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LEXI

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Lexi Devices, Inc.

Software & AI · B2B · Berkeley, CA · Founded 2017

IoT platform-as-a-service | comprehensive, ecosystem-agnostic, + edge-to-cloud

Valuation cap ⓘ
$30.0M
As of Nov 2024 · from Reg CF Offering (2024) · a SAFE/note conversion ceiling, not a priced valuation
Total raised
$10,097,094
Crowd $798K · Private $9.3M · 17 rounds since 2018

Financials

FY2020–FY2025 · from SEC filings · hover any figure for its source
$52K
−$784K
2020
$2.5M
−$97K
2021
$2.0M
−$1.1M
2022
$233K
−$1.5M
2023
$256K
−$989K
2024
$54K
−$682K
2025
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2020 reviewed
FY2021 reviewed
FY2022 unaudited
FY2023 unaudited
FY2024 unaudited
FY2025 unaudited
Income statement
Revenue
$52,116
$2,535,276
$2,040,234
$233,331
$256,450
$54,054
Cost of goods sold
$90,980
$1,636,252
$1,401,405
$16,677
$3,422
$2,050
Gross margin
-75%
35%
31%
93%
99%
96%
Net income
-$784,404
-$97,127
-$1,113,264
-$1,512,977
-$988,605
-$682,498
Taxes paid
$0
$0
$1,613
$2,840
$1,665
$1,397
Balance sheet
Cash
$105,073
$673,911
$59,731
$55,395
$41,986
$89,816
Accounts receivable
$0
$1,335,300
$1,470,700
$1,512,645
$1,555,826
$1,556,006
Total assets
$278,718
$2,145,277
$1,676,315
$1,707,887
$1,740,780
$1,781,363
Short-term debt
$396,729
$930,440
$1,144,075
$1,394,265
$1,468,277
$53,075
Long-term debt
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
Total liabilities
$546,729
$1,080,440
$1,294,075
$1,544,265
$1,618,277
$203,075
Other
Headcount
—
30
30
32
34
18

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Valuation caps on SAFE / convertible note rounds
$30.0M
Valuation cap
$30.0M
Valuation cap
$30.0M
Valuation cap
Reg CF · SAFE · Sep 2022
Reg CF · Note · May 2024
Reg CF · SAFE · Jul 2024

Dashed amber bars are a SAFE or convertible note's valuation cap — the most it converts at, not what the company is worth.

Fundraising history

Reg CF · SAFE · Jul 2024Closedvia Republic
Raised $136.9K / $618KInvestors 143Valuation cap $30M
Raised $69.8K / $618KInvestors 0Valuation cap $30M
Reg CF · SAFE · Sep 2022Closedvia Republic
Raised $591.4K / $1.1MInvestors 887Valuation cap $30M
Raised $2.1MInvestors 52
Raised $1.2MInvestors 11
Raised $280KInvestors 16
Raised $282.5KInvestors 7
Raised $20KInvestors 1
Raised $325KInvestors 13
Raised $361.6KInvestors 22
Raised $317.5KInvestors 16

Team

7 people
Scott Cahill
Chief Executive Officer, Board Member

Scott co-founded LEXI in 2017. Prior to LEXI, Scott was the CEO of several companies–- two of which were acquired and one of which he put on the Inc 500 twice. Previous to these roles, Scott held VP level roles in Sales, Marketing and Business Development at three VC-backed companies, 2 of which were acquired by public companies. Scott will be providing Form C sign-off as the Company's Principal Accounting Officer.

Deepak Saxena
Chief Technology Officer, Board Member

Deepak co-founded LEXI with Scott in 2017. Prior to LEXI, he was the CTO of an Adtech company. Deepak has 25 years of software development experience including many years working on projects for NASA, the Department of Defense, the Naval Research Lab, the Air Force Research Lab, the National Science Foundation and MIT Draper Labs.

John Osborne
Chief Operating Officer (Part-Time)

Mr. Osborne is currently the Chief Operating Officer at Lexi Devices, Inc., Vice Chairman of the Z-Wave Alliance, and Chair Emeritus of The Zigbee Alliance. Mr. Osborne has extensive experience in new product development, rapid product commercialization, systems innovations, and operations improvement. He has a demonstrated ability to manage and inspire multi-cultural, internal-external teams. He is a skilled communicator and presented and has a sound background in budgeting, resource allocation, operations efficiency. John spends 15 to 20 hours a week at LEXI.

Caroline Gick
VP of Account Management

Caroline is a customer focused professional with a passion for people and the teams and systems that support them. She has 30 years’ experience providing high level customer and account support for a variety of customers in a variety of environments, from public service to retail to B2C and B2B customer accounts. Combined with her high-touch customer and account support, Caroline has extensive customer operations experience, managing order fulfillment cycles and inventory for consumer and enterprise hardware/software companies.

Kelvin Ngan
VP of Operations

Kelvin has more than 30 years’ experience in product development. He was formerly the VP of operations at a $100M/year toy company and brings extensive experience in plastic and electronics manufacturing to his role at LEXI.

Michael Bailey Smith
VP of Global Sales

Mr. Smith is an IoT strategic sales executive with over 30 years of experience and a proven track record of taking new smart products and services and turning them into profitable multi-million dollar businesses. He is a former paratrooper with the US Army’s 82nd Airborne Division, free agent with the Dallas Cowboys and, as crazy as it seems, also played bad guys in Hollywood for 25 years.

Richard Ling
Board Member

Mr. Ling is a serial entrepreneur and investor with over 30 years of experience in building successful technology companies as a founder, CTO, CEO and venture capitalist. Mr. Ling has served as a board member of a dozen companies.

Names and titles as disclosed on SEC Form C, StartEngine. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not required3+ reports filed & assets ≤ $10M

Filed 4 of 4 annual reports (FY2022–FY2025)

887 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

  • Form C-ARMay 5, 20260001932835-26-000004
    EDGAR
  • Form C-ARMay 1, 20250001932835-25-000001
    EDGAR
  • Form C-UDec 12, 20240001932835-24-000014
    EDGAR
  • Form C-UOct 18, 20240001665160-24-001416
    EDGAR
  • Form C/AAug 9, 20240001932835-24-000013
    EDGAR
  • Form CJul 31, 20240001932835-24-000012
    EDGAR
  • Form DJul 17, 20240001932835-24-000009
    EDGAR
  • Form DJul 17, 20240001932835-24-000004
    EDGAR
Source: ManualCIK 0001932835DE

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.