Sternum Financial Model
Dev Tools Startup Financials (Free Excel Download)
Sternum secures IoT devices from within using on-device, real-time attack prevention and monitoring via a proprietary EIV (Embedded Integrity Verification) technology.
professionals from Deloitte
Used by professionals from
About this model
Sternum combines Embedded Integrity Verification, an on-device agent that prevents runtime exploitation without patching, with an Anomaly Detection System cloud dashboard. It works across Linux and RTOS, source and third-party code, and low-resource or legacy IoT devices, then surfaces attacks, CVEs, and fleet status.
The implied model pairs per-device OEM licensing or royalties for embedded firmware with recurring SaaS monitoring fees for ADS. Device manufacturers are the primary buyers, supported by direct enterprise sales and partners such as Telit. The research does not disclose royalty rates, SaaS price, customer count, ARR, or growth.
A dashboard demonstration showed 488 active devices, 444 out-of-date devices, 34 critical CVEs, and 1,128 update requests. Sternum won an RSA 2020 IoT cybersecurity award. The model should forecast OEM wins, devices shipped, licence price, fleet size, ADS ARR, cloud cost, expansion, and churn.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Sternum
sternumiot.com
How to build a detailed financial model for Sternum
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Sternum model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Two components: (1) EIV (Embedded Integrity Verification) - a patent-pending on-device agent that prevents exploitation at runtime without requiring vulnerability patching; works on Linux and RTOS, both source and 3rd-party code, minimal overhead. 3 patents pending.
- (2) ADS (Anomaly Detection System) - cloud/SaaS dashboard providing real-time monitoring, attack-attempt alerts, asset management, and CVE tracking across the managed device fleet.
- Key differentiator: no patching required; works on low-resource, legacy and heterogeneous IoT devices; covers 3rd-party library code automatically.
- Notable partners: Telit (one named partner; one CENSORED).
- Winner of RSA 2020 InfoSec Awards - Next Gen Cybersecurity IoT Solution.
Market
- No explicit TAM/SAM/SOM figures in deck.
- Market context provided via third-party stats:
- >300% increase in IoT attacks in 2020
- >65% of CISOs unconfident in their ability to assess/mitigate IoT risk
- >50% of CISOs plan to increase IoT security staffing & spending
- 84% of businesses insufficiently prepared for IoT security
- 70% more IoT devices would be purchased if they were secure
- Ripple20 vulnerabilities affect hundreds of millions of devices across major vendors including Cisco, GE, NASA, Philips, Honeywell, Lockheed Martin, and 60+ others
- Industrial IoT URGENT/11 vulnerabilities: $7B exposure
- Norsk Hydro cyberattack cost ~$52M in a single quarter
Revenue model
- Not explicitly stated in deck.
- OEM licensing / per-device royalty model: Sternum embeds its EIV agent into device firmware at the manufacturer level, suggesting a per-device royalty or OEM license fee paid by the device maker, plus a recurring SaaS subscription for the ADS monitoring dashboard. This is standard for embedded security vendors (e.g., Armis, Forescout). Rationale: product described as SDK/agent integrated into both Linux and RTOS device firmware; ADS is clearly a cloud-hosted SaaS layer.
- Channel: direct enterprise sales to IoT OEMs / device manufacturers; integration partnerships (Telit is a connectivity module maker). Rationale: partner slide shows Telit, a major IoT module vendor.
Traction & metrics
- Active Devices on ADS dashboard (demo/UI screenshot): 488
- Out-of-date devices: 444
- Recent Security Issues: 9
- Update Requests: 1,128
- Unresolved Security Issues: 7
- Critical CVEs affecting devices: 34
- No revenue, ARR, customer count, or growth metrics shown.
- Proven on "5-year-old" device - redacted reference.
Competition / moat
- Competitive framing: "IoT worldwide is growing exponentially, but security solutions are 20 years behind."
- Moat claimed: patent-pending EIV technology (3 patents pending); integrity-based prevention (not signature/patch-based); works across heterogeneous OS/hardware without source code changes; minimal resource overhead.
- No competitive matrix shown.
- Team background: offensive and defensive cyber experts from Unit 8200 (Israel's elite signals intelligence unit) and Cellebrite (forensic/security firm).
Team & funding ask / use of funds
- Natali Tshuva - CEO
- Boaz Shedletsky - CBO
- Lian Granot - VP R&D
- Arik Farber - Head of Research
- Credentials: Unit 8200, Kellogg (MBA), Cellebrite
Recommended financial model
- Archetype + why: B2B SaaS + per-device OEM royalty model. Sternum has two revenue streams: (1) a per-device embedded license (royalty per unit shipped by OEM partners) and (2) an ADS recurring SaaS subscription (per-device or per-fleet annual fee for monitoring dashboard). The closest archetype is a usage-based / device-count SaaS model layered over an OEM royalty base - similar to IoT platform vendors (e.g., PTC ThingWorx, Armis).
- Forecast horizon & granularity: 5-year annual model (Years 1–5), with Year 1 broken into monthly for cash runway tracking given early stage.
- Key drivers & assumptions:
- OEM partners signed per year
- Average devices per OEM partner fleet
- EIV license fee per device
- ADS SaaS fee per active managed device per year
- ADS attach rate (% of EIV customers also subscribing to ADS)
- Ramp time from OEM signing to first device shipment
- Headcount plan: 4 founders +
- R&D spend
- Gross margin on SaaS
- Gross margin on licenses
- Scenarios (Base / Bull / Bear - which variables flex):
- Bull: faster OEM ramp (2 partners signed Y1), higher device counts, ADS attach rate 80%
- Base: 1 OEM Y1, moderate fleet sizes, ADS attach 60%
- Bear: 18-month sales cycle delays, only 1 OEM through Y2, ADS attach 40%
- Flex variables: OEM ramp pace, devices per OEM, ADS attach rate, price per device
- Required sheets / outputs:
- Assumptions (all drivers, scenario toggle)
- Revenue build (OEM partners × fleet size × royalty + ADS subscribers × SaaS fee)
- P&L (revenue, COGS, gross profit, R&D, S&M, G&A, EBIT)
- Cash flow & runway (monthly Y1, annual Y2–5)
- Headcount plan
- KPI summary (ARR, active managed devices, blended rev per device, gross margin %)
Frequently asked
Is the Sternum financial model free?+
Yes. The Sternum model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Sternum's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Dev Tools Startup Financial Models
Browse another startup in the same category.
8base
Low-code/no-code platform providing backend and frontend development tools for building digital products, internal apps, and SaaS.
Ably
Enterprise realtime messaging infrastructure (pub/sub) delivered as a cloud-native platform, enabling developers to build scalable live experiences without managing complex realtime infrastructure.
Amplitude
Mobile analytics SaaS platform giving app developers real-time behavioral analytics, funnel/retention analysis, and raw data warehouse access at scale.
Anima
Automated design-to-code platform - designers export production-ready code from their design tools with one click.
Apollo
Apollo builds and sells an enterprise "data graph" platform (powered by GraphQL) that sits as a unified API layer between frontend apps and backend microservices.
BrowserStack
Cloud-based cross-browser and mobile app testing platform used by 50,000+ customers across 135 countries.
CodeSandbox
Cloud-native collaborative web IDE that lets entire product teams (not just developers) code, review, and iterate together in the browser.
CommandBar
SaaS SDK that embeds a search-based command bar into web apps, improving UX, onboarding, and retention for B2B software companies.
