-25%

est. 2Y upside i

CybersecuritySeries D+

Rank

#2854

Sector

Cybersecurity

Est. Liquidity

~2Y

Data Quality

Data: Medium

Devo offers -24.5% expected upside over 2 years.

Last updated: July 3, 2026

Bull (20%)+35%

If Devo achieves category leadership in agentic AI for security and opens an IPO window within 2 years, exit multiple could hold near 20x on $169M revenue, yielding 35.2% upside after 20% dilution.

Base (45%)-19%

Exit multiple converges to public comp range (12x) on $169M revenue, resulting in -18.9% upside after dilution. Market competition from incumbents constrains multiple.

Bear (35%)-66%

Multiple compresses to 8x on $169M revenue; preference stack consumes first $500M, leaving common stock valued at $681.6M after dilution, a -65.9% loss.

Est. time to liquidity~2.0 years

Preference Stack Risk

high

Funding Intensity

25%

Total funding of $500M against $2B valuation implies 25% preference stack.

Dilution Risk

high

Likely need additional funding given high burn and growth, resulting in ~20% dilution.

Secondary Liquidity

none

No secondary market activity reported.

Questions to Ask at the Interview

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

  • 1

    “How does Devo plan to differentiate against Splunk, CrowdStrike, and Microsoft Sentinel in the next 2 years?”

  • 2

    “What is the path to profitability given current burn rate and $500M total funding?”

  • 3

    “What is the typical equity refresh policy and secondary sale opportunities for employees?”

Community

Valuation Sentiment

Our model estimates -25% 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.