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Illustrative example

An investment perspective.

Explore an example CAMP analysis, from the overall score to the recommendations that follow.

Read the analysis The CAMP framework

Independent thinking. Decisive capital.

01The company

Navigation for aircraft that cannot rely on GPS.

Illustrative. Its details are invented to show how an analysis reads.

Stage
Seed
Frontier
Sensing & autonomy
Technology
A camera and inertial navigation module that keeps long-range uncrewed aircraft on course without satellite positioning.
Commercial use
Beyond-visual-line-of-sight inspection of pipelines, power lines and rail.
National-security use
Long-range reconnaissance where GPS is jammed or unavailable.
Markets
United States and Japan.
Evidence submitted
Flight-test logs, two paid inspection pilots, a financing plan and the founders’ prior program work.
78out of 100

02The result

Eligible for investment review.

At 78, the company clears the threshold of 75: it is eligible and the investment button is enabled. Nothing starts automatically. The 14-day clock starts only if the founder clicks, and our investment team makes the decision.

Capital0.73
Advantage0.88
Market0.74
People0.75

Pillar scores run from 0 to 1. The overall score weights them for the company’s stage. At seed: Capital 15%, Advantage 30%, Market 25%, People 30%.

03Pillar by pillar

What the evidence supports, and what it does not.

Capital · 0.73 · Strong

A real milestone, with little room for delay.

The seed round funds a production-ready navigation module and the push to a first fleet contract. Hardware, flight testing and certification are costed, and the plan names the next financing.

The plan assumes defense revenue in the second year. A slower procurement cycle would need bridge financing that the plan does not yet show.

Diligence would test

  • Cost of certification for beyond-visual-line-of-sight flight
  • Downside plan if defense revenue slips
  • Hardware margins at fleet volumes
  • Capital structure and existing commitments

Advantage · 0.88 · Exceptional

Navigation that holds when GPS does not.

Flight-test logs show the aircraft holding course over long routes with satellite positioning switched off. The approach runs on low-cost cameras and inertial sensors, not a specialized sensor.

The results come from the company’s own test ranges. Performance at night, in poor weather and over featureless terrain has not yet been shown.

Diligence would test

  • Independent replication of flight-test results
  • Performance at night, in poor weather and over water
  • Ownership of the core IP
  • Integration effort with existing airframes

Market · 0.74 · Strong

A paying commercial buyer. Defense still unproven.

Two paid inspection pilots, with a utility and a rail operator, have named budget owners and a path to fleet contracts. Inspection gives the company revenue that does not wait on defense procurement.

Defense buyers are evaluating the module, with no committed budget. Interest is not yet demand.

Diligence would test

  • Terms for converting pilots to fleet contracts
  • Budget owner and procurement path in defense
  • Regulatory approval for long-range operation
  • Export-control classification of the module

People · 0.75 · Strong

Deep flight-control expertise. No commercial lead.

The founders combine flight-control engineering with experience operating uncrewed aircraft. They have shipped flight software before and understand the user.

No one on the team has sold to utilities or through government procurement. The plan names the hire; it has not been made.

Diligence would test

  • References from prior programs
  • Commercial and procurement hiring plan
  • Export-control and security compliance
  • Founder roles, vesting and governance

04Material questions

What would change the view.

  1. 01

    Field performance.

    The flight-test results are the company’s own. If independent tests at night, in poor weather or over featureless terrain fall short, the advantage case weakens.

  2. 02

    Defense adoption.

    No defense budget is committed. If procurement takes longer than planned, the case has to stand on inspection revenue.

  3. 03

    Export controls.

    The navigation module may be export-controlled. Its classification could limit sales outside the United States, including in Japan.

  4. 04

    The commercial hire.

    Turning pilots into fleet contracts depends on a commercial lead the team has not yet hired.

05Priority actions

What would strengthen the case.

The analysis ends with actions, in order. Each answers a question diligence would ask.

  1. Commission an independent flight test.

    Test in the conditions the buyers operate in: at night, in poor weather and over featureless terrain.

  2. Convert one pilot into a fleet contract.

    Stated volumes, pricing and term turn commercial interest into evidence of demand.

  3. Confirm the export-control classification.

    Knowing what can be sold, and where, settles the Japan plan before it is financed.

  4. Hire the commercial lead.

    Someone who has sold to utilities and through government procurement closes the main gap in People.

  5. Plan for a slower defense cycle.

    Extend the financing plan to cover a twelve-month delay in defense revenue.

This company is illustrative and fictional. Its details and figures show how an analysis reads; they are not a real assessment. A score is not a probability of success or a commitment to invest.

Bring the evidence.

The CAMP assessment takes about ten minutes. Score 75 or above and your company is eligible for investment review.

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The assessment runs on Flash Intelligence, at flash.zone.