Formal

Active#17 worldwide · Privileged access

Estimated valuation · Privileged access · United States

Provides a protocol-aware reverse proxy that controls, masks and logs access by humans, applications and AI agents to databases, servers and internal applications.

Cybersecurity›Privileged access joinformal.com

HQUnited States

Last roundSeed · Dec 2023

Estimated valuation

AI · Privileged access ranking (worldwide)

≈ USD 30MUSD 20–45M · Tens of M$

Hundreds of k$

Millions $

Tens of M$

Hundreds of M$

Unicorn

Decacorn

Hectocorn

Anchor: Last known equity round: Seed · USD 5.8M · Dec 2023

An indicative editorial estimate produced by AI, imperfect by nature: neither a financial valuation nor investment advice. Only the market sets a company’s value. Method

Uback rankings

How the AI ranks →

Ranking	Tier	Rank	Edition	Next update
Privileged access · worldwide	Top 18	#17	Edition 0 · Oct 2026	21 Jan 2027

Rank historyOct 2026 · #17 Privileged accessFirst edition: no movements yet.

Funding history

Date	Round	Amount	Type	Investors
Dec 2023	Seed	USD 5.8M	Equity	Thrive Capital, Y Combinator, Abstract Ventures, Kima Ventures

Rounds as cited by Uback’s rankings. Equity, debt and grants are shown separately; only equity rounds count towards the valuation anchor.

Independent analyses

By industry professionals & analysts

Industry professionals and financial analysts can publish their own analysis of Formal as a PDF. It must answer at least one of these four questions, and stick to them:

AI valuation: $30MUndervalued or overvalued?

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Who should acquire itStrategic buyers, and why

Who should it acquireAcquisition targets, and why

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Analyses are the opinion of their authors, not of Uback. They are checked before publication.

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Back Formal whether or not it has agreed: your intention joins the pool on Formal, passed to the Fundraising Desk of its country once it reaches critical mass. Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale.

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Pool on FormalBelow threshold

BackersBelow threshold

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What the AI reads

Read by the AI at the next edition.

Comparable companies in privileged access

Full privileged access ranking →

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Last updated: Oct 2026Report an error

Uback is a content publisher and an aggregator of non-binding expressions of interest. It provides no investment advice, receives no mandate and takes part in no transaction. Rankings, ranges and brackets are editorial estimates produced by AI, purely indicative.