How Maximos works
Give Maximos the work. Keep the judgment.
Illustrative walkthrough of the loop Maximos runs: capture an opportunity, research it with sources, help diligence the open questions, keep your decision, and remember what followed. Scores are analytical aids.
All outputs are illustrative · Data does not represent real companies or real investment decisions
An opportunity arrives. Maximos already has a place for it.
Forward an email, upload a deck, import a pipeline CSV, or message Maximos. Materials land on the company they belong to — with source and date attached — instead of disappearing into a thread.
Opportunity · Meridian Infrastructure
Series B — $45M
6 sources · 8 signals extracted
Source Materials
Management Deck
PDF · 28 slides
Uploaded Feb 15, 2026
Financial Model
Excel · 12 sheets
Uploaded Feb 18, 2026
Forwarded email
Inbox · intro + notes
Captured Mar 04, 2026
Pipeline CSV
CSV · 37 accounts
Uploaded Mar 10, 2026
Message Maximos
Note + follow-up
Captured Mar 12, 2026
Press excerpt
Attached article
Added Mar 18, 2026
Extracted Signals
ARR growth 68% YoY confirmed by management data
Pitch deck · 2026-02-15 · Confidence: medium
3 new enterprise logos added in Q1 2026
CRM export · 2026-03-10 · Confidence: high
AWS Marketplace partnership announced
Press release · 2026-03-05 · Confidence: high
Hiring velocity declined 18% QoQ
LinkedIn hiring data · 2026-03-20 · Confidence: high
Glassdoor rating dropped from 4.2 to 3.8
Glassdoor · 2026-03-18 · Confidence: medium
VP Sales role open 4+ months
LinkedIn · 2026-03-22 · Confidence: high
Competitor Vanta raised $150M Series C
TechCrunch · 2026-02-28 · Confidence: high
No updated financial data since January
Data freshness check · 2026-03-23 · Confidence: medium
Capture → Research: materials become something you can ask against
Ask against the opportunity — and the firm’s own history.
Ask Maximos a question. Answers come from materials you have already given it, with sources attached, and from research Maximos can attach from public and firm context. Judgment stays yours.
Ask Maximos · Meridian Infrastructure
Source-linked answers on the live opportunity
What do we actually know about Meridian concentration?
Management reports top 3 accounts at 62% of ARR. That figure is claimed, not independently verified. Reference calls on those accounts are still open.
Management data · Diligence gap · Last meeting note
Have we seen this pattern before?
A prior pass on an adjacent compliance company is attached. The recorded reason was customer concentration plus an open sales-leadership seat — the same two issues on Meridian.
Firm decision log · Adjacent pass · 2025
What changed since the deck?
Hiring velocity declined 18% quarter-over-quarter. VP Sales has been open 4+ months. AWS Marketplace was announced after the deck was uploaded.
LinkedIn hiring data · Press release · Deck · Feb 15
Research → Diligence: open questions and contradictions stay visible
Everything the firm knows — risks, gaps, and the next question.
Maximos organizes evidence, contradictions, and open questions around the opportunity. Structured scoring is available when it helps. It does not replace the investor’s judgment.
Opportunity · March 2026
Meridian Infrastructure
Series B — $45M · Compliance Automation
Company Overview
Meridian Infrastructure provides API-first compliance automation for regulated industries. The platform automates regulatory mapping, evidence collection, and audit preparation across SOC 2, ISO 27001, HIPAA, and FedRAMP frameworks. Founded in 2022 by a second-time founder with a prior exit to Cisco. Currently raising a $45M Series B at a $280M pre-money valuation.
Investment Thesis
1.Meridian has demonstrated strong product-market fit in mid-market financial services and healthcare verticals, evidenced by 115% net revenue retention and 68% ARR growth.
2.The founder's prior exit to Cisco and deep infrastructure expertise reduce execution risk relative to peers.
3.The API-first architecture creates meaningful switching costs and data network effects as customers integrate compliance workflows into CI/CD pipelines.
4.Regulatory complexity is a secular tailwind — compliance obligations compound annually, creating durable demand independent of economic cycles.
Thesis Signal Validation
“Meridian has demonstrated strong product-market fit in mid-market financial services and healthcare verticals, evidenced…”
ARR growth 68% YoY confirmed · Pitch deck
3 new enterprise logos Q1 2026 · CRM export
VP Sales role open 4+ months · LinkedIn
“Regulatory complexity is a secular tailwind — compliance obligations compound annually, creating durable demand independ…”
AWS Marketplace partnership announced · Press release
Competitor Vanta raised $150M Series C · TechCrunch
Key Strengths
Revenue growth
ARR $14.2M, growing 68% YoY. Revenue grew in each of the last 8 quarters.
Source: Management deck, p.12
Net revenue retention
NRR 115%, indicating strong expansion within existing accounts. Land-and-expand motion working.
Source: Management deck, p.18
Founder quality
CEO is a second-time founder — prior company (Canopy Networks) acquired by Cisco in 2019 for $180M. CTO previously led infrastructure at Stripe.
Source: LinkedIn, Crunchbase, press
Market timing
Regulatory burden increasing annually. SOC 2 audits now required by 78% of enterprise procurement teams (Coalfire survey).
Source: Industry research
Customer quality
37 enterprise customers including 2 Fortune 500 logos. Average contract value $384K.
Source: Management deck, p.22
Signal Conflicts — Requires Attention
▲Management claims 68% YoY ARR growth but hiring velocity is declining — inconsistent with sustained hypergrowth narrative.
▲NRR of 115% suggests strong product stickiness, but customer concentration at 62% in top 3 accounts introduces fragility not visible in aggregate NRR.
▲Management describes "efficient growth" while burn multiple is 2.1x — above the median for Series B infrastructure companies at this scale.
Key Risks
Customer concentration
Top 3 accounts represent 62% of ARR. Loss of any single account would materially impact growth trajectory.
Source: Management data
Burn multiple
Burn multiple 2.1x — elevated for a Series B company at this scale. Management cites go-to-market investment; needs monitoring.
Source: Financial model
No audited financials
All financial data is self-reported. No independent audit has been conducted. Standard at this stage but limits verification.
Source: Due diligence gap
Hiring deceleration
Hiring velocity declined 18% QoQ. VP Sales position open for 4+ months. Glassdoor rating declined from 4.2 to 3.8.
Source: LinkedIn, Glassdoor
Competitive pressure
Two well-funded competitors (Drata, Vanta) raised Series C rounds in the last 6 months. Market consolidation risk increasing.
Source: Crunchbase, press
Single-geography revenue
100% of revenue is US-based. International expansion not yet validated.
Source: Management deck
Open Diligence Questions
Customer reference validation
Request 3–5 customer reference calls to validate NRR claims and product stickiness. Prioritize customers in the top-3 concentration bracket.
Financial audit
Request management-prepared P&L and balance sheet for independent review. Verify ARR calculation methodology and contract terms.
VP Sales pipeline
Understand why the VP Sales role has been open 4+ months. Assess whether sales leadership gap is impacting pipeline conversion.
Competitive positioning
Request win/loss analysis against Drata and Vanta. Understand where Meridian wins and loses in competitive evaluations.
Cohort economics
Request unit economics by customer cohort — LTV/CAC by vintage, payback period, and expansion trajectory by segment.
Recommended Next Steps
1.Schedule 3 customer reference calls — prioritize top-3 revenue accounts to assess concentration risk.
2.Request management-prepared P&L and 12-month financial model for independent review.
3.Conduct competitive analysis session with Meridian CEO — focus on positioning vs. Drata/Vanta.
4.Request cohort-level unit economics and expansion revenue breakdown.
Working stance — attached to the opportunity
Advance to deep diligence
Strong product-market fit indicators and founder quality justify continued evaluation. Customer concentration, burn multiple, and hiring deceleration represent material risks that must be validated through reference calls and financial review before proceeding to term sheet discussion.
J. Morton
2026-03-24
Conviction: 72%
When you want structured analysis
The Maximos Score is optional. Each dimension shows its evidence basis — verified, claimed, inferred, or missing. It is an aid, not the decision.
Structured analysis · Meridian Infrastructure
Series B — $45M · Compliance Automation
Why score declined
▼Hiring velocity declined 18% quarter-over-quarter
▼Customer concentration increased — top 3 accounts now 62% of ARR
▼No updated financial data received since January
Dimension Breakdown
Evidence cap applied — 'claimed' basis limits score ceiling until independently verified
Score delta (-4 pts) driven by Momentum dimension — Glassdoor signal + LinkedIn hiring data, Mar 20
Missing Data — Reduces Confidence
Diligence → Decide: the investor makes the call
You make the call. Maximos keeps the why.
Advance, pass, or revisit later. The rationale, risks you acknowledged, and next action stay with the opportunity — so the firm can remember the decision without turning investing into a formula.
Decision · Meridian Infrastructure
Meridian Infrastructure · Series B
IC-2026-041
2026-03-24
Decision
Advance to deep diligence
Actor
J. Morton
Partner
Conviction
72/100
Rationale
Strong product-market fit indicators and founder quality justify continued evaluation. Customer concentration, burn multiple, and hiring deceleration represent material risks that must be validated through reference calls and financial review before proceeding to term sheet discussion.
Score snapshot
72 · B+ · V2 · Confidence: Medium
Locked at time of decision · Cannot be amended
Risks acknowledged at decision
Customer concentration
Top 3 accounts represent 62% of ARR. Loss of any single account would materially…
Next steps committed
Schedule 3 customer reference calls — prioritize top-3 revenue accounts to assess concentration risk.
Request management-prepared P&L and 12-month financial model for independent review.
Conduct competitive analysis session with Meridian CEO — focus on positioning vs. Drata/Vanta.
Decision Log · Institutional Memory
4 decisions logged · Chronological · Non-editable after creation
Advance to deep diligence
Meridian Infrastructure
J. Morton
2026-03-24
Strong PMF indicators and founder quality justify continued evaluation. Customer concentration and burn multiple are material risks requiring validation through references and financial review.
Follow-up: Schedule 3 customer reference calls. Request management-prepared P&L.
Pass — return to monitoring
Arbor Logistics
S. Kapoor
2026-03-15
Unit economics do not support the requested valuation at current growth rate. Customer churn in Q4 exceeded acceptable threshold. Willing to re-engage if management addresses churn and demonstrates improved retention in Q2.
Outcome Recorded
Score stable at 48. No material changes since pass decision. Re-evaluation threshold set at score >60 or management outreach.
2026-03-22
Advance to term sheet discussion
Canopy Health
J. Morton
2026-03-10
Exceptional traction in digital health — 140% NRR, zero gross churn in enterprise segment. Regulatory moat from HIPAA compliance platform creates meaningful barriers. Team quality is outstanding. Customer references uniformly strong.
Follow-up: Draft preliminary term sheet. Schedule governance review with counsel.
Hold — pending risk assessment
Athos Capital Systems
J. Morton
2026-03-19
Customer concentration risk escalated following Q4 earnings disclosure. Deferring further commitment until management provides assessment of renewal confidence for largest account.
Follow-up: Urgent: request management call on renewal risk by March 25.
Decide → Follow through: the next action stays on the opportunity
Open work stays attached. Next actions do not disappear.
Reference calls, missing materials, and commitments stay on the opportunity with an owner. Firms that want formal review gates can use them. Maximos does not impose one process.
Open work · Meridian Infrastructure
Meridian Infrastructure · Series B
Diligence Checklist
Market research completed
Gartner, IDC cross-referenced
Team background verified
LinkedIn + press confirmed
ARR growth reviewed
Management deck, p.12
Customer reference calls
3 of 5 scheduled — 2 pending
Competitive positioning
Win/loss data not provided
Audited financial statements
Still open — can be completed or waived with a recorded reason
Still open
Next: remaining reference calls on the top-3 accounts
Open Diligence Questions
Customer reference validation
Request 3–5 customer reference calls to validate NRR claims and product stickiness. Prioritize customers in the top-3 concentration bracket.
Financial audit
Request management-prepared P&L and balance sheet for independent review. Verify ARR calculation methodology and contract terms.
VP Sales pipeline
Understand why the VP Sales role has been open 4+ months. Assess whether sales leadership gap is impacting pipeline conversion.
Competitive positioning
Request win/loss analysis against Drata and Vanta. Understand where Meridian wins and loses in competitive evaluations.
Cohort economics
Request unit economics by customer cohort — LTV/CAC by vintage, payback period, and expansion trajectory by segment.
Board composition
Confirm board structure and governance provisions. Independent board representation is absent — assess whether this is a concern at this stage.
Follow through → Remember: later context attaches to what you decided
Concept preview
What the firm learned stays with the firm.
Decisions, rationale, and later evidence attach to the original thesis. Teams can add new context today. Automated monitoring is shown as a Preview.
Thesis Drift Alert · Momentum Deterioration
Meridian Infrastructure
Original investment thesis
“Meridian has demonstrated strong product-market fit in mid-market financial services and healthcare verticals, evidenced by 115% net revenue retention and 68% ARR growth.”
Thesis logged
Apr 1, 2026 · J. Morton · Partner
Observed change
Hiring contraction and declining employer sentiment
LinkedIn job postings: 14 active roles (vs. 22 last quarter) — verified Mar 20
Glassdoor rating: 3.8 (was 4.2 in Q4 2025) — 6 new reviews in period
VP Sales posting first appeared Nov 2025 — still active
→ Preview
Hiring contraction and declining employer sentiment
Meridian Infrastructure · Momentum Deterioration
2026-03-20
Meridian's hiring velocity declined 18% quarter-over-quarter based on LinkedIn job postings analysis. Simultaneously, Glassdoor employer rating declined from 4.2 to 3.8 over the same period. VP Sales role has been open for 4+ months with no fill. Combined, these signals suggest operational stress or strategic pivot not yet communicated to investors.
Supporting Evidence
·LinkedIn job postings: 14 active roles (vs. 22 last quarter) — verified Mar 20
·Glassdoor rating: 3.8 (was 4.2 in Q4 2025) — 6 new reviews in period
·VP Sales posting first appeared Nov 2025 — still active
Missing Information
?Management commentary on hiring slowdown
?Updated org chart or headcount plan
?Pipeline coverage ratio with current sales team
Impact
Score dimension 'Momentum' declined from 73 to 61. Overall Maximos Score declined 4 points (76 → 72).
Recommended
Request management call to understand hiring strategy. Assess whether VP Sales gap is impacting pipeline conversion and Q2 forecast.
Largest customer announced vendor consolidation review
Athos Capital Systems · Concentration Risk
2026-03-18
Athos Capital Systems' largest customer (representing 28% of ARR) announced an internal vendor consolidation initiative in their Q4 earnings call. The CFO referenced 'rationalizing software spend across compliance and risk tooling' — a category that includes Athos' core offering. No direct mention of Athos, but the initiative represents material renewal risk for the FY2027 contract.
Supporting Evidence
·Q4 2025 earnings call transcript — CFO remarks on vendor consolidation (p. 14)
·Customer represents $3.2M of Athos' $11.4M ARR (28%)
·Contract renewal date: September 2026 (6 months away)
Missing Information
?Direct communication from customer procurement team
?Athos management assessment of renewal confidence
?Competitive positioning within customer's consolidation framework
Impact
If this contract is lost or materially reduced, Athos' growth rate would decline from 45% to approximately 12% YoY. Risk Profile score would deteriorate significantly.
Recommended
Flag to deal owner immediately. Request urgent management call with Athos CEO to assess renewal confidence and customer relationship health.
Financial reporting 60+ days overdue — confidence declining
Veridian Analytics · Data Staleness
2026-03-22
Veridian Analytics has not provided updated financial reporting since January 15, 2026. The company committed to monthly reporting as a condition of the monitoring agreement. The gap now exceeds 60 days. Data Confidence score has been automatically penalized. Other signal providers (LinkedIn, press) continue to report normally.
Supporting Evidence
·Last financial data received: January 15, 2026
·Reporting cadence commitment: monthly (per side letter)
·Non-financial signals (hiring, press) remain active and current
Missing Information
?February and March financial updates
?Management explanation for reporting delay
?Updated cash position and runway estimate
Impact
Data Confidence dimension declined from 72 to 48. Overall score reduced by 2 points due to freshness penalty. Financial-dependent dimensions (Financial Strength, Capital Efficiency) now reflect increased uncertainty.
Recommended
Send formal reporting reminder to Veridian CFO. Assess whether reporting delay indicates operational distress or administrative oversight.
Command Center · Operating View
What requires attention
Largest customer announced vendor consolidation review
critical28% of ARR at risk — customer CFO referenced compliance tooling rationalization in Q4 earnings. Contract renews Sep 2026.
Maximos Score declined 76 → 72
highDriven by hiring contraction (−18% QoQ), declining Glassdoor rating (4.2→3.8), and data staleness. Momentum dimension declined 12 points.
Financial reporting 60+ days overdue
mediumMonthly reporting commitment not met since January. Data Confidence score penalized. Non-financial signals remain current.
IC review — materials not complete
highPartner review scheduled for Mar 28. Customer references pending (2 of 3 completed). Financial model review outstanding.
AWS Marketplace partnership announced
mediumMeridian listed on AWS Marketplace with co-sell arrangement. Potential distribution channel expansion for enterprise segment.
Customer reference calls — overdue
high3 reference calls assigned to A. Chen on Mar 15. No update recorded. Blocking diligence completion.
Underneath the work
Evidence and controls when the firm needs them.
Provenance, versioned methodology, and a locked decision record are Maximos capabilities — not the reason to start. They sit under the daily work.
Evidence Provenance
Every claim traces to its source.
Each extracted signal carries its source, acquisition date, basis classification (verified, claimed, inferred, or missing), and the score contribution it produced. Nothing enters the model without attribution.
Methodology Versioning
Scores are versioned and human-auditable.
The Maximos Score uses a named methodology version (V2). When the methodology changes, existing scores are not retroactively altered. Each score record logs the methodology version used at computation time.
Governed Human Review
No automated pass-through to IC.
Review requirements do not auto-advance. Open items can be completed, waived with a recorded reason, or left visible. Review status is tracked and attributed. Authorized humans retain final authority.
Audit Trail
Every decision is logged and locked.
Every IC decision logs the actor, date, conviction level, rationale, score at time of decision, and risks acknowledged. The score snapshot is locked at decision time and preserved for calibration and LP reporting.
See Maximos on a live opportunity.
Bring one live opportunity. Capture, research, and diligence surfaces above reflect current product capabilities. Automated monitoring is labeled as a preview.