/ Pre-IPO Risk Index / Vannevar Labs

Vannevar Labs

Defense Tech (Intel) · Pre-IPO · $700M (Q3 2024)
C+

Mixed (C+) — Round Z Pre-IPO Risk Grade

Vannevar Labs builds defense intelligence and counter-intelligence software for U.S. and allied-nation intelligence community customers. Conservative valuation trajectory relative to defense-tech peers and growing IC customer base produce a relatively clean profile. Highly classified customer relationships limit financial disclosure to LPs.

68
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
B
Valuation Methodology
B-
Secondary Liquidity
C
Financial Disclosure
C
Exit Probability
C+
/ Public-Record Events

Key risk events & disclosures.

  • $75M Series C Q3 2024 at $700M valuation
  • IC customer concentration; limited public disclosure
  • Counter-intelligence software platform expansion

/ Best for

Investors with conviction on the defense-intelligence software thesis who can accept limited financial-disclosure transparency due to classified customer relationships.

/ Watch out for

IC customer concentration creates revenue-trajectory volatility tied to specific program timelines; secondary funding cycle is the key liquidity event.