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The Readout Package

An operational diligence pack,
inside 24 hours.

A Zoe Diagnostic ends in a Readout Package: the Zoe Score across nine dimensions with its findings and how to read them, an IC memo, an evidence appendix, and a signed opinion when confidence clears the bar.

See the Full Package →

What’s in the package

Four artifacts, one case.

  1. 01

    Zoe Score and findings

    The score across nine dimensions with its confidence percentage and coverage tier, the findings register sorted by severity, and the guide to reading it. Shown as an example on this page.

    See the example below →
  2. 02

    IC memo

    The readout written for the investment committee: what the data supports, what it does not, and the questions still open.

  3. 03

    Signed opinion

    A signed verdict letter when confidence clears the bar. When it does not, the memo says why.

  4. 04

    Evidence appendix

    Every finding’s trail, source by source and date by date, with the deck’s claims set against what the connected systems said.

Example: score and findings

The first artifact tells you where to look next.

Project Cephei

$42,000,000 revenue · Series B SaaS · readout 14 Aug 2025

Illustrative example
Attention

Derived from the deck and 5 target-connected systems · 15 normalized metrics · confidence 84% · 82% coverage

Nine health dimensions

  • Financial Vitality7491% conf.Healthy
  • Delivery & Execution5888% conf.Attention
  • Culture & People6179% conf.Attention
  • C-Suite5572% conf.Attention
  • Market & Competition7276% conf.Healthy
  • Go-to-Market4990% conf.Critical
  • Vision & Strategy6881% conf.Attention
  • Product & Customer4193% conf.Critical
  • Risk6384% conf.Attention

Claim Ledger · 3 of 14 claims shown

Said vs True runs once the books are connected

  1. HoldsDeck said: $42M revenue, ARR up 12% year on year · Books show: QuickBooks revenue by period reconciles; ARR +12%
  2. OffDeck said: Diversified base, no customer above 20% of ARR · Books show: HubSpot revenue by account: top 3 customers 58% of ARR (F-001)
  3. UnverifiedDeck said: Net revenue retention 118% · Books show: No cohort data in the data room or the CRM read; open for the Founder Call

Founder Call · 3 of 9 questions shown

Questions from Claim Ledger gaps, transcript scored

  1. AnsweredTop three customers went from 41% to 58% of ARR in four quarters. What is the plan for the base? · feeds F-001
  2. DodgedOne rep closed 71% of ARR over eight quarters. Who else is closing? · feeds F-002
  3. ContradictedThe deck says deploy cadence held through the hiring ramp. GitHub shows weekly deploys fell a third. · feeds F-003

Every answer is scored answered, dodged or contradicted.

Findings register · 4 open

Sorted by severity, then dimension weight

  1. CriticalProduct & CustomerF-001

    Top 3 customers represent 58% of ARR.

    Concentration rose from 41% to 58% across four quarters while total ARR grew 12%. The growth is coming from existing large accounts, not new ones.

    Evidence · 3 CRM pulls · 12 Jun – 14 Aug 2025Evidence trail
    1. 12 JunHubSpot read-only pull: 214 accounts, revenue by account
    2. 19 JulRenewal dates reconciled against QuickBooks invoices
    3. 14 AugConcentration recomputed; top-3 share 58.4%

    Pulled read-only · patterns, not paragraphs.

  2. CriticalGo-to-MarketF-002

    71% of ARR closed by a single rep.

    One account executive owns the majority of closed-won revenue over eight quarters. No second rep has closed above 9% in that window.

    Evidence · data room tab 4 · HubSpot closed-won · reconciledEvidence trail
    1. 04 JulHubSpot closed-won by owner, 8 quarters
    2. 21 JulCross-checked against data room tab 4 commission schedule
    3. 09 AugQuickBooks revenue by period reconciled to closed-won amounts

    Pulled read-only · patterns, not paragraphs.

  3. AttentionDelivery & ExecutionF-003

    Deploy frequency fell a third as headcount doubled.

    Engineering headcount went from 14 to 29 between Q1 and Q4 while weekly deploys dropped from 21 to 14. Review latency tripled in the same window.

    Evidence · GitHub + Jira · 2 quartersEvidence trail
    1. 01 JulGitHub deploy events, 24-month series
    2. 11 JulJira cycle time and reopen rate by team
    3. 02 AugReview latency p50 / p90 recomputed

    Pulled read-only · patterns, not paragraphs.

  4. AttentionCulture & PeopleF-004

    Engineering and Product stopped talking on 15 December.

    Cross-team channel edges between the two functions dropped 78% after 15 December and have not recovered. Response latency between the groups quadrupled.

    Evidence · Slack channel graph · patterns, not paragraphsEvidence trail
    1. 28 JunSlack channel graph: edges by function pair, 18 months
    2. 15 JulResponse latency by function pair
    3. 07 AugChange point confirmed at 15 Dec 2024

    Pulled read-only · patterns, not paragraphs.

How to read it

How to read the score.

A Zoe Score is not a recommendation, a valuation, or a quality-of-earnings opinion. It is a measurement of behavior with the evidence attached. The signed opinion in the package is where Zoe states a verdict, and only when confidence clears the bar.

Healthy70 – 100

Behaving like a company of its size and stage should. Nothing to raise at IC.

Attention50 – 69

A named, dated pattern worth a diligence question. Not a reason to walk.

CriticalBelow 50

Thesis-breaking if it holds. Read the evidence trail before the IC, not after.

Next step

Read the whole package, or run your first diagnostic.

We send the full Readout Package on Project Cephei to your work email: the report above plus the IC memo, the signed opinion and the evidence appendix.

Run Your First DiagnosticSee the Full Package