Takes what the founder sent
Paste the deck text, upload the PDF, or drop a folder of data-room exports. Meridian works out the sector and stage on its own. Nothing to configure, no template to pick.
Product
First-pass diligence, in an hour
Drop in the deck and any data-room documents. Meridian reads them and produces a structured investment memo: the business in plain terms, the numbers, the risks ranked by severity, and the questions to ask the founder.
What it produces
Eight sections, none of them optional
The business in plain terms
One paragraph, written by the model, not copied from the deck. What the company does, who it sells to, and why now. The language a founder uses to describe their own product is not always the clearest.
Market and comparables
What the market is, where the TAM claim came from, and which companies are the nearest comparables in sector and stage. Top-down TAM claims are flagged as such.
The numbers that matter, pulled from the deck
ARR, growth, retention, churn, ACV, CAC, gross margin. Each metric is grounded in the source text, not inferred. If it is not in the deck, it is not in the memo.
Traction in context
What the traction numbers say together, not separately. Growth of 4.6x sounds different next to monthly logo churn of 3.1%. The memo puts them in the same paragraph.
Risks and red flags, ranked by severity
High, medium and low. Each risk names the consequence, quotes the evidence from the deck, and stays honest about what it does not know. A risk without a quote is still surfaced.
Sharp questions to ask the founder
Five or six questions with a rationale for each. Not a checklist from a blog post. Each question comes from the specific deck and is written to be asked on the first call.
Evidence grounded in your source
Every risk includes the exact line from the deck it is based on, located in the source before it appears in the memo. A quote that cannot be found is dropped, not shown.
Sample memo
A real one, on a real deck
Fernpath is a seed-stage vertical AI company. This is what Meridian produced from an eleven-page deck. Every number and every risk quote is in the source document.
Fernpath
Vertical AI, insurance software · Seed, raising $2.5M
Business summary
Fernpath sells software that automates the paperwork independent insurance agencies run on: it reads carrier emails and policy PDFs and drafts the quotes, renewals and compliance documents, and a producer reviews and sends. It charges per seat, about $33,000 a year per agency, and is early but growing fast off a small base. The core questions are whether the growth is durable given the churn, and whether two founders from outside insurance can win a relationship-driven, regulated market.
Key metrics
ARR
$412,000
ARR growth
4.6x
Customers
48
Net revenue retention
104%
Logo churn
3.1% / mo
ACV
$33,120
Risks and red flags
- high
One customer is 22% of revenue
Brookline Insurance Group is nearly a quarter of ARR. If it leaves at renewal, Fernpath drops from $412,000 to about $32…
- high
Monthly logo churn undercuts the growth
Logo churn of 3.1% a month annualizes to roughly 31% of customers a year. Growth of 4.6x in five months is impressive, b…
- medium
Thin gross margin for software
61% gross margin is low for a SaaS business and reflects LLM inference and carrier-integration cost sitting in COGS. It …
First question to ask
Brookline is 22% of ARR. What is the contract length and renewal date, and what does concentration look like without them over the next two quarters?
Sizes the single largest revenue risk before the check clears.
What it reads
Every document a founder sends
If it is deal material and it is text, Meridian reads it. Upload a PDF or paste the text. Multiple documents are combined and read together. Meridian is not a replacement for deep diligence. It is the first hour of it.
- Pitch decks at any stage, seed through Series B
- Data room document packs from a due diligence request
- Board decks and board update letters
- Financial model exports in PDF or pasted as text
- Investor updates that include traction and metrics
- CIM and teaser documents from deal flow sources
- Cap table summaries and safe/note terms
- Company overview one-pagers and exec summaries
Run a memo on the deal in front of you
Two memos a month are free, no card required. If it does not tell you something worth knowing about the deal, you have lost an hour, not a weekend.