+20%

est. 2Y upside i

AI & MLSeries A

GPT Search & Merchandising for fashion e-commerce

Rank

#2924

Sector

E-commerce AI / Personalization

Est. Liquidity

~5Y

Data Quality

Data: Low

Depict is a high-risk equity bet for a job candidate: the company has solid revenue traction ($9.3M ARR, 75% gross margins) and a defensible fashion-AI niche, but its last funding round was over four years ago with no publicly announced follow-on, leaving current valuation, growth rate, and runway entirely opaque.

Last updated: May 14, 2026

Bull (15%)+200%

Depict accelerates to $20–25M ARR by 2028, raises a Series B at $160–200M post-money, and common equity triples in paper value after clearing the $19.9M preference stack. Tiger Global's brand helps attract a tier-1 Series B lead and positions the company for a strategic acquisition at a 10–12x ARR multiple by a larger e-commerce platform.

Base (50%)+35%

Depict grows modestly to $13–16M ARR, raises a flat-to-modest-up Series B at $80–100M post-money, and common equity appreciates ~35% after accounting for the $19.9M preference stack. The company remains a viable niche player in fashion e-commerce AI but struggles to expand beyond its core verticals.

Bear (35%)-80%

Growth stalls with competition from Bloomreach and potential Shopify native features; Depict cannot raise at acceptable terms 4+ years post-Series A, runs down its runway, and exits in a distressed acquisition around $20–30M. With $19.9M in liquidation preferences, common shareholders recover less than 20 cents on the dollar.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

28%

$19.9M in total preferred liquidation preferences against an estimated ~$65–75M current valuation (inferred from Series A dynamics) means preferred consumes roughly 27–31% of any exit before common shareholders participate.

Dilution Risk

high

As a Series A company needing at least one to two additional rounds (Series B, likely C) before exit, each round will add an estimated 15–25% dilution to the common share pool.

Secondary Liquidity

none

At 32 employees and with no disclosed secondary transactions, there is effectively no secondary market liquidity available to employees within a 2-year horizon.

Other — 13 roles

View all 13 open roles at Depict →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What has ARR growth looked like over the past 12–18 months, and does the company have enough runway to reach Series B milestones without a bridge round?”

  • 2

    “What is Depict's net revenue retention rate, and how does average contract value trend as customers scale their session volumes?”

  • 3

    “What is the current 409A valuation, and has the board had any conversations about secondary liquidity programs or strategic partnerships that could provide an earlier liquidity path for employees?”

Community

Valuation Sentiment

Our model estimates +20% 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.