The other side
of the data room
Defense diligence for investors and advisors, delivered in your format
Inside a defense data room
Data room / 01
Executive Summary
- Pitch deck
- One-page executive summary
- Company overview
Data room / 02
Team
- Founder bios and resumes
- Org chart and key-hire plan
- Advisors and technical board
- Security clearances held
Data room / 03
Product and Technology
- Product overview
- Technical architecture
- Product roadmap
- Demo videos
- Prototype status and TRL assessment
Data room / 04
Markets and Strategy
- Market sizing (TAM, SAM, SOM)
- Target programs and budget lines
- Competitive landscape
- Go-to-market plan
Data room / 05
Traction and Pipeline
- Letters of intent
- Pilot and CRADA agreements
- Memoranda of understanding
- End-user conversation notes
- Pipeline summary
Data room / 06
Government and Non-Dilutive Funding
- SBIR and STTR awards
- Other Transaction agreements
- Government contracts and grants
- Prime and integrator relationships
Data room / 07
Financials
- Historical financials
- Three to five year model
- Burn rate and runway
- Use of funds
Data room / 08
Cap Table and Financing
- Current cap table
- Prior SAFEs and notes
- Proposed terms for the round
- Financing history
Data room / 09
Legal and Corporate
- Certificate of incorporation
- Bylaws
- Board consents and minutes
- Founder agreements
- Material contracts
Data room / 10
IP and Compliance
- Patents and provisionals
- IP assignment agreements
- Export-control posture (ITAR and EAR)
- CMMC and NIST 800-171 status
- Facility clearance status
Where defense deals break
Funding line
Is a funded budget line behind the product?
Funding line
Is a funded budget line behind the product?
- Program element and procurement line
- Funding across the budget years
- Exposure to a cut or a continuing resolution
Buying path
Who buys it, and through which vehicle?
Buying path
Who buys it, and through which vehicle?
- Commercial Solutions Opening, Other Transaction, or program of record
- The contracting office and the program office
- Where it sits between prototype and production
Contract quality
What is the revenue, line by line?
Contract quality
What is the revenue, line by line?
- Obligated funding against ceiling
- Options exercised and pending
- Data rights and recompete dates
Execution
Can the company deliver what it won?
Execution
Can the company deliver what it won?
- Schedule and risk register against the award
- Staffing and supply chain
- Past performance on comparable awards
Competition
Who is the incumbent, and what do buyers say?
Competition
Who is the incumbent, and what do buyers say?
- Incumbents and the primes’ own programs
- Reference calls with buyers and end users
- Programs it replaces, or that could replace it
Ownership
What limits who can own or sell it?
Ownership
What limits who can own or sell it?
- Foreign ownership, control, or influence (FOCI)
- Export controls under ITAR
- Facility clearance and SAM registration
Shaped to the firm that retains us
Venture capital
A written read on the defense thesis before partners commit time
Private equity
The defense module of a live diligence, delivered to the deal clock
Consulting
The defense workstream inside your engagement, in your template
Bring us the target
The target by sector and stage, the deal clock, and the format your team needs. No names or proprietary information required
Email UsPhotographs: U.S. Space Force and U.S. Army. The appearance of U.S. Department of War visual information does not imply or constitute endorsement.