-17%

est. 2Y upside i

Legal TechSeries C

Rank

#2702

Sector

Legal Technology

Est. Liquidity

~4Y

Data Quality

Data: Low

Equity upside is highly uncertain due to missing financial data and a severe preference stack ($150M total funding vs $100M valuation).

Last updated: July 19, 2026

Bull (15%)+50%

Steno achieves strong adoption of its tech platform and DelayPay, driving 30%+ revenue growth. Exit valuation at $150M (1.5x current) due to strategic acquisition.

Base (55%)0%

Revenue growth moderate, steady state. Valuation remains around $100M, preference stack absorbs most value. Common stock effectively flat.

Bear (30%)-80%

Growth stalls, competitors replicate tech. Exit below $150M preference stack, common stock worth near zero. Downside scenario -80%.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

15000%

Total preferred stock investment of $150M exceeds current valuation of $100M, meaning common stock has zero value in a liquidation below $150M.

Dilution Risk

high

Given capital intensity and limited revenue data, additional funding rounds are likely, diluting common equity.

Secondary Liquidity

none

No secondary market activity reported; employee shares likely illiquid until exit.

View all 20 open roles at Steno →

Last updated: July 3, 2026

Questions to Ask at the Interview

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

  • 1

    “What is Steno's current ARR and growth rate?”

  • 2

    “How does Steno's unit economics compare to Veritext and Esquire?”

  • 3

    “What is the timeline and expected valuation for the next funding round?”

Community

Valuation Sentiment

Our model estimates -17% 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.