-29%

est. 2Y upside i

CybersecuritySeries D+

Rank

#2924

Sector

Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: Low

Given the 31.6% growth and $850M valuation (12.9x ARR), the equity is unattractive due to high incumbent competition, stale valuation, and severe preference overhang ($289M).

Last updated: July 21, 2026

Bull (10%)+27%

Multiple holds at 13x on projected $95.8M ARR, driven by IPO window and category leadership as a unified AI security platform yields 46.7% upside before 20% dilution.

Base (45%)-7%

Multiple converges to 10x within public comp range, yielding 12.8% upside before 20% dilution, resulting in -7.2% net.

Bear (45%)-64%

Multiple compresses to 5x due to incumbent pressure from Cisco and Microsoft, yielding -43.6% upside before 20% dilution, net -63.6%.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

43900%

Total funding of $289M represents 34% of $850M valuation, giving preferred investors significant prior claim on exit proceeds.

Dilution Risk

high

With a $100M round 24 months ago and no profitability, a down round or at least significant dilution is likely within 2 years.

Secondary Liquidity

none

No secondary trades reported; equity is illiquid until an exit event.

Product Design — 2 roles

Product — 1 role

View all 25 open roles at Iru →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does your AI Context Model differ from Microsoft's and Cisco's offerings?”

  • 2

    “What is your path to profitability given the high burn rate implied by large funding rounds?”

  • 3

    “How does the employee equity stack rank in a liquidity event given $289M in preferred shares?”

Community

Valuation Sentiment

Our model estimates -29% 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.