Early Stage

Run Linux Software Faster and Safer than Linux Through Unikernels

Run Linux Software Faster and Safer than Linux Through Unikernels


Raised to Date: Raised: $376,314

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Convertible Note



SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap


Valuation Cap




Rolling Commitments ($USD)

Reporting Date


Days Remaining
% of Min. Goal
% of Max. Goal
Likelihood of Max
Avg. Daily Raise


# of Investors


Create a free account today to gain access to KingsCrowd analytics.
Year Founded



Security, Cybersecurity, & Defense

Tech Sector


Distribution Model




Capital Intensity



San Fransisco, California

Business Type

High Growth

NanoVMs, with a valuation cap of $20 million, is raising funds on StartEngine. The company is a unikernel platform that is building a new operating system to run Linux apps faster and safer. NanoVMs allows users to build, control, and run unikernels and prevent hackers from violating the data of organizations. NanoVMs was founded by Ian Eyberg in August 2015 and has raised over $2.4 million since its founding. The current round of crowdfunding of the company has a minimum goal of $10,000 and a maximum goal of $4,031,600, and the funds will be used to scale the business and grow the sales team and team of kernel engineers. NanoVMs has received initial revenue from Air Force and has done paid trials with companies like Amgen. The company is building a new patented operating system to revolutionize the operating system architecture.

Summary Profit and Loss Statement

Most Recent Year Prior Year












Net Income



Summary Balance Sheet

Most Recent Year Prior Year




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



Total Liabilities



Financials as of: 03/25/2021
Create a free account today to gain access to KingsCrowd analytics.

Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
NanoVMs 04/18/2023 Dealmaker Securities $25,000,000 $231,398 SAFE Funded RegCF
NanoVMs 03/23/2022 StartEngine $20,000,000 $376,314 Convertible Note Funded RegCF
NanoVMs 08/14/2020 Republic $12,000,000 $962,095 SAFE Funded RegCF
Create a free account today to gain access to KingsCrowd analytics.

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Valuation History

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

Upgrade to gain access

Pay Monthly
Annually (Save 17%)


$25 /month
billed annually
Free portfolio tracking, data-driven ratings, AI analysis and reports
Plan Includes:
Everything in Free, plus
Company specific KingsCrowd ratings and analyst reports
Deal explorer and side-by-side comparison
Startup exit and failure tracking
Startup market filters and historical industry data
Advanced company search ( with ratings)
Get Edge Annual
Already a member? Log in here.

Ratings KingsCrowd Startup Rating Methodology Article

Blurred Ratings Bars Blurred Ratings Bars

Analyst Report Analyst Report Methodology Article


As the volume of the world’s stored data increases alongside technology’s ability, public and private organizations turn to data virtualization to keep up with the demands. Through virtualization, organizations can support massive levels of computation while maintaining a small network of physical servers. In short, more data than ever is currently stored on the cloud. 

Cloud storage is convenient but comes with significant risks. Data stored virtually is far more vulnerable to attack than data stored on a physical server. Cyber attacks are among the greatest threats for many businesses, and hacks on prominent organizations can result in millions of users’ personal data falling into the hands of hackers. In 2013, Yahoo! fell prey to the largest data breach in history, giving up emails, passwords, and names of three billion users to hackers. iAnother hack a year later affected half a billion users. These breaches had immediate consequences for Yahoo. They faced dozens of lawsuits and saw setbacks in negotiations to be acquired by Verizon, knocking $350 million off the deal. Possibly even more devastating, Yahoo suffered a massive hit to its reputation. Once a business has been shown vulnerable to cyber attack, consumer trust significantly decreases.

One technology being promoted to make data more secure and accessible is called the unikernel. The unikernel is an evolution of previous virtualization tools, such as virtual machines from the 2000s and containers in the 2010s. A unikernel platform that can run Linux apps faster and more securely, NanoVMs plans to enable companies to streamline virtual data access and prevent breaches. Unikernels are ultra-streamlined and cut down on vulnerability to cyber attack. NanoVM’s solution enables organizations to use unikernel structures without changes to source code and can deploy applications in unikernels through public and private cloud environments.

NanoVMs’s current StartEngine raise has been rated a Deal to Watch by the KingsCrowd investment team.

Next Section: Price


Following up on a previous raise on Republic, NanoVMs is raising through a convertible note with a 1% discount rate that will reach maturity in two years. For this raise, the company has a valuation cap set at $20 million — a significant lift over last year’s $12 million. This amount is high in comparison to other early-stage companies currently seeking funding. NanoVMs low revenue from last year also does not help to justify a $20 million cap. Despite their low percentages, the company’s price score is bolstered by the presence of a discount rate and interest rate for investors. Thus, NanoVMs scores well in the price metric.

Next Section: Market


The need for data storage is growing all the time, and NanoVMs has managed to settle into a comfortable spot in that expansive market with practically no competition. The global DevOps market was valued at more than $4 billion in 2019. It is expected to grow at a CAGR of 20% for the next seven years to reach $17 billion by 2026, North America representing the largest part of that market. The adjacent cybersecurity market, which NanoVMs is addressing with the security applications of unikernels, is even larger. Just the North American share of that market came in at $21.14 billion in 2019, and it is growing at a more sedate but still significant rate. Given the strength and growth of both these markets, NanoVMs scores very strongly in the market metric.

Next Section: Team


CEO and founder Ian Eyberg boasts 13 years of experience working in software engineering, starting with the small Missouri-based telecom company Socket. He wrote and distributed a pay-per-view (PPV) ad network in 2010, continuing a trend of building up complex systems, and continued to work in software engineering until he founded NanoVMs in 2015.

Eyberg is bolstered by kernel engineers Will Jhun, Justin Sanders, Francesco Lavra, and Fabio Ferreria. Each of these engineers boasts similar or longer records of working in data storage and networking compared to Eyberg. Sanders, for instance, got his start working for Eaton Corporation as a system analyst. He spent nearly seven years working with computer data storage vendor Coraid, after which he turned to contract software development work. Each of these engineers holds the expertise and experience required for investors to be certain they know what they’re doing. Although the company is being advised by entrepreneurs like Henrik Rosendahl and is supported by notable venture funds, the team notably does not include dedicated marketing and sales staff yet. This lack of role diversity is a mark against the company. Thus, the team score for NanoVMs is its lowest across all five metrics.

Next Section: Differentiators


NanoVMs unikernels are a promising and largely unparalleled offering. CEO Eyberg holds two patents protecting its tech and has filed four. Because NanoVms did not invent unikernels, it is possible for other companies to potentially replicate what the company is doing. Major DevOps market participants however — like IBM, Amazon Web Services, and Microsoft — are not providing similar products to what NanoVMs is. Indeed, NanoVMs may operate in conjunction with their services. The product helps prevent traditional hacking and works with existing product infrastructure, which can make it an extremely attractive offering to open-minded enterprises. Thus, the differentiators score for NanoVMs is very strong.

Next Section: Performance


NanoVMs is still in the pre-profit stage but has begun to take in revenue through SaaS licenses for its Nanos C2, just-unveiled NanoVMs Radar, and support package subscriptions. In 2019, revenue reached $32,100 but then dipped slightly in 2020 for $8,983. Still, the company has significantly built up its assets and cash reserves. It has done this largely through $2.4 million in funding, some of it from the US Air Force. NanoVMs has been working to establish its recognition across the healthcare, finance, energy, telecommunications, and government markets, and it is meeting with success. Notably, it ran product trials with Fortune 500 pharmaceutical company Amgen. Its product releases are excellent indicators that the company is moving towards its sales goals, though a significant revenue decrease is concerning for any startup. Taking all these details into account, NanoVMs scores highly in the performance metric.

Next Section: Risks


While NanoVMs unikernel products nearly eliminate risk of data exposure, the company is not especially protected from the various pitfalls that can befall a startup. Note again that NanoVMs team, while decidedly fleshed out on the software development side, is lacking in the kind of diversified sales, marketing, and other kinds of employees the business will eventually require to be successful. It also features a solo founder. If Eyberg leaves the company for any reason, NanoVMs would likely struggle to continue. 

Even with its significant levels of fundraising, NanoVMs has incurred massive costs that have translated to nearly a million dollars in long-term debt. This will need to be repaid through profit before the business can see significant returns and before investors themselves can see those returns. Furthermore, NanoVMs has taken years to get to this point and will likely need more years to fully scale its sales and distribution networks. While NanoVMs success in the long-term could be significant, investors will need to be patient.

Next Section: Bearish Outlook

Bearish Outlook

Concerns about NanoVMs’s long-term viability are primarily centred around the willingness of the market to adopt unikernels as the next advancement from containers for running applications. It will be important for this to happen while NanoVMs remains unchallenged in this space. The company’s decrease in revenue in 2020 is also concerning. Given that the United States and the world have seen a significant rise in remote work and increased awareness around data security, those numbers should have gone up, not down.

Next Section: Bullish Outlook

Bullish Outlook

NanoVMs’ unikernel platform is significantly ahead of existing product offerings in terms of security and simplicity with an attack surface 0.1% the size of traditional Linux and no capacity to run more than one program on a server. To anyone familiar with cloud security systems, this is a significant advance. The market for cybersecurity and DevOps software is large and growing, giving NanoVMs plenty of room to claim a significant niche. Despite a slight drop in revenue, the company has achieved multiple years of positive revenue as it developed its highly differentiated offering. If NanoVMs can maintain its lead with unikernels — as companies like VMware did with prior advancements — it could easily reach millions in annual revenue and potentially much more. 

Next Section: Executive Summary

Executive Summary

NanoVMs is bringing the next stage of cloud computing to the market with its Nanos C2 and NanoVMs Radar products, using the power of unikernels to dramatically improve on traditional Linux systems. These products, which can be adapted to existing program infrastructure with little hassle, are efficient, fast, and highly resistant to hacking.

As an unchallenged pioneer, NanoVMs has significant room to grow, but it will depend on winning the trust of existing companies to switch to the unproven unikernel system. That said, product offerings are strong, the founder and his team are highly experienced, and progress appears to be proceeding on pace with recent product unveilings. NanoVMs was a Deal to Watch in its previous raise, and we see no reason to revise that rating now.

For these reasons, NanoVMs has been rated a Deal to Watch.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Benjamin Potts.

Founder Profile

NanoVMs Founder Ian Eyberg on Disrupting Linux

With more and more data being stored on the cloud, data breaches are becoming a major threat to consumer privacy and business operations. Once a business has been shown vulnerable to cyber attack, consumer trust significantly decreases. There is a major need for cybersecurity solutions to address these vulnerabilities.

One technology being promoted to make data more secure and accessible is called the unikernel. The unikernel is a potential evolution of previous virtualization tools, such as virtual machines from the 2000s and containers in the 2010s. NanoVMs is creating a unikernel platform that runs Linux faster and more securely than many modern instances. We spoke to founder Ian Eyberg to learn more about this technology and the potential it has to disrupt the software and cybersecurity space. 

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview

Founders: enhance your startup's credibility on KingsCrowd. Create an account to claim this raise page.
Add to portfolio
NanoVMs on StartEngine
Platform: StartEngine
Security Type: Convertible Note
Valuation: $20,000,000

Follow company

Follow NanoVMs on StartEngine

Buy NanoVMs's Deal Report

Warning: according to the close date for this deal, NanoVMs may no longer be accepting investments.

NanoVMs Deal Report

Get KingsCrowd’s comprehensive report on NanoVMs including:

  • How our proprietary algorithm rates their current capital raise (1-5 stars)
  • Detailed price, market, team, differentiators, performance, and risk ratings
  • Whether NanoVMs is undervalued or overvalued
  • Scores on the founding team and key personnel's background and expertise
  • Our deep-dive analyst report reviewing the deal's investment potential and bullish vs. bearish outlook

Buy the NanoVMs deal report for only $10!

Email address:
Looking to buy more than one deal report? Get unlimited reports by upgrading to Edge