-value marks on Upstart Power for Jan 2026, in their N-PORT filings. Filer-level marks and implied per-share values are available to Pro members.

Upstart Power investors

6 investors are on record for Upstart Power, including Cricetus Felix Ventures, Enphase Energy, H+ Partners and Itochu. The seed round in Dec 2024 drew 5 investors.

About Upstart Power

Manufacturer of solid oxide fuel cell generators intended to make distributed electricity generation a reality. The company's generators are cost-effective, dependable, carbon-efficient, and silent, which produce low-cost, low-emission, and dependable electricity from natural gas or propane at the point of use, enabling businesses to get distributed power by harnessing fuel cells, solar, and battery to provide long-duration backup.

Sector
Business Products and Services (B2B)
HQ
Southborough, MA, United States
Founded
2017
Employees
24
Ownership
Privately Held (backing)

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