Conviction Memo
PURSUENorthwind$420K ARR · +24% MoM·TRACKVellum LabsDev tools · pre-revenue·PASSOrbital HealthReg risk · long cycles·PURSUECausal AI$1.1M ARR · 142% NRR·TRACKMariner RoboticsHardware · 2 pilots·PURSUELedgerlineFintech infra · $260K ARR·PASSSundial CRMCrowded category·TRACKAtlas MapsGeospatial · early·PURSUENorthwind$420K ARR · +24% MoM·TRACKVellum LabsDev tools · pre-revenue·PASSOrbital HealthReg risk · long cycles·PURSUECausal AI$1.1M ARR · 142% NRR·TRACKMariner RoboticsHardware · 2 pilots·PURSUELedgerlineFintech infra · $260K ARR·PASSSundial CRMCrowded category·TRACKAtlas MapsGeospatial · early·

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memo · northwind · v1
Verdict
Pursue
Northwind — AI workflows for mid-market ops.

Early-revenue seed opportunity. Recommend $500–750K at the $22M cap.

ARR
$420K
MoM
+24%
NRR
118%
Confidence
78
Incumbent response · ServiceNow / Workato
Sales motion unproven at scale
Gross margin compressed by inference
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Investment verdict
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Risk flags
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