Investor Dashboard
Key financial KPIs at a glance — % against revenues in QuickBooks-statement style.
Revenue Mix · % of Top Line
Cost Structure · % of Operating Cost
Use of Funds · % of $35M Raise
Problem & Solution
82% of breaches involve identity — the gap legacy EDR can't close
The Problem
82% of breaches involve compromised identities — Okta tokens, AD service accounts, OAuth tokens — but existing EDR and SIEM tools weren't built to detect identity-layer threats. Average dwell time for identity compromise: 197 days. Detection gap creates the single largest enterprise security exposure of 2025–2030.
Our Solution
A purpose-built ITDR platform that ingests identity signals from 40+ identity providers (Okta, Azure AD, Workday, GitHub), correlates with endpoint and SaaS activity, and runs ML detection for anomalous identity behavior. Median detection: 4 hours vs 197 days industry baseline.
Market Opportunity
$28B ITDR + IAM Security addressable today
ITDR sub-segment growing 41% CAGR through 2028 — fastest in cyber
Annual per-identity subscription ($24–$60/identity/yr) + premium incident response retainer ($50K–$500K). Tiered packaging by detection depth. ~88% gross margin; 142% net dollar retention.
Financial Statements · % vs Revenue
QuickBooks-style readout — every line shown as percentage of its parent total.
Revenue Mix
| Revenue Stream | % of Revenue | Share |
|---|---|---|
| Platform Subscriptions | 75.0% | 75% |
| Premium IR Retainers | 15.0% | 15% |
| Professional Services | 6.0% | 6% |
| Marketplace Integrations | 4.0% | 4% |
| Total Revenue | 100.0% | 100% |
Cost Structure
| Cost Line | % of Cost | Share |
|---|---|---|
| Engineering & Threat Research | 42.0% | 42% |
| Enterprise Sales | 28.0% | 28% |
| Customer Success & SE | 12.0% | 12% |
| Cloud Infrastructure | 8.0% | 8% |
| Compliance / SOC 2 / FedRAMP | 5.0% | 5% |
| G&A | 5.0% | 5% |
| Total Operating Cost | 100.0% | 100% |
Use of Funds — $35M Raise
| Allocation | % of Raise | Share |
|---|---|---|
| Enterprise Sales Expansion | 40.0% | 40% |
| Engineering & Research | 30.0% | 30% |
| EMEA & APAC GTM | 18.0% | 18% |
| FedRAMP Compliance | 8.0% | 8% |
| Working Capital | 4.0% | 4% |
| Total Use of Funds | 100.0% | 100% |
Valuation, Capital Structure & Forward View
An investment is a bet on the forward plan, so a trailing snapshot isn't enough. These are derived from this report's own ask and projections — not external estimates.
Capital Structure & Funding
An equity round with no structural debt disclosed — capital-structure risk is dilution and runway rather than credit or covenants. Any future expansion or working-capital debt would change this profile and should be tracked.
How to read these
Rule of 40 sums forward revenue growth and EBITDA margin — ≥40 is healthy; below it flags growth bought at the cost of profit. Capital efficiency is Year-5 revenue per dollar raised. Entry multiple divides the disclosed cap / pre-money / asking price by Year-3 revenue, shown only where disclosed (n/d = not derivable). Verify against primary diligence.
Traction & Proof Points
- $15M ARR · 38 Fortune-1000 customers · 4 of top-10 US banks
- 142% NDR · 0.8% gross logo churn · 12-month CISO replacement rate <3%
- Median identity-threat detection: 4 hours (Mandiant baseline: 197 days)
Moat & Exit Strategy
Defensible Moat
Proprietary identity-threat detection models trained on 4B+ identity events/day from 38 Fortune-1000 customers — competitors with smaller deployments can't reach equivalent precision. Deep integrations with 40+ identity systems create switching costs. FedRAMP / SOC 2 Type II compliance is a 12–18 month barrier for new entrants.
Exit Path
Strategic acquisition by Palo Alto Networks, CrowdStrike, Microsoft, or a cyber consolidator at 12–18x ARR — typical late-stage cyber exit. IPO path open at $200M+ ARR with sustained 60%+ growth.
Key Risks
- Identity-provider (Okta, Microsoft) bundling native ITDR — partner-vs-competitor risk
- Enterprise budget compression delaying sales cycles in downturn
- Talent retention in highly-competitive cyber engineering market
When the Thesis Breaks
Read this before trusting the forward numbers. This company is still pre-profit (EBITDA margin -15%). The plan assumes growth funds a path to breakeven — it breaks if growth stalls before unit economics turn: burn keeps climbing while net retention and CAC payback don't improve.
If any of the Key Risks above materialise, the forward projections in this report should be treated as suspended until the model is re-underwritten. The single most material trigger to watch: Identity-provider (Okta, Microsoft) bundling native ITDR — partner-vs-competitor risk.