Portfolio Company · Allegis Capital X

NetRise

Software supply-chain and firmware (XIoT) security platform.

Valuation As OfQ1 2026 · Mar 31, 2026

Initial Investment2025-06

Stage / SectorSeries A · Cybersecurity

Allegis Invested Cost

$2.0M

Across Allegis vehicles

Current Fair Value

$2.0M

Q1 2026 mark

Gross MOIC

1.00x

Fair value ÷ cost

Ownership

2.2%

Fully diluted

Fair Value Mark History

Enterprise Value Progression ($M)

As Of	EV	Cost	Fair Value	MOIC
Jun 2025	$92.5M	$2.0M	$2.0M	1.00x
Sep 2025	$92.5M	$2.0M	$2.0M	1.00x
Mar 2026	$92.5M	$2.0M	$2.0M	1.00x

GAAP Revenue ($M) — investment-date LTM through current-year estimate

Metric	Inv LTM	2021	2022	2023	2024	2025	2026E	LTM	NTM
GAAP Revenue ($M)	3.8	—	—	—	1.8	4.2	9.3	5.4	7.1
EBITDA ($M)	-5.6	—	—	—	-2.1	-8.2	—	-6.7	—
Cash ($M)	8.2	—	—	—	8.4	4.7	—	—	—
Debt ($M)	—	—	—	—	—	—	—	—	—
ARR ($M)	—	—	—	—	—	5.5	14.3	7.0	—

Investment-date LTM and current-year (E) revenue shown in green. Figures per Allegis valuation workpapers; unaudited.

Round	Date	Invested	Post-Money EV	Fully Diluted Shares
Series Seed-1	—	—	—	—
Series Seed-2	—	—	—	—
Series A Preferred	Jun 2025	$12.5M	$92.5M	28,812,433
Total Invested		$12.5M

Company-level priced rounds and convertibles. Allegis holds a minority preferred position; see ownership above.