For Private Equity & M&A · Pre-LOI Triage
Deterministic Data Room Audits.
AI analysis for a private equity data room: askOdin cross-examines the CIM against the model and disclosures you upload, surfacing contradictions as cited findings before the LOI.
Uploaded files only · Runs as a scoped pilot on CIMs · Does not replace the QoE
For PE funds · corporate acquirers · M&A advisers
RAVEN Protocol · U.S. Prov. Patent No. 63/994,876
// The Audit Gap
Single-document review will not catch the contradictions.
The CIM is built to be persuasive. The financial model is built to defend the CIM. The disclosure schedules are built to cover the financial model. The contradictions live between the documents — exactly where manual review fragments.
// Cross-Document Triangulation
What contradictions can a data room audit find?
CLAIM 01
Duration Mismatch
Long-term, fixed-cost liabilities (e.g., 10–15 year commercial leases) backing short-term, highly volatile revenue. The structural signature behind the WeWork S-1.
CLAIM 02
Revenue Reconciliation
Deck-stated ARR vs. financial-model bookings vs. the revenue in the financial statements. When the three diverge, the deal team sees it before the IC.
CLAIM 03
Cap-Table Commingling
Entity-level cap tables that do not reconcile with stated post-money or cross-entity capital flows — the structural signature behind the FTX collapse.
CLAIM 04
Unit-Economic Mirage
SaaS multiples applied to service-tier unit economics. RAVEN flags the structural mispricing before it propagates into the LBO model.
The architectural mechanics of RAVEN's triangulation engine are protected under U.S. Provisional Patent No. 63/994,876 and are not publicly disclosed.
// Buy-Side Diligence Workstreams
Before the QoE: the Claims, Cross-Examined
This is not a QoE, and it does not reconcile ledgers, prove cash or set the working-capital peg. It checks whether the claims across the data room hold against each other — model vs. financials vs. disclosures — before you commission one, and returns every finding with provenance. On CIMs it runs as a scoped pilot; the engine's published record is on pitch decks and public filings.
CLAIM 01
Adjusted EBITDA, Stated Consistently
The adjusted EBITDA figure checked across the CIM, the model and the lender deck. The same number should appear the same way in every document; where it does not, the disagreement is the finding.
CLAIM 02
Add-Back Narrative vs. the Financials
Where the CIM calls a cost one-time and the financial statements supplied tell a different story, the contradiction is preserved as a finding with both sources cited. Testing each add-back against the ledger stays with your QoE provider.
CLAIM 03
Customer Concentration & Revenue Quality
Concentration, churn, and revenue-sustainability claims cross-checked across the deck, the model, and the disclosures. Each contradiction is tied to both source documents — not summarized away.
CLAIM 04
Carve-Out Reconciliation
Where standalone financials and parent-level disclosures contradict each other, that surfaces as a finding with both sources cited. Untangling the carve-out itself stays with the accountants and the deal team.
We do not compete; we consume. Keep the data room, keep your QoE provider, keep the deal team — add the audit. RAVEN sits underneath the workflow you already have and surfaces the contradictions it was never built to catch.
The architectural mechanics of RAVEN's triangulation engine are protected under U.S. Provisional Patent No. 63/994,876 and are not publicly disclosed.
// Who It Is For
Funds, corporate acquirers and the advisers who prepare the CIM
The test does not change with the seat at the table: do the claims hold against the documents supplied with them?
- PE funds and search funds
- Pre-LOI triage. Every CIM gets the same cross-examination before the team commits time and a QoE budget to it.
- Corporate acquirers
- In a bilateral deal there may be no CIM. The management presentation, the business plan and the financial statements you receive are read against each other, and each finding carries both sources, so it can go into a board paper the way it goes into an investment committee memo.
// Sell-Side
For M&A advisers: a consistency pre-check before the CIM goes out
Upload the draft CIM with the financial statements and the model behind it, and see where they disagree before a buyer does: an adjusted EBITDA stated two ways, a one-time cost that recurs in the prior years. Each disagreement comes back with both sources cited, so it gets fixed in the draft rather than explained in a buyer's follow-up list.
It is not a QoE or a vendor due diligence report, and it does not test the numbers against the ledger. The seller's documents are handled as any customer's are, under the posture on the security page; the sub-processors are named publicly in Privacy Policy §5, with the supporting security documentation under NDA.
// Scoped CIM Pilot
How a scoped pilot runs
On CIMs, Clarity runs as a scoped pilot. Here is what that means in practice, before you commit to anything.
- One live CIM
- We scope the pilot on one deal you are looking at now. The question it answers is narrow on purpose: do the CIM's claims survive the documents supplied with it?
- The documents you upload
- The CIM and what came with it: the financial model, the financial statements, the disclosure schedules. Documents as PDF, the model as XLSX. Files are uploaded for each audit; there is no data-room connector to set up. No ledger, trial balance or bank statements are needed, because none are tested.
- What comes back
- Findings, each tied to both of its sources — the page and paragraph in the CIM, the cell in the model — tiered Critical, Major or Minor, with a Kill Shot at the Critical tier. A document the check needed but did not have is reported as unverifiable rather than skipped. The run is recorded in a Defensible Audit Log.
- Timing
- Each audit completes in under three minutes. The rest of a pilot's time goes into scoping the deal and reading the findings with your team.
- Terms and handling
- Terms are agreed per pilot. Documents are handled as described on the security page: raw documents held no longer than 30 days under a documented retention ceiling, never used for training.
- What it is not
- Not a QoE. No ledger or trial-balance reconciliation, no proof of cash, no working-capital peg. Those stay with your accountants and the QoE provider; the pilot tells them where to look first.
Math does not change based on valuation.
Whether the deal is a $50M growth round or a $2B sponsor-to-sponsor buyout, the contradictions in the data room are the same shape — an adjusted EBITDA stated two different ways, a one-time cost that is not, a concentration risk buried three documents deep. RAVEN surfaces them deterministically.
Request a scoped CIM pilot// OBJECTION HANDLING
PE & M&A Due Diligence FAQ
Data room analysis
What is AI data room analysis?
AI data room analysis reads across every document in a data room at once and reports where they disagree with each other. Search finds a document; summarisation compresses one. Analysis is the cross-document step: the same number appearing three ways in three files becomes a finding rather than an inconsistency nobody indexed.
How do you run private equity data room analysis on a live deal?
Upload the documents you have, as they stand, including the gaps; there is no data-room connector to set up. Missing documents are reported as unverifiable rather than skipped, so an absent cohort file is visible to the committee instead of disappearing into a confident summary. Findings arrive traced to page and line, which is what makes them usable during exclusivity rather than after.
What it analyses
Can askOdin produce a quality-of-earnings analysis, or does it just summarize the CIM?
Neither. It does not produce a QoE, and it does not summarize. It cross-examines the claims in one document against the numbers in the others and returns each contradiction as a citable finding, tied to both sources. Your deal team and your QoE provider adjudicate.
Does it validate EBITDA add-backs and working-capital normalization?
Not as an accounting reconciliation. It does not test add-backs against the general ledger or rebuild the working-capital peg; that is the QoE provider's work. What it tests is whether the CIM's narrative survives the financial statements supplied with it. The engine's published record is on pitch decks and public filings (see the WeWork S-1 audit); on CIMs it runs as a scoped pilot on your own documents.
Can it flag customer concentration and revenue quality across the data room?
Where the contradiction sits between documents you supply, yes: a concentration or revenue-durability claim stated one way in the CIM and contradicted by the model is the kind of finding the engine is built to hold, tied to both sources. It does not audit contracts or cash receipts.
Fit and confidentiality
Does this work for a carve-out where financials are entangled with the parent?
Only as far as the documents supplied allow. Where the carve-out financials and the parent-level disclosures contradict each other, that surfaces as a finding with both sources cited. Untangling the carve-out itself remains the accountants' work and the deal team's call.
How is this different from a virtual data room’s AI or a RAG tool over the room?
Those retrieve and summarize within a document. askOdin triangulates across documents and preserves contradictions instead of reconciling them away. We do not compete; we consume — keep the room, add the audit.
Is our confidential deal-room data used to train models?
No. Extraction runs against an external model API under a paid-tier agreement that prohibits training use, and the deterministic engine does the analysis. Processing runs under Stateless API Orchestration and Strict Data Sovereignty; raw documents are held no longer than 30 days under a documented retention ceiling and never enter any training corpus. What persists beyond that is the derived record (the verdict and the analysis), and deletion requests reach it too. The ceiling is documented policy; until its automated enforcement ships, deletion is executed on request. The detail, control by control, is on the security page.
Who it is for
We are a corporate acquirer, not a fund. Does this fit our M&A process?
Yes, on the same terms. The test does not change with the buyer: do the target's claims hold against the documents supplied with them? In a bilateral deal there may be no CIM; the management presentation, the business plan and the financial statements you receive are the documents it reads against each other. Findings carry both sources, so they can go into a board paper the way they go into an investment committee memo. It does not replace financial, tax or legal diligence, and on target materials it runs as a scoped pilot.
Can an M&A adviser run it on the seller's materials before marketing?
Yes, as a consistency pre-check. Before the CIM goes out, a sell-side adviser can upload the draft CIM with the financial statements and model behind it and see where they disagree — an adjusted EBITDA stated two ways, a one-time cost that recurs in the prior years — with both sources cited, so the contradiction is fixed before a buyer finds it. It is not a QoE or a vendor due diligence report, and it does not test the numbers against the ledger. The seller's documents are handled exactly as any customer's, as set out on the security page. The sub-processors are named publicly in Privacy Policy §5; the supporting security documentation is provided under NDA. Terms are agreed per deal.
// The Operating Manual
Read the Master Playbook
The forensic standard for detecting structural insolvency and duration mismatches at compile-time — before LOI.
Read the M&A Forensic Standard