Ask HN: What valuation cap to offer on a SAFE financing round for hardware?

Hey folks,

We are considering raising a round of Friends and Family on a SAFE (valuation cap, 30% discount). I am unsure what valuation cap to raise on---I want to give them a good deal because they are the first ones taking a bet on us, but I also don't want to be totally unreasonable.

I know a couple software companies that have raised a SAFE at a 3M to 5M valuation cap and 20% to 30% discount, but don't know how that valuation cap translates for hardware companies.

Do you have experience raising money on a SAFE? Would be interested in hearing your thoughts.