The room review

The Review tab of the dataroom reads every document in the room the way an investor's analyst would and lists what they would stop on. It compares the figures each document states with the others and with the raise settings and register. It counts only figures about the company now and the round being raised now, so an earlier round's terms in the deck, or board minutes from before the raise was set up, are left out. A share count that includes the option pool is matched against the register plus the pool, and a use of funds that spends more than the round is measured against the sources listed beside it, such as grants or a tax refund. It also adds up the financial statements, checks the model for costs a budget usually carries (super, payroll tax, insurance, audit and legal among them), compares salaries, the option pool and the investment terms with market benchmarks, names documents that are referred to but not in the room, and flags documents that should not be in it: legal advice, personal information, internal working files, duplicates and papers unrelated to the raise, and Take it out on each one removes it from the room, or moves it to the company's own documents, in one step; it goes to the room's trash, so it can be restored. It reads a spreadsheet's formulas as well as its figures, so it can tell a revenue line built from drivers from one typed in. It judges the room against the raise's stage, worked out from the raise's name and size: a pre-seed raise is not marked down for missing audited accounts, a two-year model or unit economics. Each finding quotes the words it came from, and choosing a document opens it at that passage; where the fix is in Struck rather than a document, Fix it in links straight to the raise settings, the term sheet, the share register or the company details. Fix these first, at the top, lists the documents to work on in order, and By document groups every finding under the file you would open to fix it. Mark a finding resolved once you have fixed it, or dismiss it with a reason if it is not a problem; a dismissal is kept when the review runs again, unless a document it points at gets a new version. Run the review again after changing documents: it reads only what changed and reviews again only the checks those documents touch, and Review everything goes through every check again. It goes by what each document is rather than the type it was filed under, so a constitution or model uploaded as Other still counts, though the diligence checklist only counts it once its type is set. A related company's name, such as an overseas subsidiary's, is a note rather than an error, and that company's own documents, such as its share certificate, are not compared with the round. A SAFE or note already issued is not read as the round either, and a quarter's accounts are compared only with other figures for a quarter. It needs AI search on for the room and takes a few minutes; if AI search was only just turned on, the review first waits for it to read any scanned documents from their page images. You can leave the page while it runs. When Struck improves the review, a room whose last review finished is reviewed again overnight, so its findings stay current; resolved and dismissed findings carry over as they do on any rerun. Only the raise team sees it, and it never ticks anything off: whether a finding matters is always your call.