# Investment Snapshot ## The deal **$3M Seed at $12M pre-money ($15M post).** ## The bull case - Real privileged access to tier-1 Qatar LNG operators — the door that's hardest to open. See [[Renacore/Traction and Pipeline]]. - A genuinely low-risk wedge: read-only, outbound-only, <30-day install. See [[Renacore/Architecture and Infrastructure]]. - Physics-first quality as a credible, hard-to-copy differentiator. See [[Renacore/Physics-First Quality and Governance]]. - Cohesive team (~4 yrs, second venture) with the right blend of cyber/architecture, finance, and ISO/operations. - Riding a structural wave — [[The OT Intelligence Layer]] and [[The Age of Vertical Models]]. ## The diligence flags 1. **Pre-revenue on LNG** — no executed pilots; pipeline is relationship-stage only. 2. **Pricing inconsistency** — ARR-per-train spans $500k → multi-million across documents; BMC pilots are $50k–150k. Unit economics unproven. See [[Industrial AI Unit Economics]]. 3. **Certification gap** — ISO/SOC2 *aligned/ready*, not certified; a procurement blocker for some buyers. 4. **Young company** — founded March 2025; the LNG product is months old. 5. **Concentration** — thesis leans heavily on Qatar relationships converting. ## How to underwrite it Treat this as a relationship-and-team bet on a real wave, priced before proof. The key diligence question is conversion velocity: how fast does a "warm" Qatar relationship become a **signed paid pilot** hitting the [[Renacore/Pilot Structure and KPIs]]? Frame against [[Investment Thesis Structure]], [[Investing Principles]], and [[3 Hard Truths of Deep Tech Commercialization]]. ## Related - [[Renacore MOC]] - [[Renacore/Company Overview and Pivot]] - [[Renacore/Business Model and Go-To-Market]] - [[Investing System MoC]] - [[Defensibility Principles MOC]]