> Founder concentration remains above peer-median 38%; ESOP refresh anticipated at next round.
> Series B preference sits within standard band; no participation risk on exit waterfall.
> Anti-dilution: weighted-average broad-based.
> Vesting cliff cleared 03/2025; secondary liquidity windows scheduled Q3.
> Net dollar retention 142% places company in 95th percentile of peer set.
> CAC payback drift +1.6mo QoQ; primary driver: enterprise tier sales cycle elongation.
> Cohort 24Q1 outperforming cohort 23Q1 at month 12 by 18.3 percentage points.
> 7 ingest pipelines / 1 degraded / 1 errored / valuations recomputed every 60s.
> All metric streams fan into the central DCF model and are reconciled with comparables and precedents.
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