CrowdFundMe • AI Venture Builder
Financiación participativa
AI Venture Builder
The Venture Builder building AI-based technologies for defense, cybersecurity, and critical infrastructure.
Key project data
Target amount
0,6 MEUR
Equidad
6.3%
Valuations
9,0 MEUR
Fecha de finalización
2026-07-31
Would AI invest?
51/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Defence & cybersecurity AI (deeptech, regulated) · Seed-stage innovative startup</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> </tbody> </table> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:173px"> <p> </p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score? </strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <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> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:173px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:451px"> <ul> <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> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:624px"> <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"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-family:Times New Roman,serif"><span style="font-size:18.6667px">Potential exit </span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:464px"> <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&D (39%), team (36%), infrastructure/operations (16%), and marketing (9%), consolidating in Italy and expanding in Europe.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td colspan="2" style="background-color:#fbf1dc; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:624px"> <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> </td> </tr> </tbody> </table> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Path to Target</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> </tbody> </table> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Company Description</span></span></h1> </div> <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> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> </tbody> </table> <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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:87px"> <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> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:193px"> <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> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:172px"> <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> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:172px"> <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> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:87px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CrowdFundMe — 1st AI Factory round</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€778,350</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€10,000</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:87px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowdcube</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£461,127</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£1.285M (~€1.47M)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:87px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Republic Europe — parent AIVB Ltd</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£2.5M (~€2.85M)</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£4.4M (~€5.0M)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:87px"> <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> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CrowdFundMe — current</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">min €600k / max €3M</span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:172px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€9,000,000</span></span></p> </td> </tr> </tbody> </table> <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> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Instrument & Investor Terms</span></span></h1> </div> <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” requires an investment of at least €100,000 and carries voting rights; Category “B” is available from €500 up to €100,000 and carries <strong>no voting rights</strong>. Because the minimum ticket is €500, most crowd investors will hold non-voting Category B. You are registered directly as a quotaholder in the Italian company register (there is also an optional Directa SIM nominee arrangement for Italian-resident individuals). In practice you own a small economic stake but have no vote on company decisions, including the decision to sell the company — control stays with the UK parent AI Venture Builder Ltd, which holds the controlling “AA” voting quota.</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means your percentage of the company shrinks when new shares are issued in later fundraising. The company has both a stated intention and a track record of raising repeatedly — four rounds across CrowdFundMe, Crowdcube, and Republic Europe in roughly 18 months — and the KIIS explicitly warns it is “likely to resort to new capital increases with dilutive effects.” Crowd investors have <strong>no anti-dilution protection</strong> and <strong>no pre-emption right</strong> (Article 9.2 does not apply to Category A or B), so you cannot automatically invest again to defend your percentage.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example (standard cap-table mechanics, not a prediction). </strong>If you invest €1,000 today and the minimum €600,000 round closes at the €9,000,000 pre-money (a €9.6M post-money), you own roughly 0.0104% of the company. If the company later raises €4,000,000 at an €18,000,000 pre-money (a successful up-round), your stake dilutes to about 0.0085% and the implied value of your €1,000 rises to roughly €1,875. If instead the next round is a down-round of €2,000,000 at a €5,000,000 pre-money, your stake dilutes to about 0.0074% and the implied value of your €1,000 falls to roughly €520 — a fall of about 48%. These are illustrative mechanics using the company’s stated round-size intentions, not forecasts.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No employee option pool (ESOP) is disclosed, so its dilutive effect cannot be assessed. Because there is no pre-emption right, assume your percentage will shrink at each future round, and shrink more if any round is priced below the current valuation.</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Liquidation preference not disclosed</strong> — in a sale below or near the current valuation, the order of payouts determines who gets what. Without disclosure, you cannot assess whether earlier investors or founders have priority over crowdfund investors in an exit. The KIIS warns that in a wind-down, investors “could receive nothing” after creditors are paid.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Drag-along and tag-along. </strong>A drag-along right (Article 9.8) lets the controlling shareholder, on receiving an offer for the majority of the company, force minority holders — including you — to sell all their quotas on the same terms. You have a partial protection: if the drag-along is triggered before 30 November 2027, your quotas must be valued at no less than what you paid (a capital floor, but no guaranteed gain); after that date the floor falls away to fair value. A tag-along right (Article 5.3) works in your favour — it lets you join a sale of control on the same terms as the seller.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Lock-up and liquidity. </strong>There is no real secondary market for these quotas (the KIIS lists illiquidity as a specific risk); only an informal CrowdFundMe “notice board” where you must find your own buyer. There are no buy-back or put options. Treat this investment as illiquid for the full 5–7 year horizon, possibly longer, with an exit only via acquisition or IPO.</span></span></p> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights for Category B — you cannot influence company decisions, including the decision to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No pre-emption and no anti-dilution — your percentage will fall at each future round, and the company has signalled frequent further raises.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No liquidation preference disclosed — in a low-value exit you may receive little or nothing after creditors and any preference-holders are paid.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along lets the controlling shareholder force a sale without your consent; your only protection is a return-of-capital floor, and only until 30 November 2027.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No secondary market — you are effectively locked in until a strategic exit or IPO.</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Absence of disclosure means you cannot assess these before investing:</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any class of shareholder</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee option pool (ESOP) size and any planned expansion</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — the frequency and type of reporting investors will receive</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Post-round cap-table split between voting and non-voting quotas</span></span></li> </ul> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Score Breakdown</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">One-line reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & key-person</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Credible, verifiable founder (Testi); but heavy key-person dependence and payroll inconsistent with claimed headcount.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real partner-built products exist; but performance metrics unsourced and patents unverified (LIMITED data, capped 70).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & commercial</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">52</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Entity revenue €1.29M and €360k ARR; but revenue attribution group-vs-entity unresolved and client count inconsistent (capped 70).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large, growing defence/cyber-AI market with sovereignty tailwinds; but the company faces far larger funded competitors.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & unit economics</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitable on paper (€70k); but ~58% of costs are one undisclosed consulting line and accounts are provisional (capped 70).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">32</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€9M pre-money with no methodology; 900× step-up vs the entity’s 2024 CFM base; no owner funds committed.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor terms & dilution/exit</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">40</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9ccd2; border-left:none; border-right:1px solid #c9ccd2; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tag-along and a drag-along capital floor exist; but non-voting, no pre-emption, no liquidation preference, illiquid.</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Detailed Review</span></span></h1> </div> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Team & key-person (62 · Moderate)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Matteo Testi has a verifiable public profile: founder of Deep Learning Italia, AgID AI white-paper contributor, PhD in Computer Engineering, plus a CFO (Tognoni) with PE/VC background and a CTO with a PhD.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named industrial partners (Elettronica, Cy4Gate, Larimart) lend the team credibility in a hard-to-enter sector.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The KIIS names dependence on Testi as a specific risk — loss of one person could materially affect the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2025 statutory salaries are only €22,239 with ~€1,520 of severance accrual, consistent with roughly one employee, despite a claimed 14-person team — the team appears engaged via consulting rather than employment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The team roster differs between documents (deck lists Cacciola/Garashov/Valente; listing lists Cacciola/Zanella).</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP (55 · Caution)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two products are described as operational and were built with established defence partners (Elettronica), implying real-world deployment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A proprietary AutoRAG framework and air-gapped capability are plausible barriers to entry in classified environments.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Performance claims (“up to 40%” search-time reduction, “37.8%” false-alarm reduction) have no disclosed methodology or sample.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The “two patents pending” claim is not independently verified and no application numbers are given.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality is LIMITED, so this score is capped at 70 (limited independent validation).</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Traction & commercial (52 · Caution)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Provisional 2025 accounts show entity revenue of €1,291,150, corroborating the €1.3M headline at the legal-entity level; company-stated ARR is €360,000 with net revenue retention above 110%.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A qualified pipeline above €2M and multi-year (36-month) contracts are reported.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent press attributes the €1.3M (+330%) to the group, not AI Factory alone — the attribution is unresolved.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Active customer count is internally inconsistent (deck 6 vs listing/press 10).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality is LIMITED, so this score is capped at 70.</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Market & competition (68 · Moderate)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The defence-AI market is cited at $13.8B (2024) rising to $34.2B (2030), and AI-cybersecurity at $25.5B rising to $102.8B (2032) — large and growing, with European sovereignty tailwinds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sovereignty / on-premise positioning aligns with EU regulatory direction (e.g. NIS2).</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company competes against far larger, better-funded players it names itself (Palantir, Helsing, Anduril).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market-size figures come from company-cited third-party reports; European sub-figures are internally inconsistent between deck and listing.</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Financials & unit economics (45 · Caution)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The entity is nominally profitable: 2024 net profit €12,434 and provisional 2025 net profit €70,209, with a company-stated 70% software gross margin.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Healthy cash position (bank deposits €597,294) on the provisional balance sheet.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">About 58% of 2025 costs sit in a single “consulenza aziendale” line of €710,553 with an undisclosed counterparty — combined with parent control and associated-company balances, this raises related-party and revenue-quality questions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2025 accounts are provisional and unapproved.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality is LIMITED, so this score is capped at 70.</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms (32 · Weak)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The drag-along includes a return-of-capital floor (until 30 November 2027) and a tag-along right, which are mild investor protections.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise structure and discounts are clearly documented in the KIIS.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €9,000,000 pre-money is supported by no disclosed methodology and sits above the €2.9M–€5.4M implied by the company’s own 8–15× ARR lens.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pre-money reference on the same CFM-issuing entity rose from €10,000 (2024) to €9,000,000 (2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The project owner commits no own funds to the round.</span></span></li> </ul> <h2><span style="font-size:11.5pt"><span style="font-family:"Times New Roman",serif">Investor terms & dilution/exit (40 · Caution)</span></span></h2> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Strengths</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tag-along rights and a time-limited drag-along capital floor give some downside protection on a forced sale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Terms are disclosed in reasonable detail in the KIIS, better than many crowdfunding offers.</span></span></li> </ul> <h3><span style="font-size:10.5pt"><span style="font-family:"Times New Roman",serif">Weaknesses</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Category B is non-voting, with no pre-emption and no anti-dilution — the crowd pool will be diluted at each future round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No liquidation preference is disclosed, so payout priority in an exit cannot be assessed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The investment is illiquid with no real secondary market.</span></span></li> </ul> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Red Flags and Integrity Checks</span></span></h1> </div> <ol> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation step-up</strong> — €10,000 → €9,000,000 pre-money on the same CrowdFundMe-issuing entity in ~18 months, with no disclosed methodology.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Revenue attribution ambiguity</strong> — €1.3M (+330%) is described as group revenue by press but as AI Factory’s in the offer; the entity’s cost base is ~€1.0M external consulting, raising an intra-group / pass-through question.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Headcount vs payroll mismatch</strong> — a claimed 14-person team against €22,239 of 2025 salaries (≈ one employee); the team appears engaged via consulting, not employment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Related-party concentration</strong> — ~58% of 2025 costs in a single “consulenza aziendale” line (€710,553) with an undisclosed counterparty, alongside parent control and associated-company balances.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — active clients 6 (deck) vs 10 (listing/press); raise target €2M (deck) vs €3M max (KIIS); differing fund-allocation percentages and team rosters.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Unverified claims & no owner funds</strong> — “2 patents pending” and product-performance metrics are not independently verified; the owner commits €0 of own funds; 2025 accounts are provisional; dual-use / export-control standing is undisclosed.</span></span></li> </ol> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>None of the six checks returned “None found” — each surfaced at least one issue in the dossier.</em></span></span></p> <div style="border-bottom:solid #2e4a7f 1.0pt; padding:0in 0in 2.0pt 0in"> <h1><span style="font-size:14pt"><span style="font-family:"Times New Roman",serif">Data Quality Notes</span></span></h1> </div> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company package: </strong>reasonably complete (KIIS, deck, 2024 accounts, 2025 provisional accounts, CV, listing), with detailed instrument terms but no valuation methodology, no post-round cap table, and no business plan with assumptions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financials: </strong>2024 filed; 2025 provisional and unapproved. Entity revenue is corroborated, but its quality and intra-group nature are unresolved.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Public research: </strong>strong on fundraising history and group structure (multiple independent Italian outlets), weaker on customer count, patents, and product-performance metrics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Capped categories: </strong>Product/IP, Traction, and Financials are LIMITED data quality and were each capped at 70; the remaining categories are MODERATE and capped at 85.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Open items for direct due diligence: </strong>group-vs-entity revenue split; identity of the €710k consulting counterparty; justification for the €9M pre-money; real employment basis; patent and partnership verification; dual-use / export-control standing.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c9ccd2; border-left:1px solid #c9ccd2; border-right:1px solid #c9ccd2; border-top:1px solid #c9ccd2; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
CrowdFundMe IT
Risk Level
Alto
Risk Return Level
Good
Risk Return Level
Mediano
Inversión mínima
EUR 250
Financiado
EUR 138,55M
