-42%

est. 2Y upside i

CybersecuritySeries B

Anjuna enabled organizations to trust any infrastructure

Rank

#720

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Anjuna operates in a rapidly growing and critical cybersecurity segment (confidential computing and AI clean rooms) with a strong competitive moat, evidenced by its universal platform and significant customer wins, including major banks.

Last updated: March 10, 2026

Bull (30%)+300%

Anjuna establishes clear market leadership in Universal Confidential Computing and AI Data Fusion Clean Rooms, driven by strong adoption from top-tier financial institutions and a Fortune 500 company. Revenue accelerates beyond 66% YoY, reaching $75M+ ARR by 2028, justifying a $600M+ valuation at an 8x+ multiple, leading to a successful Series C or M&A exit.

Base (40%)+75%

Anjuna maintains its strong growth trajectory, expanding its customer base and product offerings, achieving approximately $41M ARR by 2028. While facing continued competition from incumbents, the company secures a Series C round and achieves a valuation of around $260M, reflecting solid execution and market position.

Bear (30%)-60%

Dominant cloud providers (AWS, Azure, Google) and established cybersecurity players (Palo Alto Networks, Microsoft Defender) aggressively expand their native confidential computing offerings, commoditizing Anjuna's core platform. Growth stalls, with ARR reaching only $20M by 2028, leading to a difficult Series C or down round at a $60M valuation, significantly eroding common stock value given the substantial liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Total funding of $67M represents 44.6% of the estimated $150M post-Series B2 valuation, indicating that investors hold substantial liquidation preferences ahead of common stock. In an exit at or below current valuation, employees with common stock may get little or nothing.

Dilution Risk

high

Anjuna is planning a Series C round in 2025, which will lead to further dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Anjuna's equity at this stage.

Questions to Ask at the Interview

Strategic questions based on Anjuna's data — designed to show you've done your homework.

  • 1

    “Given the strong competition from major cloud providers like AWS, Azure, and Google, what is Anjuna's long-term strategy to maintain its 'universal platform' advantage and prevent commoditization of its core offerings?”

  • 2

    “With a Series C round planned for 2025 and the goal of reaching profitability or near profitability, what are the key milestones and revenue targets Anjuna aims to achieve to ensure a successful fundraise and sustainable growth?”

  • 3

    “Considering the significant amount of capital raised ($67M) relative to the estimated current valuation, how does Anjuna plan to manage future dilution for employees, and what is the anticipated timeline for a liquidity event (IPO or acquisition) for common stock holders?”

Community

Valuation Sentiment

Our model estimates -42% 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.