Formal

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-87%

est. 2Y upside i

CybersecuritySeed

Take control of your data in real-time.

Rank

#1127

Sector

Data Security, Business Software

Est. Liquidity

~6Y

Data Quality

Data: Low

Formal presents a moderate upside opportunity driven by a strong market need and a differentiated technical approach in data security.

Last updated: February 23, 2026

Bull (15%)+300%

Formal achieves rapid market penetration and significant customer growth, leading to a successful Series B or C round at a substantially higher valuation, or an early acquisition by a larger player.

Base (45%)+150%

Formal continues to grow steadily, secures a strong Series A or B round, and establishes a solid niche in the data security market, demonstrating continued product differentiation and customer traction.

Bear (40%)-80%

Formal struggles to differentiate against well-funded incumbents, experiences slower-than-expected customer adoption, or fails to raise subsequent funding rounds, leading to a down round or unfavorable exit.

Est. time to liquidity~6.0 years

Preference Stack Risk

high

Investors hold approximately $6.92M in liquidation preferences, representing about 27.68% of the estimated $25M post-money valuation, which would be paid out before common shareholders in an exit at or below this valuation.

Dilution Risk

high

As an early-stage company, Formal will likely undergo several more funding rounds, leading to significant dilution for early equity holders.

Secondary Liquidity

none

There is currently no active secondary market for Formal's shares, and tender offers are unlikely at this early stage.