For Lower & Mid-Market Private Equity

AI due diligence platform
for private equity deal teams

Run institutional-grade operational due diligence faster, smarter, and configured to your firm's playbook. Built with diligence operators from top advisory firms.

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The platform

From data room to IC memo, in one workspace.

Analysis

Findings

  • High · Revenue

    Customer #1 = 34% of revenue. CoC trigger in MSA.

    MSA_Atlas_2023.pdf, p. 14

Risks

  • High

    MSA termination on close. ARR exposure $14.2M.

    MSA_Atlas_2023.pdf, p. 14

Value creation

  • AP automation: $1.2M–$1.8M savings, 8-mo payback.

  • Offshore customer success: $0.8M–$1.1M run-rate savings.

Report

Headline metrics

TTM Revenue

$101.8M

40.7% growth

Revenue CAGR (3y)

12.1%

Growing

Gross margin

33%

Down 300 bps

EBITDA

$12.2M

Flat YoY

EBITDA margin

12.0%

Down 630 bps

SG&A % of revenue

21.0%

Up from 17.7%

Key risks

  • Customer concentration 34%; change-of-control termination right.
  • Flat EBITDA despite revenue growth.

Value creation

  • AP automation: $1.2M–$1.8M savings, 8-month payback.
  • Offshore customer success: $0.8M–$1.1M run-rate savings.

Chat

Build an LBO model from the data room financials.

Building LBO model…

LBO model ready: sources & uses, debt schedule, returns.

LBO_Model_Atlas_v3.xlsx

01 Evidence-backed findings 02 IC-ready memo draft 03 One workspace

How it works

The AI runs the work. Your team runs the judgement.

Fulcra AI ingests the data room and management call transcripts, identifies the findings, ties them to business impact, scores severity, and drafts the IC report. Your team reviews, edits, and signs off.

  1. 01

    Drop in the data room.

    Documents and call transcripts are ingested and organized by workstream automatically.

    • Financials
    • Revenue
    • Legal
    • IT & Cyber
    Mapped to workstreams
  2. 02

    Findings scored.

    Fulcra AI generates findings, business impact, severity, and value creation opportunities.

    High · Revenue

    Customer #1 = 34% of revenue. Change-of-control trigger in MSA.

    MSA_Atlas_2023.pdf, p. 14 Evidence-backed
  3. 03

    Review, don't redo.

    Your team reviews, edits, and approves the analysis. Each finding includes a data room reference.

    • Customer concentration 34%

    • Flat EBITDA despite revenue growth

    Accept or edit
  4. 04

    Ship the IC report.

    Drafted in your firm's template. Export or share the final memo with your team.

    Acme Capital Partners

    Investment Committee Memorandum

    Operational diligence supports proceed subject to customer concentration protections and MSA assignment at close…

    Your template

The methodology

Built around the playbook senior operators use, then configured to yours.

Every firm runs diligence differently. We tailor the platform to match your approach and deliverable format.

Workstreams
Your modules, DRLs, and how you scope a deal, not a generic checklist.
IC memo
Investment committee memos drafted from approved findings, in your firm's format and structure.

Institutional knowledge

Every diligence you run makes the next one sharper.

Findings are captured structurally (sector, deal stage, risk type, severity, source clause), not buried in chat history. On the next target in the same sector, the patterns your team has seen before flag themselves automatically. After ten deals, your firm has a proprietary diligence intelligence layer that doesn't exist anywhere else. Your IP, not ours.

Questions

Asked first.

How is this different from ChatGPT, Claude, or other frontier AI?01

Frontier models are powerful, but they're general-purpose. Point one at a data room and you get a competent summary, not a diligence finding. Fulcra AI is built on frontier models (we're model-agnostic and constantly testing across them), but the value is the infrastructure on top: the ODD methodology senior operators actually use, the prompting and retrieval pipelines tuned for diligence-grade output, the structured findings capture, and the workflow that mirrors how top firms run a deal. The model is the engine. The diligence platform is the car.

How is this different from other AI diligence tools?02

Most AI diligence tooling organizes the documents in your data room and pulls out contract clauses. We took a different approach: we replicated the operational diligence methodology that top advisory firms charge six figures to deliver, layered AI on top to make it faster and more thorough, and made it accessible to every PE firm, not just the ones who can afford a Big 4 ODD engagement.

What does Fulcra cover?03

Complete operational due diligence. When you onboard, we configure your workstreams, standard document request list, and diligence process inside the platform, tuned to how your firm runs deals. The system comes with 10+ prebuilt workstreams across ODD: talent and workforce, financials, customer concentration, legal, IT, cybersecurity, insurance, vendors, facilities, and more.

What models do you use?04

We're model-agnostic. We continuously test prompts and pipelines across the major frontier models (Anthropic, OpenAI, Google, and others) and route each task to whichever model produces the best result for that diligence step. As frontier capability improves, Fulcra improves automatically. You're never locked into one provider's quality ceiling.

Where does my data live, and how is it protected?05

In a single-tenant environment hosted in US regions. We've built Fulcra with enterprise-grade security protocols and are actively in the process of SOC 2 certification. Documents are encrypted at rest and in transit. We operate under zero-data-retention agreements with every LLM provider in our stack: your data room contents are never used to train shared models and aren't retained by the model providers after inference.

Who is this built for?06

Lower- and middle-market private equity firms running diligence in-house, or outsourcing to advisory firms and wanting faster, more accurate results at lower cost. Firms that want to surface risk flags early, move decisively on the deals that clear, and make sure nothing slips through diligence on the ones that don't.

Can Fulcra write to our IC memo template?07

Yes. We onboard your existing template once during setup, and Fulcra AI drafts in your format for every subsequent deal: sectioning, voice, and structure preserved.

Get started

Run faster, smarter diligence.

See Fulcra AI on a live data room, from ingest to IC-ready memo, configured to how your firm runs deals.

Book a demo