Software. On median, publicly traded software companies raised through their Series E before going public. Note that Palantir went all the way through their Series K. Other companies like Datto did zero rounds because they were private equity owned. Net investment of software companies at the time of IPO was $301mm (equity + debt — cash). The average was $648mm. At the time of IPO, software business had generated on median $0.60 of revenue for every dollar of investment and $0.92 on average.