+60%

est. 2Y upside i

CybersecuritySeries C

Filigran, founded in October 2022, stands out in the cybertech ecosystem for its commitment to revolutionizing cyber threat management with a proactive approach. Its mission is to develop innovative open-source solutions designed to anticipate cyber threats, identify security gaps, and strengthen organizational security posture

Rank

#872

Sector

Cybersecurity

Est. Liquidity

~2Y

Data Quality

Data: Medium

Filigran offers a compelling upside of ~60% over 2 years, powered by strong growth and a unique open-source moat.

Last updated: July 19, 2026

Bull (30%)+123%

Exit multiple expands to 12x as IPO window opens and category leadership solidifies, driven by strong growth and open-source differentiation, yielding 123% upside.

Base (55%)+49%

Exit multiple converges to 8x, in line with public cybersecurity comps, as revenue grows to $54M, yielding 49% upside.

Bear (15%)-26%

Multiple compresses to 4x due to increased competition from incumbents or market downturn, and preference stack absorbs most value, yielding -25.5% upside with common near worthless.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

3960%

Total funding of $115M represents 40% of the estimated $290M valuation, leaving common stock with limited recovery in downside scenarios.

Dilution Risk

low

The recent $58M Series C in October 2025 provides ample runway, making additional fundraising unlikely within 2 years.

Secondary Liquidity

limited

No secondary market is currently reported, but as a late-stage startup, occasional tender offers or secondary sales may become available.

Finance — 1 role

Global — 1 role

View all 22 open roles at Filigran →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How will Filigran defend its open-source advantage as incumbents like CrowdStrike build similar community features?”

  • 2

    “What is the primary conversion driver from open-source to paid subscriptions, and how is that trend evolving?”

  • 3

    “Given the preference stack, what is your expected timeline to liquidity, and how does the company plan to provide liquidity for employees?”

Community

Valuation Sentiment

Our model estimates +60% 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.