Series A model: 11 errors fixed, round closed at $14M
A vertical AI company entered diligence with a model built across three years by four people. The audit ran five business days.
- material errors found
- 11material errors found
- audit turnaround
- 5 daysaudit turnaround
- round closed
- $14Mround closed
What we found
The revenue build double-counted expansion revenue in months where a customer both upgraded and renewed, overstating year-three ARR by roughly 18%. Three hardcoded overrides sat inside cash-flow formulas, so the balance sheet only balanced because a plug absorbed the difference.
What the engagement covered
- Cell-level review of 14 calculation blocks across 9 tabs
- Rebuild of the expansion revenue logic on a cohort base
- Removal of every hardcode from formula cells into a labelled input block
- Added a checks tab covering balance-sheet tie-out, cash continuity and sign conventions
- Diligence Q&A prep against the lead investor's standard request list
Outcome
The corrected model went into the data room with an audit summary letter attached. Diligence raised no model issues and the round closed at $14M.
Client names are withheld under confidentiality. Every engagement is described with the client's agreement.
Model audit
Every formula error, hardcode and broken link found before a diligence team finds it.
from $2,500 · 5–10 business days
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