06 — Key risks
3 items- SAM looks unsourced — slide 14 cites $2.1B with no reference. Verify against sector data before the IC.
- Founder-market fit, ops side — strong SaaS team, but the Suez/Veolia operating background isn't surfaced. Confirm on the first call.
- Pricing not validated — slide 22 mentions tiered enterprise with no reference customer. A signed pilot rate would de-risk it.