Valuation · 2021
$10M
2024 Revenue
$1.3M(Est.)
Customers · 2021
3
Funding
$2.7M
Team
12
Founded
2017
aDolus Revenue, Valuation & Funding (2024)
aDolus generated an estimated $1.3M in annual revenue in 2024. Source: GetLatka estimate
aDolus is a SaaS company focused on software supply chain security for critical infrastructure, helping industrial operators identify and trace the origins of software components across second-, third-, fourth-, and fifth-party vendors. The company was founded in 2017 and launched its product in 2019, with early operations funded by approximately $800,000 in U.S. Department of Homeland Security Silicon Valley Initiative Program research grants.
As of September 2021, aDolus reported annual recurring revenue of just under $600,000, up from near zero a year prior, with three paying customers including Honeywell and Caterpillar, and six large pilots in progress. The company had raised a total of approximately $1,200,000 across two SAFE seed rounds, the first in 2019 at a $3,000,000 valuation and the second in 2020 at a $4,000,000 valuation, and was planning a third seed round of $1,500,000 at a valuation between $10,000,000 and $15,000,000.
Eric Byres, CTO and board member, serves as the technical founder and holds between 50% and 80% equity in the company. A separate CEO, recruited through a board referral, leads commercial operations and fundraising strategy. The team stood at approximately 20 people in September 2021, with plans to reach 25 by year end.
Last updated
aDolus Revenue
aDolus reported annual recurring revenue of just under $600,000 as of September 2021, up from effectively zero a year earlier. Eric Byres, CTO and board member, told Latka that the company had gone from a single design partner to three paying customers and six active pilots within roughly twelve months.
The company's largest customer was paying north of $40,000 per month, equivalent to approximately $500,000 per year. Byres confirmed that one client accounts for roughly half of total revenue, with the remaining customers dividing the balance. The minimum customer payment was approximately $5,000 per month. All major contracts, including those with Honeywell and Caterpillar, are structured as annual contracts rather than monthly arrangements.
Byres indicated the company expected to close two additional pilots before year end and projected annual recurring revenue would remain below $1,000,000 by the close of 2021.
aDolus Valuation, Funding Rounds
aDolus reached a $10M valuation in 2021, set during its Raising Now round.
aDolus has raised $2.7M in total funding across 3 rounds, most recently a $1.5M Raising Now round in 2021.
Founder / CEO
Eric Byres
CTO and Board Member
Eric Byres is the CTO and board member of aDolus and its primary technical founder. He is credited with inventing the Tofino firewall, described as the world's most widely deployed ICS security appliance, and is recognized as a leading expert in ICS and software supply chain security. Byres was 63 years old at the time of the September 2021 interview.
Byres holds between 50% and 80% equity in aDolus. Early silent founders who departed to pursue other projects hold a combined stake of less than 10%. Early investors from the two SAFE rounds hold approximately 20%.
aDolus also has a separate CEO who was recruited through a board referral. Byres described the CEO as having a background in growth and acquisition strategy for insurance companies and prior experience as a venture capitalist. The CEO was brought in to manage fundraising and commercial operations while Byres focuses on technology. The CEO's name was not stated in the interview and is not confirmed in the available roster. Byres noted that both he and the CEO are primarily compensated through equity rather than salary. Net worth for either individual was not discussed in the interview.
Q&A
| Question | Answer |
|---|---|
| What's your age? | 66 |
Customers
aDolus had three paying customers as of September 2021, including Honeywell and Caterpillar, along with six large pilots in progress. A year earlier, the company had a single design partner and no meaningful revenue.
Customer payments ranged from approximately $5,000 per month at the low end to north of $40,000 per month for the largest account, which represented a contract of approximately $500,000 per year. Byres confirmed that one customer accounts for roughly half of total annual revenue. All major customers prefer annual contracts. The company also offers a free portal where prospective customers can submit software samples before engaging in a formal pilot process.
aDolus serves 3 customers.
aDolus Business Model
aDolus operates as an enterprise SaaS business, generating revenue through annual contracts for access to its software supply chain analysis platform. Customers can engage via a web portal or through API calls, depending on their integration needs. The sales motion is primarily inbound, with prospects initiating contact, requesting demos, and running prototype pilots before converting to paid contracts.
Byres told Latka that the company had one full-time sales representative as of September 2021, recently hired as VP of Sales to convert inbound leads, along with a dedicated pilot manager. The company was doing approximately $600,000 in annual recurring revenue across three customers, implying an average annual contract value of roughly $200,000, though the distribution is skewed heavily toward the largest account. Profitability was not discussed in the interview. Gross margin, churn, LTV, CAC, and burn rate were not disclosed.
Point-in-time figures shared on the GetLatka podcast, each linked to the exact moment it was said on camera.
Customers (2021)
3
“Eric Byres: Right now, we don't have a lot of customers. We've got three primary customers and about six large pilots running right now.”
WatchFree trials / month (2021)
6
“Eric Byres: Right now, we don't have a lot of customers. We've got three primary customers and about six large pilots running right now.”
WatchaDolus Employees & Team Size
aDolus had approximately 20 employees as of September 2021, having added roughly one person per month over the prior eight months. Of those 20 team members, 14 were engineers, developers, or data scientists.
Byres said the company planned to add five to six additional hires before year end, bringing total headcount to approximately 25. The company had also recently added a VP of Sales and a dedicated pilot manager as part of its commercial buildout.
aDolus employs approximately 12 people as of 2026, down from 30 in 2023. It serves 3 customers that rely on its solutions.
| Year | Milestone | Source |
|---|---|---|
| 2024 | Reached 12 employees (October 2024) | Not recorded |
| 2023 | Reached 30 employees (December 2023) | Not recorded |
| 2022 | Reached 29 employees (December 2022) | Not recorded |
| 2021 | Reached 20 employees (September 2021) | Estimated |
Frequently Asked Questions about aDolus
What is aDolus's revenue?
As of 2024, aDolus generated an estimated $1.3M in annual revenue.
What is aDolus's valuation?
As of 2021, aDolus was valued at $10M.
When was aDolus founded?
aDolus was founded in 2017.
Who is the CEO of aDolus?
The CEO of aDolus is Eric Byres.
How much funding does aDolus have?
aDolus raised $2.7M across 3 rounds.
How many employees does aDolus have?
As of 2024, aDolus had 12 employees.
Where is aDolus headquartered?
aDolus is headquartered in Victoria, British Columbia, Canada.
Compare aDolus to the industry
aDolus operates across multiple industries. Browse revenue, funding, and growth data for aDolus in each sector below.
Full Interview Transcripts
Read the full interview and its transcript.
Data and Sources
All figures on this page are taken directly from interviews or are estimates from public sources and proprietary models. Not financial advice. Read full disclaimer.
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