Variational
PrivateLast Round
Series A
May 20, 2026
Total Funding Raised
$72.1M
Momentum
Top 5%
of companies Caplight tracks
Company Overview
Variational is a fintech company that provides a peer-to-peer trading protocol for perpetuals and generalized derivatives on the Arbitrum network.
Sector
Crypto & Web3
Verticals
DeFi, Blockchain Infrastructure, Crypto Exchanges
Business Model
B2B
Customer Profile
Usage-Based SaaS, Services & Consulting
AI Layer
Non-AI
Keywords
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Variational Comps
Public and private peers based on 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 |
Variational Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Series A | May 20, 2026 | ||||
| Strategic | Jun 4, 2025 | ||||
| Seed | Oct 23, 2024 | ||||
| Seed | Dec 1, 2021 |
Variational Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Dragonfly Capital | Series A |
| Bain Capital Crypto | Series A, Seed |
| Peak XV Partners | Series A, Seed |
| Dragonfly | Seed, Series A |
| Zoku Ventures | Strategic |
| Hack VC | Seed |
| Coinbase Ventures | Seed |
Market signals
Structured signals derived from secondary market and firmographic data.
- May 21, 2026
Grew 42% QoQ, from 12 to 17 employees.
- May 20, 2026
$50M round led by Dragonfly Capital.
Variational Filings
SEC and related filings with document metadata.
| Typed | Date | Amount Offered | Amount Sold | Filling | Pages | Download |
|---|---|---|---|---|---|---|
Mock Valuation | Sign Up to view | Mock Valuation | Sign Up to view | Mock Valuation | Sign Up to view | Mock Valuation |
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Frequently Asked Questions
Common questions about Variational's valuation, stock price, and market status.