+162%

est. 2Y upside i

Series B

Pano is building the world’s first, fully-integrated disaster management platform focused on climate change resilience.

Rank

#91

Sector

Wildfire Detection & Management

Est. Liquidity

~3Y

Data Quality

Data: Medium

The equity math is attractive: at a $250M entry valuation, Pano is only 2.5x current $100M ARR.

Last updated: August 3, 2026

Bull (20%)+300%

Category leadership (TIME100) and utility expansion drive an 8x forward-revenue exit: $1.27B valuation. Pre-cap upside is ~408% plus 20% dilution but we cap the bull case at the Series B stage limit of 300%.

Base (55%)+197%

Pano grows to $158.6M ARR and exits at 5x forward revenue, a $793M valuation (217% gain). After ~20% dilution for a likely up-round, common stock upside is 197%.

Bear (25%)-25%

At 1.5x forward revenue, exit value is $238M — below the $250M entry. After 20% dilution the common position loses ~25%; the $89M preference stack is covered but leaves little upside.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

3560%

$89M total funding sits ahead of common; on a $250M entry value that's a 35.6% liquidation preference.

Dilution Risk

high

Assuming a raise within 24 months, we haircut all scenarios by 20%; the existing 35.6% preference stack compounds the dilution impact.

Secondary Liquidity

none

No secondary implied valuation or buyback signal; shares are likely locked until IPO or acquisition.

Questions to Ask at the Interview

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

  • 1

    “How do you maintain a 60% gross margin and extend the software/AI layer as hardware becomes a shrinking part of the bundle?”

  • 2

    “What is the go-to-market expansion plan beyond North American utilities, and how large are typical annual contracts?”

  • 3

    “When is the next qualified equity liquidity event (tender offer, secondary, or IPO), and how should we value the shares against the 2025 $250M Series B mark?”

Community

Valuation Sentiment

Our model estimates +162% 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.