+362%

est. 2Y upside i

AI & MLRoboticsSeries B

Rank

#27

Sector

Warehouse Automation, AI, Robotics

Est. Liquidity

~4Y

Data Quality

Data: Medium

This is a high-risk, high-reward equity opportunity.

Last updated: August 3, 2026

Bull (30%)+300%

AI warehouse automation leadership and a favorable IPO window expand the multiple to 5x revenue, implying a $1.39B exit. After 20% dilution, raw upside is capped at +300% for a Series B company.

Base (50%)+473%

Revenue grows to $278M and the revenue multiple settles at 3x, in line with public comps (SYM/ZBRA/ROK), implying an $834M exit. After 20% dilution, upside is ~473%.

Bear (20%)+176%

Growth still compounds to $278M but the multiple compresses to 1.5x (below the public comp range), yielding a $417M exit. Even after 20% dilution, the $84M preferred stack is covered, so common shares retain ~176% upside.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

5980%

Total funding of $84.1M equals ~60% of the $140.7M valuation, so preferred holders control a majority of near-term exit value and common only begins to participate meaningfully above $84M.

Dilution Risk

high

With capital-intensive hardware and no profitability, another raise is likely within 24 months; 20% dilution is assumed.

Secondary Liquidity

none

No secondary implied valuation or liquidity program was disclosed; employee shares likely have no near-term market.

Questions to Ask at the Interview

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

  • 1

    “How much of the $46.9M ARR is recurring software versus one-time hardware, and what is the customer retention rate?”

  • 2

    “What is the current cash runway and the expected size/timing of the next funding round?”

  • 3

    “What is the most recent 409A/option strike price, and is there any employee secondary liquidity program?”

Community

Valuation Sentiment

Our model estimates +362% 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.