Computer vision startup in the Energy space
We were contacted by a Private Equity company which invests in the energy sector. They were interested in acquiring a computer vision startup which had developed a prototype model to detect defects in machinery.
We went to the offices of the company and spoke to the founders and a number of employees. The employees demoed the product and we were allowed to test it. We were also given access to the company’s code repository.
The audit of the company followed the Fast Data Science due diligence checklist with some custom checks agreed by the client. We found that the product was original and well designed, but still in a prototype stage and without a live demo. We produced a 16-page written report, and presented our findings to the client. In particular a number of recommendations were made regarding personnel, technology, and cloud computing costs.
The client packaged our due diligence report together with the accompanying accounting and legal due diligence reports, so our report was formatted to be consistent with those reports and in a language that investors were able to understand.
The client was happy with our report and proceeded to acquire the startup.