SirenOpt counts $7.4M of converted securities inside its $19.4M equity sale

A conversion moves instruments that already exist into the new security, without putting cash in the bank. The $7.4 million converted here is larger than either round SirenOpt has announced. That is $0.8 million above the $6.6 million seed of July 2024, and $0.9 million above the $6.5 million that Hitachi Ventures led in October 2025 ^[18].

Those two rounds raised $13.1 million between them, so the $32.4 million target is about two and a half times everything the company had announced before this filing ^[17]. About 60 percent of the target is sold ^[19], and $13 million of the offering is still available ^[4].

SirenOpt describes the PlasmaSens models as grounded in physical behavior, giving manufacturers an interpretable measurement instead of a prediction generated solely from images or historical production data ^[13]. That distinction matters to a process engineer: an interpretable model can be checked against the physics of the stack in front of it. The company lists applications across battery electrodes, semiconductor wafers and thin films, and advanced packaging ^[14]. I would not expect one calibration to carry across those surfaces. Before I priced this into a line, I would want agreement with the destructive reference method on my own material, at line speed, across the drift the process actually shows.

The Form D names Voyager partner Matthew Blain, independent director Philip Harper and Tom Chi as directors ^[9]. Chi was a founding member of Google X, worked on projects including Google Glass, and founded At One Ventures in 2020 ^[10]. The filing does not disclose the investors, the lead backer, the valuation, the share price or the terms of the converted securities. Chi's seat is not evidence that At One Ventures joined ^[5][10].

O'Leary built the company around work from his chemical engineering doctorate at UC Berkeley, where he studied learning-based methods for characterizing and controlling advanced-materials manufacturing. Before Berkeley he took a chemical engineering degree at Stanford. He worked as an engineer and team lead at Theranos ^[15]. UC Berkeley lists him and Ali Mesbah, a Berkeley chemical and biomolecular engineering professor, as the underlying technology's inventors. The third co-founder is Joel Paulson, a University of Wisconsin-Madison professor whose research covers scientific machine learning and process control ^[16].