What supports the opportunity
Recurring revenue, cohort expansion, and reported adoption are positive signals. The records reconcile 24 customers, €120,000 in MRR, and 112.2% NRR. This internal consistency is not a contract or cash audit.
EXAMINE A DEAL
Sillage Industrie.
From evidence to conviction.
A fictional industrial B2B software business. Its documents, saved Casian analyses, and exported investment memo belong to the same case.
What could be manageable
The analysis considers financial risk manageable with appropriate financing. That condition is not yet met: the proposed €2.5 million round is not secured.
What prevents a decision now
Atlas’s renewal, multi-site adoption, repeatable sales, and implementation economics remain insufficiently evidenced to support a €1 million investment at the proposed valuation.
What would support reconsideration
Evidence of multi-site adoption and retained scope and pricing at Atlas; signed deals and deployment costs supporting profitable growth; and financing and post-option-pool ownership that offer an attractive return profile.
A specific answer.
An issue still open.
Atlas contributes 20% of MRR. The founders describe a September multi-site review and an October budget decision, but no signed renewal. The answer clarifies timing without establishing adoption or renewal.
Read the founder response, p. 1 · French ↗One case.
Through the exported memo.
The saved 17-page memo was exported by Casian from the Sillage case. It contains the diligence findings and distinguishes the AI recommendation from simulated team opinions. The saved documents and memo are in French.
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