-80%

est. 2Y upside i

Vertical SaaSSeries D+

Density helps companies measure and improve their footprint on the world. Its software unlocks comprehensive insights into how workspace is used through its privacy-first sensors. These insights inform workplace decisions at companies ranging from Fortune 1000 to high growth tech, including Uber, Pinterest, Shopify, Okta and other household names in financial services, e-commerce and social networking.

Rank

#3899

Sector

PropTech

Est. Liquidity

~2Y

Data Quality

Data: Low

The equity upside for a job candidate is deeply negative with high probability.

Last updated: July 3, 2026

Bull (10%)+100%

Bull scenario assumes 6x exit multiple (~$271M) driven by IPO window or market leadership. Common recovers due to exit value above preference stack, yielding 100% upside after cap and dilution.

Base (45%)-100%

Base scenario: exit at 2x revenue (~$90M) remains below $225M liquidation preference, resulting in zero recovery for common stock.

Bear (45%)-100%

Bear scenario: exit at 1x revenue (~$45M) well below preference, common stock worthless.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

24700%

Total funding of $225M carries 1x liquidation preference, which is 2.5x the current secondary valuation of $91M, making common equity effectively worthless in most exit scenarios.

Dilution Risk

high

With limited growth visibility and no profitability, a down-round or further funding is likely, diluting common significantly.

Secondary Liquidity

limited

Secondary market priced common at $91M, but liquidity is thin and the price has declined 91% from prior analysis.

Questions to Ask at the Interview

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

  • 1

    “How does Density plan to compete against incumbents like Cisco and Siemens given their existing hardware bases?”

  • 2

    “What is the path to gross margin improvement and profitability given the hybrid hardware/software model?”

  • 3

    “Given the substantial preference stack, what is the board's plan to align common equity incentives with the current valuation?”

Community

Valuation Sentiment

Our model estimates -80% 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.