Cycles

Private

TorontoCrypto & Web3https://cycles.money/

Last Round

Seed

May 21, 2026

Total Funding Raised

$8.7M

Momentum

Top 5%

of companies Caplight tracks

Company Overview

Cycles is a financial technology company that develops a private, privacy-preserving clearing network for crypto markets and stablecoin payments.

Sector

Crypto & Web3

Verticals

Blockchain Infrastructure, Digital Payments, DeFi, Stablecoins

Business Model

B2B

Customer Profile

Payment Processing Fee, Subscription SaaS, Services & Consulting

AI Layer

Non-AI

Keywords

crypto clearing networkmultilateral clearingstablecoin paymentszero-knowledge proofsZK proofspayment nettingcrypto clearing housedecentralized clearingcapital efficiencycounterparty risk managementinstitutional cryptosettlement riskcrypto paymentstrusted execution environmentsTEE

Historical Pricing

Historical view of private secondary pricing and transaction trends.

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Caplight Momentum Score

Proprietary index based on bid/ask volume and sentiment.

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Cycles Comps

Public and private peers based on sector, stage, and business model.

Cycles comps — public and private peers by sector, stage, and business model
Company	Status	Est. Valuation	Rev Multiple
OpenAI	Private	$86.0B	~40x
Cohere	Private	$5.0B	--
Competitor 1	Public	$XX.XB	XXx
Competitor 2	Public	$XX.XB	XXx

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Cycles Funding Rounds

Historical fundraising activity

Data table
Round	Date	Amount Raised	Valuation	Investors	Sources
Seed	May 21, 2026
Pre Seed	May 1, 2025

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Key People

Founding team and executive leadership

Ethan Buchman

CEO

Executive Team

Cycles Investors

Notable investors and investment history

Cycles investors
Investor	Rounds
CMCC Global	Pre Seed
Coinbase Ventures	Seed
Blockchange Ventures	Seed
Primitive Ventures	Seed
The Compound Capital Fund	Seed

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Market signals

Structured signals derived from secondary market and firmographic data.

May 22, 2026
Grew 100% QoQ from 4 to 8 employees.
May 21, 2026
$6.4M round led by Blockchange Ventures

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Cycles Filings

SEC and related filings with document metadata.

Data table
Typed	Date	Amount Offered	Amount Sold	Filling	Pages	Download
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Cycles Filings

SEC and related filings with document metadata.

Frequently Asked Questions

Common questions about Cycles's valuation, stock price, and market status.

Firmographic Details

HeadquartersToronto

Employee Range9

Year Founded2024

Last FundingMay 21, 2026

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