Air Doctor
+29%
est. 2Y upside i
Rank
#2554
Sector
HealthTech
Est. Liquidity
~5Y
Data Quality
Data: LowAir Doctor offers real but modestly risk-adjusted upside: marquee insurance partnerships and 65% gross margins are legitimately attractive, but $50.9M in total funding against an estimated ~$80M post-money valuation creates a severe preference stack that absorbs roughly 64 cents of every dollar of enterprise value before common stockholders see a return.
Last updated: May 14, 2026
Air Doctor lands 3–5 additional Tier-1 insurance carrier partnerships beyond Allianz and Tokio Marine, driving revenue above $20M by 2028 at 60%+ YoY CAGR and attracting a Series C at a $240M+ valuation (~12x forward revenue). A strategic acquisition by a global insurer or travel platform at a premium exit multiple could generate 3x+ common-stock returns after clearing the $50.9M preference stack.
Steady 25–30% YoY revenue growth brings Air Doctor to ~$8.5M by 2028, and the company raises a Series C at ~$100M (~12x current revenue), a modest step-up from the estimated ~$80M post-money Series B valuation. With $50.9M in liquidation preferences ahead of common, employee equity gains are constrained — common holders capture only a fraction of the step-up in enterprise value.
Growth decelerates below 15% YoY as Allianz or Tokio Marine internalizes the platform capability, geopolitical disruption from the Israeli domicile compounds execution risk, and a flat or down round at $40–50M effectively wipes out most common-stock equity given the $50.9M preference stack already exceeds the depressed enterprise value.
Preference Stack Risk
severeFunding Intensity
64%$50.9M in cumulative funding sits ahead of common stock on an estimated ~$80M post-money Series B valuation, with liquidation preferences representing approximately 64% of estimated current enterprise value.
Dilution Risk
highAs a Series B company likely 4–6 years from a liquidity event, Air Doctor will almost certainly require at least one additional funding round, diluting current common shareholders by an estimated 15–25%.
Secondary Liquidity
limitedEquityZen coverage suggests Air Doctor shares have surfaced in secondary contexts but no confirmed active trading market exists, making pre-liquidity exits difficult and illiquidity discounts likely.
Questions to Ask at the Interview
Strategic questions based on Air Doctor's data — designed to show you've done your homework.
- 1
“What is Air Doctor's current ARR growth rate and net revenue retention by channel (insurance B2B vs. DTC), and how has the Allianz partnership evolved since signing?”
- 2
“What prevents Allianz or Tokio Marine — already deeply integrated — from building or acquiring an equivalent platform in-house, and how does Air Doctor's contract structure protect against that risk?”
- 3
“What is the fully-diluted cap table structure including preference stack terms, anti-dilution provisions, and the implied exit multiple at which common stockholders first see a positive return?”
Community
Valuation Sentiment
Our model estimates +29% upside. What do you think?
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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.