+106%

est. 2Y upside i

AI & MLSeries A

Rank

#392

Sector

Generative AI Software

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity offers meaningful 2-year probability-weighted upside (~106%) due to a very low entry multiple and strong regulatory moat, but it is highly speculative: total funding equals 90% of the mark, the valuation is stale, and liquidity is likely 3-5 years away.

Last updated: August 3, 2026

Bull (20%)+253%

RohanProcure gains traction in government procurement and revenue reaches ~$11.8M ARR by month 24. A 7x exit multiple (public comp expansion) implies an ~$82M valuation, yielding 253% net upside for common after 20% dilution.

Base (55%)+147%

Revenue grows to ~$11.8M ARR on a 40%→22.5% growth decay path. A 5x exit multiple (low end of public comp range) gives a ~$59M valuation, and after 20% dilution common upside is ~147%.

Bear (25%)-100%

A capital crunch forces a down round or weak exit; at 1.5x exit multiple the ~$17.7M exit value falls below the $20M preferred stack. Common stock is wiped out, consistent with the 1x liquidation preference.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

9050%

Total funding of $20M is 90.5% of the $22.1M valuation, so virtually all current enterprise value is claimed by preferred holders.

Dilution Risk

high

With no raise since July 2024 and just $5M raised then, a new round is likely to dilute common by 15-25%.

Secondary Liquidity

none

No secondary-market data or tender offer was identified; employee shares are likely illiquid until an exit.

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Last updated: July 3, 2026

Questions to Ask at the Interview

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

  • 1

    “How does RohanProcure differ from a generic LLM wrapper for government buyers, and what is the land-and-expand strategy for the $122M SAM?”

  • 2

    “What drives renewal/expansion for Rohan accounts, and what is current net revenue retention?”

  • 3

    “Given the $20M preferred stack and only $22M valuation, what is the current common-stock 409A price and how much dilution is projected in the next raise?”

Community

Valuation Sentiment

Our model estimates +106% 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.