+85%

est. 2Y upside i

AI & MLHealthcareSeries A

Apheris is revolutionizing how sensitive data is leveraged for advanced analytics and AI in pharma and healthcare. Through federated computing and AI, we are building the world’s largest healthcare and life sciences data network.

Rank

#542

Sector

Federated Learning, AI/ML, Data Privacy, Life Sciences Software

Est. Liquidity

~5Y

Data Quality

Data: Low

Assuming a $50M current fair value, Apheris offers a base-case ~86% 2-year equity upside, but carries high risk from a severe preferred overhang and likely dilutive fundraise.

Last updated: August 4, 2026

Bull (30%)+190%

If Apheris becomes the clear category leader in life-sciences federated learning and rides an IPO window, the forward revenue multiple could hold at ~12x. On $12.9M projected revenue that implies a ~$155M exit, delivering ~+190% net of expected 20% dilution.

Base (45%)+86%

With steady enterprise adoption and convergence toward public software comps, a ~8x forward revenue multiple on $12.9M projected revenue gives a ~$103M exit. Net of 20% dilution, common stock upside is ~+86%.

Bear (25%)-43%

If growth slows or competition from big tech compresses the multiple to ~3x, the exit would be ~$39M, barely above the $20.8M preferred liquidation. After dilution, common stock loses ~43% of its value.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

4160%

$20.8M of preferred stock equals ~42% of the assumed $50M fair value, so common equity is subordinate to a large liquidation preference.

Dilution Risk

high

With runway likely under two years from the Jan-2025 Series A, a follow-on round could dilute existing common holders by ~20%.

Secondary Liquidity

none

No secondary market signal; early private equity is illiquid until an acquisition or IPO.

Other — 2 roles

View all 2 open roles at Apheris →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Apheris plan to defend against Microsoft/Google/NVIDIA entering federated learning with broader platforms?”

  • 2

    “What is the current ARR growth rate and net revenue retention, and how does the subscription model scale beyond the existing 6.7M run-rate?”

  • 3

    “What is the current 409A common fair value, option pool, and expected dilution in the next capital raise?”

Community

Valuation Sentiment

Our model estimates +85% 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.