Book a 30-min callBook a call

For energy, infrastructure & deeptech investors

The last check before you invest.

We find the critical assumptions your deal depends on and test whether they hold.

By Eden Djanashvili · 10+ years in deeptech · EIC jury expert

Why now

The assumption the valuation depends on is often the one nobody checked.

Where an investor has its own benchmarks, it knows whether a number is reasonable. Where it doesn't (a new market, a technology with no precedent, a counterparty it hasn't worked with), the number goes into the model as presented.

"Grid connection 2027"
A connection date is not a firm-power date.

Regulators are separating connection from firm power, and the rules on whose load is cut first in a shortage are still being written.

"€200M grant secured"
An approval is a reimbursement schedule, not cash.

In one case we checked, the grant covers 75% of eligible costs, paid against invoices over seven years, with tens of millions of capex excluded.

"Pilot line operational 2028"
A line date says nothing about who will buy.

The questions that decide value are the foundry, the qualification partner and the competitor's schedule.

Eight kinds of assumption, one method: grid and interconnection · approvals · first-of-a-kind build · capex · funding · price and revenue · capacity and performance · market window. Each one rated supported, look again, challenge or unsupported, with the evidence behind it.

How it works

Five days, from your case to a clear verdict.

You keep the decision and the valuation. DeepRadar gives you a defensible view on the assumptions underneath them.

1
Your case in

Under NDA, read-only access to the model, the memo and the documents behind each assumption. You name the decision and the date.

2
Each line checked

Every material assumption tested against your documents and public filings. No citation, no flag.

3
A verdict out

The lines that change the decision, the one question for management, the path to the goal, and a verdict, signed by Eden Djanashvili.

Investing directly

●COMMIT◆CONDITION▲REPRICE■PASS

Questions go to management. Conditions you can put in the term sheet.

Co-investing alongside a lead

●JOIN◆JOIN WITH CONDITIONS▲REDUCE TICKET■DECLINE

Did the lead actually test it? Questions go to the lead, inside a short co-investment window.

Worked cases

Two checks, built only from public documents.

Client work is confidential and never published. These show the method on cases anyone can verify.

The Talen × AWS check, laid out exactly as a client receives it.

Energy · PJM

Talen × AWS

1,920 MW nuclear PPA to 2042

CONDITION
  • ■UNSUPPORTED~480 MW of contract volume with no named delivery site
  • ▲CHALLENGE"$18bn contracted" carries a capped make-whole of 50–65% if undrawn
  • ◆LOOK AGAINNo utility in-service date for the transmission build

Deeptech · EU state aid

European photonics scale-up: grant-funded first production line

Public grant · first production line

CONDITION
  • ▲CHALLENGEAbout €100–200M to fund beyond the grant, derived from the Commission's own figures
  • ■UNSUPPORTEDNo named customer while silicon-photonics rivals target 2028–29
  • ◆LOOK AGAINNo foundry processes the material commercially today

Who it's for

For deals outside your benchmark.

Infrastructure, energy and mid-market PE funds

Entering a new market or asset type (a new grid region, data-centre power, storage), or screening a deal before committing to full diligence.

Family offices

Direct deals and co-investments, often with no in-house technical team and a short decision window, relying on the lead investor's diligence.

Growth deeptech investors

Series B and later, where the valuation depends on a first production line, a scale-up or public funding that hasn't been delivered yet.

Pricing

Start free. Go deeper when a deal is live.

Free shows you what a document proves. The Read tells you whether the case holds.

Try
Free

A first pass on one public document: every assumption found and rated.

For when you have a 40-page filing and no time to find what matters.

  • Every assumption extracted, with references
  • Draft grades: supported, look again, challenge, unsupported
  • The two worked cases and a preview of the energy map
Try it free on a public document →
Read
From €12,000

Five days

On one live decision: a new investment, a co-investment, a follow-on or a major capex.

For when part of your case rests on assumptions you can't benchmark.

  • Your case and data room, under NDA
  • The lines that change the decision, and the one question for management
  • A clear verdict you can defend: commit, condition, reprice or pass
  • Included: 90 days watching the three signals that would change the verdict, with an alert if one moves
Book a 30-min call

How we deliver

Read · from €12,000

One live deal, checked in five days, before the investment decision.

  1. 30-min scoping call. The decision, its date, the assumption you are least sure about. If a Read wouldn't change anything, we say so.
  2. Engagement. NDA and read-only access to your data room. Price agreed in writing.
  3. Five days. Every material assumption checked against your documents and public filings: grid operators, regulators, utilities and the companies themselves.
  4. Delivery. A private page, a PDF and a 60-min walkthrough: the verdict, the one question, the conditions.

Your documents stay in your data room and never appear anywhere else.

Where DeepRadar fits

Who checks the assumptions?

Your advisors each check their part. DeepRadar checks the assumptions the valuation depends on, before the investment decision.

Compared onDeepRadar ReadLegal due diligenceTechnical due diligence (independent engineer)Commercial due diligence
Question it answersWill the few assumptions the valuation depends on actually happen, at the volume and on the date in the model?Are the contracts valid and enforceable?Is the asset sound: design, construction, capacity, schedule, yield?Is the market and demand case realistic?
TimingAny time before the decision, including before full diligence is commissioned. Five days.Usually once the deal is advancedUsually once the deal is advanced, often required by lendersUsually once the deal is advanced
OutputA dated verdict: commit, condition, reprice or pass, with the evidence behind itLegal reportTechnical report, often accepted by lendersMarket report
Stronger than DeepRadar onLegal opinion and liabilityEngineering depth, site visits, lender acceptanceMarket depth, customer interviews

What DeepRadar is not

Not a legal opinion, not an engineering report, not a report lenders will accept.

When you don’t need DeepRadar

When the deal is already delivering: an operating asset with a track record and nothing new left to happen. DeepRadar is for deals valued on something that hasn’t happened yet.

Independence and confidentiality

  • Every figure in a check is cited to its source. No citation, no grade.
  • No position in, and no payment from, any company assessed.
  • NDA before any access; documents stay in your data room.
  • AI-assisted reading under your confidentiality terms; every grade reviewed and signed by Eden Djanashvili.
  • Client material is never published or shared. With your agreement, only anonymised lessons feed our benchmarks.
  • A verdict on the risk. Never a valuation, never investment advice.

Who you work with

Founder of DeepRadar, with more than ten years in deeptech. Tests whether the assumptions a deal's valuation depends on will actually happen. Independent: no position in the companies or deals reviewed.

EIC Accelerator jury expert since 2020Deeptech investor · 1 exit30+ EU-funded innovation projects managedPublic analyses: Talen and Amazon, PJM, Texas data centres

Have a decision coming up?

Send the assumption you're least sure about. In 30 minutes we'll know whether a check would change anything, and if it wouldn't, you'll hear that too.

Book a 30-min call