-15%

est. 2Y upside i

CybersecuritySeries D+

Rank

#3247

Sector

Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: Low

Given a stale entry valuation from 2019, high incumbent threat, and no recent growth data, the expected equity upside over 2 years is -15%.

Last updated: July 3, 2026

Bull (10%)+91%

If IPO window opens, 10x multiple on $50.4M revenue yields $405M common exit, +91% upside after 20% dilution.

Base (45%)+13%

Multiple converges to 7x, yielding $253.8M common exit, +12.5% after dilution.

Bear (45%)-67%

Multiple compresses to 4x, exit value $201.6M, common stock at $102.6M after preference, -66.5% after dilution.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

3400%

Total funding of $99M represents 34% of entry valuation, meaning preferred shareholders have a significant preference over common.

Dilution Risk

high

No recent funding since 2019; a raise within 24 months likely dilutes common by ~20%.

Secondary Liquidity

none

No secondary market activity reported.

Questions to Ask at the Interview

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

  • 1

    “What is the current annual recurring revenue growth rate and how has it trended?”

  • 2

    “What is the path to profitability and when do you expect to breakeven?”

  • 3

    “Is there any secondary market activity or plans for an IPO or M&A in the next 2 years?”

Community

Valuation Sentiment

Our model estimates -15% 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.