Triage. Then the unsaid.
Three thesis cutoffs run in seconds. Then we read what the deck didn't say. Conviction starts in absence, not presence.
Agentic security automation with measurable outcomes (CVE caught / mean-time-to-disclose) — fits THV's outcome-tethered AI thesis.
Proprietary attack-graph engine + curated hacker network. The LLM is a copilot, not the product.
Lisbon-based team running a global hacker marketplace. Cost of senior offensive talent in PT ~3.4x cheaper than US, output parity verified.
The most expensive sentences in venture are the ones never written. Below: gaps in this deal that should bend conviction down or trigger a press call.
- No mention of churn after first renewal — common red flag in security tooling.
- Hacker-network LTV not stated in the deck (only customer LTV).
Both wrapper and arbitrage clear. Thesis aligned. Move directly to conviction-building. No press required for triage stage.
Live triage on a fresh deal.
Drop in a deck blurb, founder email, or company URL. The same three cutoffs run on it in real time. No black boxes — every score traces to its inputs.