Companisto • AMERIA AG
Financement participatif (equity crowdfunding)
AMERIA AG
SONY, SAMSUNG, and major U.S. tech companies are counting on AMERIA. AI Made in Germany – a leading German deep tech company with global scaling.
Key project data
Target amount
6,85 MEUR
Valuations
241,38 MEUR
Rendements potentiels
431%
Année de sortie prévue
2028
Would AI invest?
41/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>AMERIA AG</em> — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Touchless gesture-control software and 3D interactive-display technology, paired with Sony hardware.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong><em>Deep tech (human-machine interaction / display software)</em></strong> · Stage: <strong><em>Late-stage crowdfunding (10th round)</em></strong> · HQ: <strong><em>Heidelberg, Germany</em></strong> · Raise: <strong><em>up to €11,997,000</em></strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score: </span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Verified Sony partnership: the StarKit + Spatial Reality Display system is real and won ISE 2026 “Best of Show”, but public press describes selective European distribution, not the “global” launch the deck implies.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em><span style="font-size:26.0pt"><span style="color:black">41</span></span></em></strong><strong><span style="font-size:26.0pt"><span style="color:black"> / 100</span></span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Extreme entry price: €241.4m pre-money against €0.54m audited FY2024 revenue is roughly 449× trailing revenue, on a business that lost €5.08m and saw revenue fall 27% year-on-year.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⭐ <em>Caution</em></span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Going-concern dependency: the EY audit states survival depends on continued fundraising; year-end cash was €1.3m.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Misleading valuation anchor: the deck’s claim that OpenAI bought AMERIA’s “only known competitor” for $6.5bn refers to io, Jony Ive’s screenless AI-device startup — not a competitor.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Investor terms favour insiders: half your shares carry no vote, the rest are pooled, a ~1× A-share preference and a 10% pool carry sit ahead of your net return, and there is no secondary market.</span></span></span></li> </ul> </td> </tr> <tr> <td colspan="2" style="background-color:#e6f1fb; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice. </strong>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> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:184px"> <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="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 <em>~10×</em></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">⏱ <em>5–7 yrs</em></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:184px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Default</strong> — the company states no explicit return target for crowd investors; ~10× / 5–7 yr default applies.</span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Implausible at this entry price without an exit far above the current €241.4m valuation, after a ~1× A-share preference and 10% pool carry.</span></span></p> </td> </tr> <tr> <td colspan="4" style="background-color:#fbf1dc; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Why aim for ~10x? </strong>Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must compensate for the losers, so each individual investment is typically targeted at roughly 10x over 5–7 years. A lower target across a portfolio of risky bets usually does not produce a positive overall return. This is why the platform applies a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:173px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a deep-tech licensing business, a ~10× return on a €241.4m pre-money entry implies an exit enterprise value above ~€2.4bn, before dilution from further rounds and before the A-share liquidation preference and 10% pool carry are deducted.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited FY2024 revenue €0.54m (down 27% YoY); net loss €5.08m; cash €1.3m.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A trade sale (advised by Rothschild & Co per the deck) at a multi-billion-euro valuation — i.e. AMERIA reaching genuine “unicorn” scale, which the deck asserts but does not evidence.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A ~10× over 5–7 years implies roughly 40–60% annualised — the return needed to justify the risk, not a forecast. No company IRR target is provided.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AMERIA AG is a Heidelberg-based deep-tech company (registered Amtsgericht Mannheim, HRB 730800) that has developed gesture-controlled, touchless human-machine interaction technology for over 20 years, led by sole board member and founder Albrecht Metter. Its original core product, the Virtual Promoter, is a gesture-controlled retail display used historically by clients the company and public sources cite including Porsche, Haribo and LEGO. In January 2026 AMERIA and Sony Professional Displays publicly launched StarKit — gesture-control and content-management software paired with Sony’s glasses-free Spatial Reality Display — which won an ISE 2026 “Best of Show” award; the company reports it earns software and product licence income from this partnership. AMERIA is also developing Maverick AI, an AI/3D laptop concept it calls the “Workspace of the Future”, which is the stated focus of this round’s use of funds. Audited FY2024 revenue was €0.54m (down 27% year-on-year) with a €5.08m net loss; the company reports the deck figure of “over 70 employees”, while the EY audit records 25 average employees. This is AMERIA’s tenth Companisto financing round (“Financing Round X”), raising up to €11,997,000 in depot-capable shares to fund development, industrialisation and marketing.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€241.4m (company-stated).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Up to ~€253.4m if the full €11,997,000 raise completes (pre-money + raise). The company does not state a post-money figure; this is arithmetic.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — new registered shares, issued 50% ordinary and 50% non-voting preference, at €1,500 per share (€1 nominal + €1,499 capital-reserve payment).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials. Public history shows valuation set by the issuer within successive Companisto rounds, rising ~€8m → €83.9m (2020) → ~€201–206m → €241.4m, with no independent priced lead-investor round evidenced.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€241.4m ÷ €0.538m FY2024 revenue ≈ 449× trailing revenue — far above normal software multiples. The deck’s OpenAI/io benchmark is not a valid comparable (io is Jony Ive’s AI-device startup, not a competitor).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A-share liquidation preference (≈1× return of paid-in capital ahead of pro-rata), simple-majority drag-along, and a 10% pool carry above a 6% hurdle (5% for investments over €100,000).</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy newly issued shares in AMERIA AG, split evenly: half are ordinary shares (which carry a vote) and half are non-voting preference shares (which do not). “Share class” means the category of share and the rights attached — here you join as a “Platform-Placed A-Share Shareholder.” Your shares are booked into your own securities account via Clearstream (so you hold them directly and they are depot-capable), but your voting rights are not exercised by you individually: all A-shares are bound into a pool and voted as one block by Companisto Trust Service GmbH (the “Pool Manager”, a nominee that votes on the pool’s behalf following the pool vote). In practice this means you have almost no individual say at shareholder meetings, and decisions — including whether to sell the company — are determined by the pooled majority, not by you.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your ownership percentage shrinks when the company issues new shares. The company intends to keep raising money — this is already its tenth round, framed as growth financing ahead of an exit — but no size or timing for a next round is disclosed. Crowdfund investors have only weighted-average down-round protection that runs for 24 months from the 2018 shareholders’ agreement; whether fresh protection attaches to investors entering in 2026 is not clearly evidenced, so you should assume you have little or no anti-dilution protection.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice): if you invest €3,000 today at the ~€253m post-money valuation, you own approximately 0.0012% of the company. If AMERIA then raises €5m at a €300m pre-money valuation (a successful up-round), your stake is diluted to approximately 0.00116%. If instead the next round is a down-round at €150m pre-money, your stake is diluted to approximately 0.00114% and the implied value of your shares falls by roughly 38% in line with the lower price, because your protection is limited.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Separately, up to 10% of share capital is reserved for an employee share scheme (ESOP); when those shares are issued they dilute you further, and the anti-dilution clause explicitly does not protect you against ESOP dilution. You have a right of first refusal only on transfers of large blocks (over 15% of capital) — not a general right to buy into future funding rounds to defend your percentage. Treat your stake as something that will shrink over time.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Liquidation preference” sets who gets paid first if the company is sold or wound up. Here A-share shareholders (including you) first receive back the nominal plus capital-reserve amount they paid in, before the remainder is shared pro-rata — an approximately 1× non-participating preference. Crucially, most of your €1,500 per share is the capital-reserve payment, so this preference is mainly a return-of-capital mechanic; in a low-value exit, creditors and silent partners rank ahead of equity entirely, and you could receive little or nothing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Drag-along” lets a majority force everyone to sell on the same terms: here a simple majority (over 50% of votes cast) can compel all shareholders — including the pooled crowd — into a sale. “Tag-along” lets you join a sale on the same terms when large holders sell more than 25% of capital, which protects you from being left behind. On top of this, the Pool Manager takes a 10% carry (5% if you invest over €100,000) on gains above a 6%-per-year hurdle, reducing your net proceeds at exit.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no fixed lock-up stated, but transfers require company (Supervisory Board) consent, the shareholder and pool agreements run for a 15-year minimum term from 2018, and the shares are not listed on any exchange — there is no active secondary market. You should treat this investment as illiquid for at least 5–7 years, and quite possibly until a trade-sale exit that may never happen.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Half of your shares carry no vote and the other half is pooled — you cannot individually influence company decisions, including whether or when to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A simple-majority (over 50%) drag-along means the pooled majority can force you into a sale without your consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 10% pool carry above a 6% hurdle (5% if you invest over €100,000) is skimmed from your gains before you receive anything at exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The A-share preference is largely a return-of-capital mechanic; in a sale below the current €241.4m valuation, after creditors and silent partners, crowd equity may receive little.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No exchange listing and transfers require company consent — you are effectively locked in until a strategic exit or IPO that is not guaranteed.</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Round X post-money cap table — your exact percentage after the round and after the ESOP is not provided.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation methodology — no model, comparable set, or independent fairness assessment is given.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Next-round (Series-A-equivalent) size, timing and expected dilution.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether fresh down-round protection attaches to investors entering in 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Binding economics of the Sony licence (royalty rate, exclusivity, volumes) and any Samsung agreement.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The securities information sheet (WIB) and any financials more recent than the FY2024 audit.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:213px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:87px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:87px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial health & runway</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">28</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — €0.54m revenue (–27% YoY), €5.08m net loss, €1.3m cash, going concern contingent on this raise.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & entry price</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">18</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Critical</span></strong><span style="color:black"> — ~449× trailing revenue; issuer-set ladder; deck’s OpenAI/io benchmark is invalid.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & commercial traction</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — real Sony launch and award, but “global/sold-out” framing exceeds cited press; Samsung/Big-Tech claims unverified.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <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:#faeeda; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">64</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — verified Sony-integrated product and claimed 70+ patents (capitalised IP €9.1m), but patent count unverified.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <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 #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — 20+ yr operator, but sole-director key-person risk and a 25-vs-70 headcount discrepancy.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit pathway & realism</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">35</span></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:87px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:237px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — trade-sale thesis and Rothschild mandate are company-stated; exit at required scale unevidenced.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a late-stage (10th-round) deep-tech deal, so financial health, traction and valuation carry the most weight (58% combined) because there is now an operating and pricing track record to judge. Team is reduced to 12% under the Series-A+ stage adjustment, since execution capability is partly already demonstrated. Product/IP keeps an 18% deep-tech weight given the verified Sony integration. All six categories were evaluable, so no N/A redistribution was needed. Forward-looking categories that rely on deck-only claims (traction, exit) were capped at 70 under the dossier’s data-quality rules; the rest were capped at 85 for MODERATE overall data quality.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial health & runway</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EY issued a clean FY2024 audit opinion, but the numbers are difficult: revenue fell 27% to €0.54m, the net loss was €5.08m, and own work capitalised (€2.88m) exceeded revenue. Year-end cash was €1.3m and the auditor states going concern depends on continued fundraising.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clean, audited FY2024 statements from EY.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Positive equity of €7.01m on the balance sheet.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An additional €5.6m was reported secured toward a prior round.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue down 27% YoY to €0.54m.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€5.08m net loss; €28.3m accumulated deficit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1.3m cash and explicit going-concern dependence on this raise.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & entry price</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At €241.4m pre-money on €0.54m revenue, the entry multiple is roughly 449× trailing revenue. Public history shows the valuation was set by the issuer across successive Companisto rounds (~€8m → €241.4m) rather than by an independent priced lead investor. The deck’s OpenAI/io comparison does not support the price.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Verified Sony partnership gives some qualitative support to a premium.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Depot-capable shares with ISINs (more formal than many crowd instruments).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~449× trailing revenue — far above software norms.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation set within crowdfunding rounds, no external priced lead.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline OpenAI/io benchmark is invalid (io is not a competitor).</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & commercial traction</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Sony StarKit + Spatial Reality Display launch is genuine and won an ISE 2026 award, confirmed by Sony’s own press and trade media. However, the deck’s “global distribution” and “almost sold out” framing is stronger than the cited press, which describes selective European distribution with first installs expected later in 2026. Samsung and US-Big-Tech claims are company-stated only.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real, award-winning Sony-integrated product (independently confirmed).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20+ year history with blue-chip Virtual Promoter clients (Porsche, Haribo, LEGO).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Global/sold-out” framing exceeds what cited sources support.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Samsung product and Apple/Google/Amazon/Microsoft “talks” unverified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Licence economics (royalty, exclusivity, volumes) undisclosed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The technology is real and now embedded in a shipping Sony solution. The company reports an IP portfolio of over 70 patents and patent applications, and the audit capitalises self-developed IP at €9.1m. The patent count itself was not independently verified in the dossier.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Verified, award-winning product integration with Sony.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Self-developed IP capitalised at €9.1m in audited accounts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long R&D track record in touchless interaction.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“70+ patents” not independently verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Maverick AI is still in development, not yet commercialised.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Heavy reliance on capitalised development costs to support the balance sheet.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Albrecht Metter has run AMERIA for over 20 years and is the sole management-board member, with an established supervisory board. Sole-director structure concentrates execution and key-person risk, and there is a material discrepancy between the deck’s “over 70 employees” and the 25 average employees in the audit.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Experienced, long-tenured founder-operator.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Formal supervisory board with named academic and legal members.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder reverse-vesting aligns incentives.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sole management-board member — key-person concentration.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headcount claim (70+) conflicts with audited 25.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder family holds significant control (~37.85% at FY2024).</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit pathway & realism</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck presents a trade-sale thesis advised by Rothschild & Co and asserts AMERIA is “on the way to becoming a unicorn.” These are company-stated; the Rothschild mandate is not independently verified in the dossier, and no evidence supports an exit at the multi-billion-euro scale a ~10× would require from this entry price.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A defined trade-sale / M&A exit thesis exists.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Active strategic interest from Sony lends some credibility to M&A optionality.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rothschild mandate and “unicorn path” are company-stated, unverified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No evidence of an exit at the scale a 10× needs.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A-share preference and 10% carry reduce net investor proceeds at exit.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:624px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:1px solid #d9d9d9; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — No Round-X post-money cap table, no valuation methodology, no securities information sheet (WIB) in the provided set, and undisclosed Sony/Samsung licence economics.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Headcount stated as “over 70” in the deck versus 25 average employees in the audited FY2024 accounts — a more-than-2.5× gap.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — The deck’s claim that OpenAI bought AMERIA’s “only known competitor” for $6.5bn refers to io, Jony Ive’s screenless AI-device startup, which is not a gesture/3D-signage competitor; and the “global/sold-out” Sony framing exceeds the cited press.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — No registry sanctions or insolvency found; however the audit flags going concern as dependent on continued fundraising, and forum commentary questioned the reliability of displayed funding “water levels” in past rounds.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Nine prior Companisto rounds since 2016; valuation rose ~€8m → €83.9m (2020) → ~€201–206m → €241.4m, with ~€50–52.7m raised cumulatively. Revenue did not scale with valuation (€2.2m in 2015 to €0.54m in FY2024).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d9d9d9; border-left:1px solid #d9d9d9; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d9d9d9; border-left:none; border-right:1px solid #d9d9d9; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €241.4m pre-money is ~449× FY2024 revenue — far above normal software multiples. The only benchmark the deck offers (OpenAI/io) is not a valid comparable, so the price is not supported by the evidence in the dossier.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong><em>None — all six categories were evaluable.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong><em>Market & commercial traction and Exit pathway & realism — both rely partly on deck-only commercial claims and were capped at 70.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Binding Sony (and any Samsung) licence economics — royalty rate, exclusivity and volumes would directly affect the traction and valuation scores.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An independent, priced lead-investor valuation or methodology — would test the €241.4m entry price.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Round-X post-money cap table and current (post-FY2024) financials — would clarify dilution and runway.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>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.</em></span></span></p>
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Companisto DE
Risk Level
Élevé
Risk Return Level
Moyen
Return Level
Élevé
Investissement minimum
EUR 250
Financé
EUR 228,78M
