Venture capital, explained plainly.
Monthly newsletters, research, and founder resources from the Connetic team.
THE CONNETIC SIGNAL
September 2026
The September 2026 Connetic Signal looks at the gap between where companies are built and where the dollars land, puts five reported quarters on one scale, and examines the valuation infrastructure behind a private position.
A Wider Map of Venture
In Q2 2026 companies across six Midwest states completed 6.0% of reported US venture deals but carried 0.90% of the dollars. Deal share held; dollar share did not. What that gap does and does not tell an investor.
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Deals Held Up. Dollars Did Not.
The Midwest completed nearly the same share of reported US venture deals in Q2 2026 as a year earlier, while its share of the dollars fell 6.5 percentage points. Five reported quarters on one scale.
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409.AI: Making Private-Company Valuation Workflows Legible
409.AI (Spruce Software Inc.) provides a technology-led operating layer for 409A valuations, ASC 718 equity compensation accounting, and ASC 820 portfolio valuations across private companies and investment vehicles.
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