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The current industry 4.0 era is the digital transformation of industrial sectors. Every company competes to adapt digital technologies so they can continue to exist. PT Telekomunikasi Indonesia Tbk (Telkom), as the largest telecommunications company in Indonesia, began to focus on innovating. One obvious form performed by Telkom to boost innovation is establishing Amoeba (internal startup). Company V is one of the Amoeba and successfully fostered by Telkom. Company V run their business by providing a chatbot platform to help business owner leverage their communication and engagement with their customers using Bots and AI technology. As investors, Telkom needs to find out whether Company V is still eligible to remain incubated or not. Therefore it is necessary to do a valuation process for company V to provide information about what the value of company V is and how much funding should be given. The method used to solve the problem in this paper is a risk-based new venture valuation technique. The result shows that Company V is in milestone 2, with approximately the valuation is 83,16 billion IDR. If market validation is complete and normal risk is applied, the valuation of Company V will reach 568,23 billion IDR starting from year 3, month 5.

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