AgEvidenceInvestor Evidence Room
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OverallInvestmentTechnologyScienceNeutral
Independent review · company risk

Governance and ownership

Open-core plus two jurisdictions plus multiple repositories creates unusual investability questions. They belong in a room, not an appendix.

ItemStatusBlockingWhy it matters
Corporate structureopenyesUS and Australian operations create domicile, tax and investor-rights questions.
IP chain of titleopenyesMultiple repositories and prior technical assets.
Open-core boundarycompletenoAmbiguity creates either customer distrust or uncertainty about what investors own.
Protocol stewardshipopenyesNeutrality must survive the company's commercial incentives.
Related entity mapcompletenoPortfolio relatedness affects how early evidence is discounted.
Board and reserved mattersproposednoGate-based capital release needs a governance mechanism.
Founder successionopennoFounder-led engineering is why the plan is lean, and the largest single risk.
Data rights and privacydraftnoEvidence carries source-system data across organisational boundaries.
Customer liabilitydraftyesStatements are used in consequential workflows.
Future financingproposednoThe plan must not assume the next round.
Inspectable

Required evidence per item

Corporate structure

open
Why this matters
US and Australian operations create domicile, tax and investor-rights questions.
Required evidence
Entity chartFinancing instrumentCap tableOption pool
Blocking?
Yes

IP chain of title

open
Why this matters
Multiple repositories and prior technical assets.
Required evidence
Repository scheduleAssignment documentsContractor assignmentsDependency inventoryRelated-entity mapping
Blocking?
Yes

Open-core boundary

complete
Why this matters
Ambiguity creates either customer distrust or uncertainty about what investors own.
Required evidence
Licence mapCommercial boundary specification
Blocking?
No

Protocol stewardship

open
Why this matters
Neutrality must survive the company's commercial incentives.
Required evidence
Stewardship arrangementContribution policyChange-control governance
Blocking?
Yes

Related entity map

complete
Why this matters
Portfolio relatedness affects how early evidence is discounted.
Required evidence
Entity listRelated-party transaction policy
Blocking?
No

Board and reserved matters

proposed
Why this matters
Gate-based capital release needs a governance mechanism.
Required evidence
Board compositionReserved matters scheduleReporting cadence
Blocking?
No

Founder succession

open
Why this matters
Founder-led engineering is why the plan is lean, and the largest single risk.
Required evidence
Key-person planDelegation milestones
Blocking?
No

Data rights and privacy

draft
Why this matters
Evidence carries source-system data across organisational boundaries.
Required evidence
Retention policyData-rights termsSecurity posture
Blocking?
No

Customer liability

draft
Why this matters
Statements are used in consequential workflows.
Required evidence
Standard MSA and SOWLimitation-of-liability positionRegulatory-language counsel review
Blocking?
Yes

Future financing

proposed
Why this matters
The plan must not assume the next round.
Required evidence
Gated hiring planDownside operating model
Blocking?
No
Investor protection

The open-source boundary is a governance instrument

Commercial company controls
ProductsOperationsSupportHosted planeCommercial assets
Protocol governance protects
CompatibilityNeutralityOpen contractsSurvivability

Ambiguity here produces either customer distrust or uncertainty about what investors actually own. The boundary is therefore documented rather than implied by a licence file.

Every status on this board should come from a document, not from an assumption about what is probably fine.
Independent review

Everything in this room

Governance

The open-core structure creates governance questions that are part of investability.

Investors need clarity on the investee entity, IP chain of title, repository and license boundaries, protocol stewardship, related entities, board rights, data rights, customer liability, founder succession and future financing. The commercial company must be able to monetize operations without leaving ecosystem participants unsure whether the supposedly neutral evidence layer can be captured later.

Reading through Overall

The native reading. Claim status, evidence burden, proof gates, falsifiers, contradictions, capital-to-proof, governance, downside, and explicit reasons to stop or narrow the thesis.