+140%

est. 2Y upside i

Vertical SaaSAI & MLSeries A

AI Platform for Efficient and Sustainable Operations

Rank

#187

Sector

Construction Tech, Logistics, AI/IoT

Est. Liquidity

~3Y

Data Quality

Data: Medium

Attractive upside in bull/base cases, but the preference stack and low current valuation make common stock exceptionally risky.

Last updated: August 3, 2026

Bull (20%)+350%

Revenue reaches $17.97M; AI-driven category leadership and a potential IPO window expand the multiple to 8x, yielding $143.8M exit value (~4.7x current) for +349.7% after 20% dilution.

Base (55%)+174%

Revenue reaches $17.97M; exit multiple converges to 5x (mid-point of public comps), yielding $89.9M exit value (~2.9x current) for +173.6% after 20% dilution.

Bear (25%)-100%

Growth stalls and competitive pressure compresses the multiple to 1.5x; exit value of $27M falls below the $35.9M preferred liquidation preference, leaving common stock with a -100% return.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

11730%

Total preferred liquidation preference of $35.9M exceeds the current $30.6M valuation, leaving common stock with zero enterprise value at a 1x non-participating liquidation.

Dilution Risk

high

Likely capital raise within 24 months; ~20% dilution assumed.

Secondary Liquidity

limited

Current valuation is based on a secondary market transaction, but liquidity for common stock is likely limited given the small scale and often sparse secondary activity.

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Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How will Tenderd fend off Samsara and other telematics incumbents moving into heavy equipment AI?”

  • 2

    “What are the unit economics and land-and-expand strategy beyond construction into logistics and energy?”

  • 3

    “Can you share the current common stock 409A valuation and how the $35.9M preference stack would affect employee equity in a mid-range exit?”

Community

Valuation Sentiment

Our model estimates +140% 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.