Keep the source in view.
A material statement should lead a reviewer back to the evidence and assumptions behind it.
About Underlying
The work behind the memo should stay visible.
Deal evidence arrives in one place. Analysis and questions spread across many others. Underlying is built to help private-equity teams carry the source, the uncertainty, and the human review into the IC draft.
Why we started here
Context gets lost at the handoff.
The VDR holds the files. Analysts compare them in spreadsheets and workpapers. Questions move through meetings and requests. Then a senior reviewer needs to understand what the IC memo can safely say.
We are building Underlying around that handoff: a connected path from authorized evidence to reviewed Findings and a working IC draft, with unresolved questions still visible.
Our operating principles
What should stay connected.
Show what remains open.
Conflicts, missing evidence, and qualifications belong beside the developing deal view.
Leave judgment with people.
AI can assist preparation. Deal professionals determine materiality, approve language, and make the decision.
Built by Dotnitron
Prove it on one deal.
Underlying is built by Dotnitron Technologies. We propose a defined paid pilot so a firm can test the workflow against its own evidence, review standards, security requirements, and IC format.
What the pilot should measure
01Analyst preparation time
02Senior review effort
03Evidence traceability
04Fit with the firm’s IC process
The pilot establishes the baseline and measures the result. It does not assume a generic time-saving figure.
See Underlying in your deal workflow.
See how source review, Findings, and a cited IC draft fit your team’s workflow. We’ll discuss your memo format, review process, and setup requirements.