Rōvn Comparable Companies & Valuation Football Field

Date: 2026-05-14 · rebuilt 2026-05-28 (corrected model + verified funding sourcing) Purpose: Public-comp benchmarking to position Rōvn's Series A valuation expectation. Also feeds investor-room §10.5 (Funding Comparables).

Sourcing standard (2026-05-28). The prior version of this page carried blanket "(est), Crunchbase/Pitchbook" labels and two incorrect transaction claims (Verifiable "acquired by Stripe"; Modio "acquired by HealthStream, $168M / $15M ARR"). Both are corrected below with primary-source citations. Where a private valuation is not reliably disclosed, it is marked (undisclosed) rather than guessed. Verification done via company press releases, TechCrunch, PR Newswire, and PitchBook/CB Insights/Tracxn abstracts, May 2026. All Y-case Rōvn ARR figures are projections, matching 3_CASE_MODEL_SUMMARY.md (Bear $30M / Base $45M / Bull $60M). Rōvn is pre-launchStage03.1 Company Overview · pre-launch by design, zero paying customers, zero signed pilots or design partners, zero revenue, zero customers, zero LOIs.

1. Comp Universe (verified funding rounds)

Rōvn intersects three categories, healthcare credentialing / provider-data infrastructure, identity/verification infrastructure, and healthcare staffing marketplaces.

Notes on the corrections vs. the prior draft: - Verifiable is independent, not a Stripe acquisition. Closest API-credentialing comp; $27M Series B (2023). Any "Stripe acquired Verifiable" claim elsewhere in the package is wrong and should be struck. - Modio was acquired by CHG Healthcare in 2019 for undisclosed terms, there is no public "$168M / $15M ARR / HealthStream / 2022" transaction. The earlier 11.2x "precedent" built on that figure is removed; do not use it as an exit-multiple anchor. - Medallion, CertifyOS/Certify, and Andros do not publicly disclose valuations; revenue/multiples shown only where a primary source exists (Medallion ~$50.6M 2024 rev per Latka).

2. Multiple Distribution by Category

Multiples for the credentialing-platform band are inferred from disclosed total funding, revenue where reported (e.g. Medallion ~$50.6M 2024 rev against $130M cumulative raised), and stage, not from disclosed post-money valuations, most of which are undisclosed. Treat the 8-12x band as a stage-and-category inference, not a quoted transaction multiple.

Rōvn position: Healthcare credentialing / provider-data platform with an identity-infra-style network and Verified API. Defensible at 8-12x Series A. Bear: 6x. Bull: 10-12x if the AI / network framing wins.

3. Football Field Chart (Concept): corrected model

Rōvn's Series A valuation range across methods, all reconciled to the corrected 3-case model (Bear $30M / Base $45M / Bull $60M Y5; Y2 Base ARR ~$2.4M).

Valuation Method                         | $0M   $25M  $50M  $75M  $100M $125M $150M $175M
-----------------------------------------|------|-----|-----|-----|-----|-----|-----|-----
1. Public-comp ARR multiple (8-14x)      |      [===##===]
   Y2 ARR ~$2.4M × 8-14x = $19-34M (early Series A)

2. Public-comp ARR multiple (8-12x)      |              [======##======]
   Y3 ARR ~$9.9M × 8-12x = $79-119M (late Series A, Base)

3. Credentialing-band multiple (8-12x)   |      [===##===]
   Y2 ARR ~$2.4M × ~10x = ~$24M

4. DCF (30% discount, 6-10x exit)        |     [=====##=====]
   PV today: Bear $48.5M / Base $97.0M / Bull $161.6M (projection)

5. VC method (target ~6x return)         |   [==##==]
   Series A post-money target $30-50M

LEGEND: # = midpoint of range

(Rendered to an actual football field chart later in 03_deck/, this is the concept.)

4. Series A Valuation Recommendation

Recommended Series A target: $30-50M post-money at the ~18-month mark, presuming Base or better trajectory.

Pre-seed at $15M post-money SAFERound structureRōvn SAFE term sheet · 2026-05 · $2.25M / $15M post-money cap ($2.25MRound sizeRōvn SAFE term sheet · 2026-05 · canonical raise (see 02.1 Use of Funds) raise, $2.75M hard cap if demand) implies a ~2-3x markup at Series A, within the healthcare-infra seed → Series A standard. Cap defense: ~$97M Base PV per DCF (~15.5% of Base PV), ~$48.5M Bear PV (~30.9% of bear). Y5 ARR cases are projections, not actuals.

5. Discount/Premium Drivers vs. Comps

Premium drivers (push Rōvn toward the identity-infra band, Persona/Plaid): - AI-native architecture (cached-replay margin curve, ai_runs receipts). - Multi-revenue surface (facility workflow layer SaaS + Verified API + worker funnel). - Compounding network density (every interaction adds reusable verified records). - Source-authority adapter pattern = pricing power. - HIPAA-alignedHIPAA posture06.2 HIPAA Posture Memo · canonical procurement-safe phrasing (not 'compliant' / not 'certified') · BAA availableBAA posture06.4 Vendor BAA Matrix · customer BAA template at 08.9; SOC 2 path in progress = enterprise procurement readiness.

Discount drivers (push toward the staffing-marketplace band, Incredible Health/Vivian): - Pre-revenue (design partners only, no $1M+ ARR at pre-seedRound stage02.1 Use of Funds · pre-seed $2.25M raise). - Healthcare adoption cycle is slow (long sales cycles). - Vertical concentration risk (no diversification outside healthcare). - First-time-CEO scaling risk.

Net position: Mid-band, 8-12x at Series A, with upside toward the infra band if AI/network positioning wins.

6. Strategic Acquirers (For Series B+ Optionality)

Strategic-acquirer optionality is real: CHG (Modio 2019), HealthStream (active credentialing acquirer), and symplr (serial roll-up) have all transacted in or adjacent to this category in the last several years. Stripe is listed as a strategic-fit rationale only, there is no Stripe/Verifiable transaction.

7. Caveats

• 2026 multiples reflect a partial recovery from the 2022-2023 SaaS compression and a sharp re-rate in identity infra (Plaid fell from $13.4B in 2021 to $6.1B in 2025 before recovering to $8B in 2026). Multiples could drift either direction.
• Healthcare-specific multiples typically carry a discount to generic SaaS due to slow adoption and regulatory drag; Rōvn's AI/network positioning argues partly against it but does not erase it.
• Most credentialing-comp valuations are undisclosed; the 8-12x band is a stage-and-category inference, not a set of quoted transaction multiples. Materially different actual numbers may exist.

under counsel review: Pull updated transaction data closer to Series A timing (Q4 2027).

End of comp analysis.