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Stellate
3 of 5 stages complete
Checklist
Judge each checklist item against the evidence
7 found3 partial3 missing1 not assessed· 14 total
3 items· 1 found· 1 partial· 1 missing
Alex (CEO) confirmed ex-Vercel and Sam (CTO) ex-Cloudflare via LinkedIn and a reference call.
↳ Reference call with Notion VP Eng was strongly positive on Alex specifically — strong founder-market fit. · you
42 FTEs cited in the deck; no org chart or key-hire bios in the data room.
Cap table shows founder ownership but no vesting schedule was provided.
2 items· 2 found
Edge data-infrastructure category sized at $5B+; cites PlanetScale and Cloudflare R2 as comparables.
Three direct competitors identified; differentiation rests on integration ergonomics.
2 items· 1 found· 1 missing
Architecturally sound; verified production usage at Notion and Linear.
The edge-caching layer sees customer database queries, but no SOC 2 report or pen-test results are in the data room.
↳ Gating item for IC — must obtain given the data-sensitivity of the product. · you
3 items· 1 found· 1 partial· 1 missing
$1.2M ARR with 25% MoM growth; named customers are externally verifiable.
138% NRR claim sits above comparable infra companies (PlanetScale/Upstash at 120–130%); could not externally verify.
No pipeline analysis provided to validate the $5M ARR target for next year.
2 items· 1 found· 1 partial
Model provided; 81% gross-margin assumption is plausible for the category.
Deck burn ($400K/mo) is materially below the model’s Year-3 average ($650K/mo) — implied ~60% burn growth.
↳ Ask about the hiring plan driving the burn ramp; tie it to the Series A use of proceeds. · you
2 items· 1 found
Cap table provided and consistent with the stated post-money.
Not yet reviewed — request from counsel.