$9M was the total raise, not the valuation. Presumably the exit would have to be much higher than $45M for a 5x multiple.

I don't have any information on the details of this deal but if it is a typical series A then that 9 million represents a 20-30% equity stake in the company. This means for a 10x return for investorss the company needs to grow in value to ~$360 million.