Oasis Security

oasis.security →

+22%

est. 2Y upside i

CybersecuritySeries B

Oasis Security is the first enterprise platform for non-human identity management.

Rank

#2829

Sector

Cybersecurity

Est. Liquidity

~5Y

Data Quality

Data: Low

Oasis Security is a credible but high-uncertainty equity bet: the Accel/Sequoia Series B at $120M validates the category thesis and the AI agent security market is genuinely large ($18.7B TAM), but revenue is undisclosed, growth data is unreliable, and CyberArk and Okta represent an active bundling threat that has historically compressed multiples for specialized security vendors.

Last updated: May 14, 2026

Bull (15%)+160%

AI agent proliferation drives 150%+ ARR growth and Oasis locks in category leadership with $120M+ ARR by 2028, attracting a strategic acquisition at $2.5B+ or clearing the bar for a public offering at 15-20x ARR. From an estimated ~$700M entry valuation this implies roughly 2.5-3.5x market cap expansion, producing ~160% upside for common holders net of the $195M preference stack.

Base (50%)+35%

Oasis compounds at 60-80% ARR CAGR to ~$60-80M ARR by 2028 and raises a Series C at ~$1B, a modest step-up from the ~$700M post-B valuation, but incumbent bundling from CyberArk and Okta compresses revenue multiples and limits multiple expansion. The 2-year paper gain is roughly 35-40% but equity remains illiquid, and a Series C adds ~15-18% dilution before any exit.

Bear (35%)-55%

CyberArk and Okta aggressively bundle NHI and agentic access features into existing enterprise IAM contracts at zero marginal cost, stalling Oasis's land-and-expand motion and forcing a down round or acqui-hire at $300-350M—a level at which the $195M preference stack consumes most proceeds and common stock holders recover little. RSU or option holders at the ~$700M entry valuation face a 55%+ impairment.

Est. time to liquidity~4.5 years

Preference Stack Risk

high

Funding Intensity

28%

Total funding of $195M against an estimated post-money Series B valuation of ~$700M implies approximately 28% of any exit proceeds are consumed by senior liquidation preferences before common stock participates.

Dilution Risk

moderate

A likely Series C within 18-24 months will add roughly 15-20% dilution on top of existing capitalization; at 142 employees and a fresh $120M raise, the company has 2-3 years of runway before the next institutional round.

Secondary Liquidity

limited

No tender offer has been disclosed; secondary trades are theoretically possible but practically thin at Series B stage, with meaningful liquidity gated on an IPO or acquisition realistically 4-5 years out.

View all 9 open roles at Oasis Security →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is your current ARR and net revenue retention, and how does the $120M Series B runway map to your Series C raise threshold or break-even timeline?”

  • 2

    “In competitive deals against CyberArk Identity and Okta's machine identity products, what is your win rate and are you predominantly winning greenfield deployments or displacing installed products?”

  • 3

    “What is the current 409A strike price for new option grants, and has the board discussed a secondary tender offer or liquidity program for employees from earlier rounds?”

Community

Valuation Sentiment

Our model estimates +22% 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.