+62%

est. 2Y upside i

CybersecuritySeries B

Cybersecurity awareness for fast growing companies

Rank

#827

Sector

Cybersecurity

Est. Liquidity

~5Y

Data Quality

Data: Low

Riot offers a moderate upside of ~62% over 2 years, but with high risk from KnowBe4 dominance and missing growth data.

Last updated: July 3, 2026

Bull (15%)+157%

Exit multiple expands to 14x on IPO signals or category leadership, implying 14x $39M revenue = $546M exit. After 20% dilution, net upside 156.9%.

Base (40%)+84%

Exit multiple converges to 10x (midpoint of comps), yielding $390M exit. After 20% dilution, net upside 83.5%.

Bear (45%)+10%

Exit multiple compresses to 6x, yielding $234M exit, well above $45M preference. After 20% dilution, net upside 10.1%.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

450%

Total $45M preferred stock represents 26.5% of $170M valuation, creating high preference overhang.

Dilution Risk

high

Likely Series C within 24 months assuming 18-month runway, diluting common by ~20%.

Secondary Liquidity

none

No secondary market activity reported; liquidity tied to exit events.

Questions to Ask at the Interview

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

  • 1

    “How will Riot differentiate against KnowBe4's entrenched platform and $4.6B acquisition ecosystem?”

  • 2

    “What is the current ARR and net dollar retention? How does the subscription model scale?”

  • 3

    “What is the expected timeline to Series C, and how does the option pool size impact dilution?”

Community

Valuation Sentiment

Our model estimates +62% 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.