AI for venture capital and growth equity
Ultramarine Work reads everything in your deal folder, from the data room and the founder’s model to the monthly updates, then drafts the cap table, the ARR bridge and the IC memo. Every number carries the name of its source file.
Copperfield-IC-memo.docxExampleInvestment Committee Memo: Copperfield Robotics Series B
Thesis
1. Copperfield’s palletizing cells pay back in 14 months at a typical third-party warehouse, and all 9 customers we called reported payback under 18 months. 2. ARR grew from $4.1M to $9.6M over the last twelve months, and net revenue retention is 132% as customers add cells at existing sites.
Downside case
If new-logo bookings run at half of plan through 2027, ARR reaches $17M instead of $26M and the company needs a bridge by Q3 2027. A sale at 4x ARR in that case yields $68M, which covers all $45M of preferences, so our $18M comes back at 1.0x.
CheckedARR ties to the August board deck. NRR uses the company’s definition, which excludes churned pilots.
How it works
- 1
Open the deal folder
The data room export, the founder’s model and cap table, signed term sheets, board decks, the last four investor updates, your call notes and the benchmark report for the space.
- 2
Ask for the next piece of work
It extracts the metrics first, quotes the ARR definition each document uses and lists what disagrees. The workbook or memo it hands back names the file behind every figure.
- 3
Tie it out, then decide
You trace every figure back to its file before the memo goes to IC. The recommendation is yours to write, the mark is the valuation committee’s, and the vote stays with the IC.
Ask it for
“Pull ARR, net retention, burn and runway from Ledgerline’s board deck, model and last four updates, quote each ARR definition, and call out what doesn’t agree.”
Ledgerline-ARR-extraction.xlsx“Build the pro forma cap table for the $40M Series C at $200M pre, convert the $6M of bridge SAFEs, and show our ownership with and without a pool increase.”
Series-C-cap-table.xlsx“Map US construction workforce software, seed to Series C, with segment, last round, lead investor and one proof point, and flag which ones we haven’t met.”
Market-map-construction-software.xlsx“Draft the IC memo for Copperfield Robotics’ Series B from the data room, diligence call notes and tracker, with numbered thesis points and a sized downside.”
Copperfield-IC-memo.docx“Assemble the mark evidence for Trestle Health (May round terms, peer multiples for $25M-$50M ARR software, KPI moves), then draft the memo on what changed.”
Trestle-mark-memo.docx“Check the Fund III deck for net IRR beside gross for Funds I to III, extracts lacking total portfolio numbers, and hypotheticals missing required disclosures.”
Fund-III-LP-review.pdf
Inside the Venture & Growth Equity mode
Executive storyline and decks
Builds the IC deck or portfolio review around one governing message, action titles that state the finding on each slide, and exhibits that tie to the model.
Tie-out and page-turn review
Page-turns the OM, the QoE and the banker book before IC, tickmarks each figure back to its support and lists everything that didn’t tie.
Market sizing and evidence synthesis
Sizes the market top-down and bottom-up from expert calls, customer interviews and filings. Where the two estimates disagree, it shows you.
Commercial due diligence
Scopes CDD to the questions that decide value, tests the management case on customer calls and lays out a sourced bridge for each claim.
Three statement and operating models
Builds the growth model drivers-first, from bookings through ARR to burn and runway, with base and downside cases and a scenario toggle per driver.
Valuation
Runs trading comps, precedent rounds, DCF and sum of the parts, and lays them on a football field against the price you are negotiating.
Investment research and IC memos
Drafts the IC memo with a falsifiable thesis, the variant view, catalysts and a sized downside, and footnotes every figure to its file.
Cap table and term sheets
Models the pro forma cap table, SAFE and note conversions and the liquidation waterfall, and puts two term sheets side by side line by line.
Operating metrics and reviews
From investor updates and board decks, it builds the ARR bridge, cohort tables, NRR, burn multiple and CAC payback you take to the portfolio review.
Fundraising and LP materials
Keeps gross and net returns at equal prominence, pairs extracted performance with total portfolio results, and drafts DDQ answers under the Marketing Rule.
Fair value financial reporting valuations
Each quarter it gathers the round terms, calibrated multiples and KPI moves behind an ASC 820 mark, and drafts the memo the committee and auditor read.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
Who it’s for
Venture capital and growth equity investors, including corporate venture teams, from analyst to general partner.
Questions
Can we run a founder’s data room through it under their NDA?
Your counsel has to answer that, because running the founder’s materials through an AI tool can count as disclosure to a third party under their NDA. The content it works on is sent to Paper Instruments’ servers to be processed. Deal NDAs commonly restrict disclosure to third parties, so many funds clear the materials with counsel, or with the founder where the NDA restricts it, before starting. Security details are on the compliance page.
Will it invent a number the data room doesn’t support?
No, it won’t invent a figure the materials don’t support. Its skills tell it to cite the source file for every figure and to note what it could not find or reconcile instead of guessing. In practice you ask it to quote the ARR definition each document uses, because the founder deck, the model and the board deck rarely define ARR the same way. You still review every file it touched before anything reaches IC.
Where does founder and portfolio data go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.
Will the auditor accept marks drafted with AI?
No, a mark does not pass audit on a tool’s say-so, and Ultramarine Work does not set the mark either. It assembles the evidence file and drafts the memo with the round price you calibrated to, peer multiples, what moved in the KPIs and anything it could not reconcile. The auditor tests the file, not the tool, and checks that the methodology holds across quarters and every input traces to support. The valuation committee sets the mark, and the auditor’s judgment is theirs.
Can it draft LP performance pages under the Marketing Rule?
Yes, it drafts the performance pages and the DDQ answers. Net returns sit next to gross, calculated on the same methodology and period. Extracts come with total portfolio results, and hypothetical and predecessor performance carry the disclosures the SEC Marketing Rule requires. It does not decide what goes out. Your compliance team reviews and approves every page before it reaches an LP.