+18%

est. 2Y upside i

AI & MLVertical SaaSSeries B

Butlr is the world’s first and only 100% anonymous people sensing and occupancy detection platform that helps enterprises all over the world improve their workplace planning and optimize their operations. Using just body heat and advanced AI technologies, Butlr understands presence and traffic without capturing any identities—ever.

Rank

#3000

Sector

Physical AI, Smart Buildings, Proptech

Est. Liquidity

~4Y

Data Quality

Data: Low

Butlr has genuine enterprise traction — marquee logos and a strategic Ricoh partnership — but the equity math is hard for a 2-year horizon.

Last updated: May 14, 2026

Bull (15%)+130%

A strategic acquirer — Ricoh, Honeywell, or a major CRE platform — pays ~$400M (≈2.4× the implied ~$170M Series B post-money) within 2 years, attracted by Butlr's blue-chip enterprise customer base and privacy-first thermal sensing IP. After clearing $78.5M in liquidation preferences, common holders capture ~$321M, delivering roughly 130% upside on grant value.

Base (55%)+30%

Butlr grows revenue to $20–22M by end of 2026 and raises a Series C at ~$230M (~1.35× current implied valuation), but no liquidity event materializes within the 2-year window. Paper gains of ~30% remain illiquid and face another 20–25% dilution round at Series C.

Bear (30%)-60%

Growth stalls below $15M as Density scales aggressively and incumbent IoT players like Honeywell enter the thermal sensing market, forcing a flat or down round at ~$120–130M. With $78.5M in senior liquidation preferences consuming ~60–65% of that exit value, common equity is worth roughly 40 cents on the dollar — a ~60% loss.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

46%

$78.5M in total liquidation preferences sit ahead of common equity against an estimated ~$170M post-money Series B valuation, representing approximately 46% of implied enterprise value.

Dilution Risk

high

A likely Series C round (estimated 20–25% dilution) plus ongoing option pool refreshes will further reduce common stockholders' ownership percentage before any liquidity event occurs.

Secondary Liquidity

none

No secondary market activity has been reported for Butlr; employees should assume complete illiquidity until a formal M&A transaction or IPO.

View all 2 open roles at Butlr →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Butlr is pursuing commercial real estate and senior living simultaneously with 94 employees — which segment is the primary GTM priority today, and what are the unit economics (CAC, ACV, net revenue retention) in each vertical?”

  • 2

    “What is the revenue split between one-time hardware sensor sales and recurring software/data subscription ARR, and what is the software attach rate and expansion revenue on the installed sensor base?”

  • 3

    “Can you share the post-money valuation from the Series B, the fully diluted option pool size, and whether the board has set internal revenue or EBITDA milestones that would trigger consideration of an M&A or IPO process?”

Community

Valuation Sentiment

Our model estimates +18% 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.