AI Venture Builder

<p><span style="font-size:20pt"><span style='font-family:"Times New Roman",serif'><strong>AI Factory S.r.l.</strong></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><em>On-premise “sovereign” AI software for defence, cybersecurity, and critical-infrastructure protection.</em></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Sector / stage</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Defence &amp; cybersecurity AI (deeptech, regulated) · Seed-stage innovative startup</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Headquarters</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Rome, Italy (operating division of UK parent AI Venture Builder Ltd)</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Raise</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Equity on CrowdFundMe · min €600,000 / max €3,000,000 · €9,000,000 pre-money</span></span></p>
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<h1><span style="font-size:14pt"><span style='font-family:"Times New Roman",serif'>AI Score</span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Why this score? </strong></span></span></p>
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<p style="text-align:center"><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="font-size:28.0pt"><span style="color:black">51 / 100</span></span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Real commercial signals (entity-level 2025 revenue of €1,291,150 and a partner list including Elettronica and Cy4Gate) are offset by a €9,000,000 pre-money the company does not justify with any disclosed methodology, a payroll (€22,239 of salaries) far below the claimed 14-person headcount, and a 2025 cost base that is roughly 58% a single undisclosed “consulenza aziendale” line of €710,553.</span></span></li>
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<p style="text-align:center"><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style='font-family:"Segoe UI Emoji",sans-serif'><span style="color:black">⚠️</span></span><span style="color:black">  Caution </span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Most crowd investors receive non-voting Category B quotas with no pre-emption and a drag-along that lets the controlling shareholder force a sale. The instrument is illiquid with no real secondary market. Several headline figures (revenue attribution, customer count, patents) are not independently verified in the dossier.</span></span></li>
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<p> </p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">ℹ️ This is not investment advice.</span></strong><span style="color:black"> </span><span style="color:#000000">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly without making a final investment decision.  Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform. AI can make mistakes, so you need to double-check data.</span></span></span></p>
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<h1><span style="font-size:14pt"><span style='font-family:"Times New Roman",serif'>Company Description</span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>AI Factory S.r.l. develops AI software installed directly inside a customer’s own infrastructure (“on-premise”), able to run even when fully disconnected from the internet (“air-gapped”), so that sensitive data never leaves the organisation. Target customers are defence, intelligence, and critical-infrastructure operators (hospitals, energy, transport). Two products are described as operational — Defence Knowledge Management (built with Elettronica) and Drone Detection — with several more (AI Guard, QUIPO Evolution / “Search Generative Experience” with Cy4Gate, Offline GPT, Event Detection System) in development. The company reports a proprietary “AutoRAG” framework and two patents pending.</span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The business has three revenue lines: integration services (~€250,000 average project), subscription software (SaaS, €2,300–€13,500+/month, company-stated 70% gross margin), and technology licensing/royalties. AI Factory is the operating division of UK parent AI Venture Builder Ltd, which holds the controlling voting quota. Several traction figures appear in the dossier with internal inconsistencies (for example, the deck states 6 active clients while the listing and press state 10), and independent press attributes the €1.3M 2025 revenue to the group rather than to AI Factory alone — both flagged below.</span></span></p>
<h1><span style="font-family:Times New Roman,serif"><span style="font-size:18.6667px">Potential exit </span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">What the company wants</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>To raise €600,000–€3,000,000 at a €9,000,000 pre-money valuation to fund R&amp;D (39%), team (36%), infrastructure/operations (16%), and marketing (9%), consolidating in Italy and expanding in Europe.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Target basis</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Mixed</strong> — the company states an exit horizon of 5–7 years via acquisition or a Euronext Growth Milan listing, but provides no return model or IRR; the 8–15× ARR figure it cites is a sector heuristic, not a company-specific projection.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Exit horizon</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>5–7 years, company-stated. Treat the money as locked up for at least that long.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Why aim for a high multiple? </span></strong><span style="color:black">Because the company has not provided a return model, the platform applies a sector lens. Early-stage equity is illiquid and most startups return little or nothing, so the few that succeed must return many times the investment for a portfolio to work. The company itself cites valuations of 8–15× annual recurring revenue (ARR — revenue already contracted from subscriptions) for software firms with proprietary technology. On the disclosed ARR of €360,000, that lens implies an ARR-based enterprise value of roughly €2.9M–€5.4M — below the €9,000,000 pre-money being asked. That gap is the central tension in this deal.</span></span></span></p>
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<h1><span style="font-size:14pt"><span style='font-family:"Times New Roman",serif'>Path to Target</span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Sector heuristic</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Software firms with recurring revenue and proprietary tech are commonly valued at 8–15× ARR (company-stated).</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Current key metric</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>ARR of €360,000 (company-stated); entity-level total 2025 revenue €1,291,150 (provisional accounts).</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Required scale at exit</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>To support an 8–15× lens at today’s €9M pre-money, ARR would need to reach roughly €600,000–€1,100,000 — i.e. ARR must at least double before the current valuation is covered on the company’s own multiple.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Implied IRR</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Not derivable from disclosed data — no return model, and no projected exit value tied to a probability. The deck’s 2026–2029 projections (€2.8M→€22.4M revenue) are unaudited management estimates and are not treated as fact here.</span></span></p>
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<h1><span style="font-size:14pt"><span style='font-family:"Times New Roman",serif'>Valuation</span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Pre-money ask</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€9,000,000. No valuation methodology (DCF or comparables table) is disclosed to support this figure.</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Equity offered</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>6.2% at the minimum raise / 25% at the maximum (7.3% / 28.2% with the 15% “Community Investor” discount that applies only to existing shareholders and the owner’s network).</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Owner skin in the game</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>None — the KIIS records €0 of own funds committed by the project owner to this round.</span></span></p>
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<h2><span style="font-size:11.5pt"><span style='font-family:"Times New Roman",serif'>Benchmark — prior rounds of the same group (public research)</span></span></h2>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Date</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Round / entity</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Raised</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Pre-money</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2024</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>CrowdFundMe — 1st AI Factory round</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€778,350</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€10,000</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2025</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Crowdcube</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>£461,127</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>£1.285M (~€1.47M)</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2025</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Republic Europe — parent AIVB Ltd</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>£2.5M (~€2.85M)</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>£4.4M (~€5.0M)</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2026</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>CrowdFundMe — current</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>min €600k / max €3M</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>€9,000,000</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><em>On the same CrowdFundMe-issuing entity, the reference pre-money moved from €10,000 (2024) to €9,000,000 (2026) in about 18 months — a 900× nominal increase. The entities are not strictly identical across rounds (subsidiary vs UK parent), so these are not perfectly like-for-like, but the trajectory is steep and unexplained by any disclosed methodology.</em></span></span></p>
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<h1><span style="font-size:14pt"><span style='font-family:"Times New Roman",serif'>Instrument &amp; Investor Terms</span></span></h1>
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<h2><span style="font-size:11.5pt"><span style='font-family:"Times New Roman",serif'>What you own</span></span></h2>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>You are buying equity quotas in AI Factory S.r.l. There are two classes. Category “A” req…</span></span></p>