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Analysis date: November 1, 2026

Evidence center

Evidence records and diligence gates

All 14 evidence records and all 12 diligence gates from the research package. A public source existing is not independent verification of the underlying business fact.

Classification legend and filter

Every record is labeled by how far it can be trusted

Verified public-source statement
A primary public document (firm, researcher, competitor or issuer) says this. The source exists and is linked; it does not make the underlying business fact audited.
Press-reported information
Reported by media, sometimes relaying company statements. Unaudited and unreconciled.
Company marketing claim
Self-reported on the company's own site. Not independent verification.
Analyst assumption
Illustrative analyst input. Not management guidance, not observed data.
Unavailable private data
Not disclosed and not in the research package. Shown as 'Not available', never as zero.

Evidence records (14 of 14)

Analyst assumptions

Illustrative inputs from the seed data, not observed facts

Analyst assumption
Analyst assumptions by scenario
AssumptionBearBaseBull
2026 bridge growth vs Dec-2025 rate15.0%40.0%65.0%
2027 growth25.0%55.0%80.0%
Annual growth step-down (floor 0%)3.0%7.0%8.0%
2026 recurring revenue mix25.0%45.0%60.0%
Annual recurring mix increase2.0%5.0%6.0%
Recurring mix cap75.0%85.0%90.0%
Recurring gross margin75.0%82.0%86.0%
Usage / non-recurring gross margin42.0%55.0%65.0%
2026 sales & marketing % revenue70.0%60.0%55.0%
S&M annual step-down (pts)4.0%5.0%5.5%
2026 R&D % revenue50.0%45.0%40.0%
R&D annual step-down (pts)3.0%3.5%4.0%
2026 G&A % revenue30.0%27.0%24.0%
G&A annual step-down (pts)2.0%2.0%2.0%
Exit multiple (x annual revenue)2.0x5.0x8.0x
Entry pre-money
$25.0m
Initial check
$5.0m
Follow-on round
$20.0m
Follow-on pre-money
$150.0m
Exit transaction costs
2.0%
Gross IRR hurdle
25%
Entry / follow-on / exit year
2026 / 2029 / 2033

Unavailable private data

Never displayed as zero

Unavailable private data
  • Validated recurring SaaS ARR (the Dec-2025 figure is a press-reported annualized revenue rate)Not available
  • Actual 2026 revenue or any 2026 financial statementsNot available
  • Gross margin and unit costs (inference, human QA, support, warranty)Not available
  • Net and gross revenue retention (NRR / GRR) and cohort dataNot available
  • LTV/CAC, CAC and paybackNot available
  • Number of paying customers and customer concentrationNot available
  • Private valuation, live round terms and fully diluted cap tableNot available
  • Independent measurement-accuracy test resultsNot available
  • Management guidance, or any contact with managementNot available

Diligence gates (12)

Evidence required before moving from WATCH to INVEST

All diligence gates
PriorityGateStatusRequired evidenceIf absentOwnerRelated evidence
P0Revenue classificationFinancialUNVERIFIEDMonthly invoices and contracts split by subscription, per-scan, services and implementationCannot claim ARR; revalue as transaction revenueInvestment teamE05
P02026 current tradingFinancialUNVERIFIEDLatest 12 months actual revenue, margin and gross cash burn, reconciled to bankDo not underwrite entry on stale 2025 run-rateInvestment teamE05
P0Measurement accuracyProductCOMPANY CLAIM ONLYBlind validation across hundreds of jobs, device types, materials, lighting and field errorFundamental product risk, potential rework liabilityTechnical diligenceE07
P0Customer / logo qualityCommercialCOMPANY CLAIM ONLYSigned paid contracts; revenue by customer; pilots vs paying users; logos permissionsReported '50+' may overstate monetized demandInvestment teamE06
P0Gross margin and unit costsFinancialUNVERIFIEDCloud inference cost, human QA, scanning support, warranty liabilityNo SaaS multiple without software-grade marginInvestment teamNone public
P1Cohort retentionFinancialUNVERIFIEDGRR, NRR, customer churn and scan frequency by monthly cohortCannot validate stickiness / lifetime valueInvestment teamNone public
P1ROI and workflowCommercialCOMPANY CLAIM ONLYHours and site visits saved, installation callbacks, reruns, cancellation changesWeak pricing power and expansion economicsInvestment teamE08
P1Sales efficiencyCommercialUNVERIFIEDCAC, payback, channel partners, split of outbound, referral and OEMCannot confirm Flashpoint 3x LTV/CAC targetInvestment teamE01E02
P1Competitive durabilityCompetitionPARTIAL PUBLICFeature comparison and win-loss vs HOVER, magicplan, Canvas/Twindo, other OEMsHigh risk of commoditizationInvestment teamE10E11
P1IP / privacy / accuracy liabilityLegalUNVERIFIEDPatent position, training data consent, warranty / indemnity, security reviewAdverse legal / operating tail risksCounselE07
P1Cap table and financingLegalUNVERIFIEDFully diluted capitalization, SAFEs, preferences, option pool, debt, investor consentsIllustrative entry price cannot be used as term sheetCounselE04
P22027 demand riskMarketMACRO HEADWINDCustomer sensitivity to remodeling slowdown, cancellations and renovation volumeForecast must stress cyclicalityInvestment teamE09

Sourcing research collection (25 unique sources, separate from the 14 records above)

25-company desk screen as of 2026-11-01. Reporting sources support funding, description and stated traction only; priority and fit are analyst judgment.