Your diligence AI is confident.That’s the problem.
Your AI said the ARR was clean, the waterfall worked, and the add-backs were one-time. One of those is wrong. Often more than one. Confidence isn’t accuracy.
Three AI models. Adversarial analysis. Every conclusion challenged before you see it.
Trusted Infrastructure
What Single-Model AI Misses
The numbers inside it are wrong.
Three things that change whether a deal is investable.
We ran the same deals through a single frontier model and through Delibera. The single model produced solid-looking IC prep memos. Delibera caught the things that actually changed the investment thesis.
The ARR Restatement
The single model accepted $14.2M ARR at face value. Delibera's research agent pulled 10-Qs and reclassified revenue quality. Adjusted ARR: $11.8M. That moves entry multiple from 10x to 12.5x — a number no IC would approve without renegotiating price.
The Waterfall Math
The single model computed IRR at 13% and called it “thin.” Delibera ran the actual waterfall at specific exit values. At $250M — the base case — the B-1 uncapped participating preferred makes MOIC 0.89x. Not thin. Capital destructive.
The EBITDA Normalization
A $20M EBITDA services business — classic mid-market buyout at 7x. The single model accepted management’s normalized EBITDA. Delibera cross-checked the add-backs: $2.5M of “one-time” expenses recurred three years running, $800K in related-party lease adjustments were understated, and revenue from a terminated Q4 customer was included in TTM. Real normalized EBITDA: $16.7M. Effective multiple: 8.4x, not 7x.
Across SaaS, growth equity, and traditional buyouts, the pattern is the same. Single-model AI produces confident analysis that misses the specific errors that change investability. Delibera doesn’t replace your QoE or legal DD — it makes sure you don’t walk into IC with a false sense of security before the real work starts.
See the full methodologyHow It Works
Not one AI with a second opinion. Three AIs that actually disagree.
Delibera runs adversarial deliberation between independent models, with gap-driven research and mandatory dissent. You see the argument, not just the answer.
Three Independent Models Analyze
Strategic, Risk, and Research analysts — three AI models from different providers — analyze your matter simultaneously. Each one has a distinct role.
Adversarial Deliberation
Models challenge each other's reasoning through multiple structured rounds. Dissent is required. Blind spots, conflicts, and failure modes surface before you see them.
Verified Synthesis & Audit Trail
Conclusions are verified against real sources — case law, SEC filings, peer-reviewed literature — with a timestamped record of every challenge and resolution.
“Review this target’s ARR quality and flag any quarters where restatement risk justifies a walk-away.”
Walk-away recommended. Three agents converged (confidence 91%). Audit trail attached: CourtListener citations, SEC 10-Q references, and each agent’s dissent preserved.
Benchmark Results
Independently tested. The numbers.
Phare Hallucination Benchmark · 791 adversarial samples
Higher is better
3 models · adversarial deliberation
Anthropic frontier
OpenAI frontier
0%
vs. Next-Best Model
Fewer hallucinations than Claude Opus 4.6 — the closest frontier comparison.
0+
Across Suites
Adversarial samples tested across Phare and internal suites. Every result reproducible.
The Hard Conversation
Every analysis includes what you might not want to hear.
Uncomfortable trade-offs. Reasons your preferred path might fail. Blind spots in how you framed the question.
The Question
Should we approve the Alpha Partners bid at 10x TTM?
Headline numbers support it — $14.2M ARR, 22% YoY, gross margin 74%. Multiple defensible against 2024 comps.
The deck is clean; the filings aren't. Three 10-Qs show Q3 revenue restated in the last 18 months. That's a pattern, not a one-off.
Top-3 customer concentration is 34% of ARR — above your stated 25% walk-away threshold. MSA renewal on the largest is Q2 next year.
Restatement pattern plus customer concentration above the stated threshold. At 10x TTM this is not the deal you modeled — it's a deal with two structural risks the memo didn't price in.
“Better to confront it in private than discover it in court — or across the deal table.”
Junior analysts don’t push back on MDs. Associates don’t push back on partners.
Someone needs to say the thing no one wants to say. Delibera does.
Bring a deal.We’ll show you what your AI missed.
30-minute live briefing. Bring a real deal — or try our sample analysis. Keep the output.
Typical briefing · 30 minutes · live deliberation demo · you keep the output
Private Equity
Mid-market and growth equity teams catching ARR restatements, waterfall errors, and normalization issues before IC
Corporate Development
Buy-and-build platforms and strategic acquirers running lean on DD resources
Investment Banks
M&A advisory teams producing IC memos that survive the partner who didn’t read the deck
M&A Counsel
Transactional attorneys verifying citations and flagging interpretation risk before close