Market boundaries
are breaking down.
Products, workflows, and budgets overlap. Traditional categories can obscure competitive threats, growth paths, and the investment opportunities between them.
AI-NATIVE SERVICES FOR PRIVATE MARKETS
One market foundation.
Understanding
that compounds.
We map how markets actually work. Then we build on that foundation with evidence from every engagement, so your understanding grows across the investment lifecycle.
Purpose-built technology. Independent judgment. A dedicated team.
A first project creates the foundation.
Each engagement strengthens it.
Each engagement strengthens it.
BUILT FOR SOFTWARE INVESTING
From investment theme → live opportunity → portfolio strategy
THE PROBLEMS WE ADDRESS
Markets keep moving.
Your understanding should keep up.
Market boundaries
Research keeps
starting over.
Definitions, assumptions, and evidence rarely carry forward consistently. Each new engagement repeats work instead of building on what your team already knows.
A CONNECTED VIEW OF THE MARKET
Go beneath
the category labels.
Our market ontology is a structured model of how a market works: what customers need to do, how work connects, and where software holds a meaningful position.
It makes relationships and assumptions explicit, so research can focus on the questions that matter.
See how evidence connects
Capabilities
What customers need to do.
Workflows
How work, data, and decisions connect.
Platform roles
Where vendors participate, compete, and overlap.
Control points
Where ownership of essential records, rules, or execution can shape competitive advantage.
THE INVESTMENT LENS
See dependencies. Find contested areas.
Focus the next research question.
FROM EVIDENCE TO UNDERSTANDING
Every finding has a place.
And a consequence.
Connect fragmented evidence to a common market model. Understand what a new finding changes, where confidence grows, and what still needs to be tested.
Vendor productsCustomer conversationsCompany materialsTransactions & market activity
One connectedmarket modelRelationships · Evidence · Assumptions
Competitive positionWhere a vendor is essential or replaceable.
Growth paths & risksWhich adjacencies matter, and why.
Focused diligenceWhat to validate before building conviction.
ILLUSTRATIVE QUESTION
Does a vendor own a critical customer workflow, or provide a feature a broader platform can absorb?
The model frames the question. Product evidence, customer calls, and company materials help test it.
ONE FOUNDATION. THE FULL INVESTMENT LIFECYCLE.
Build on what you know.
Focus what you do next.
A client-specific market foundation carries context forward. Each new engagement adds evidence, sharpens the analysis, and informs the next decision.
Find where
to invest.
Identify investment pockets, map the vendor universe, size opportunities, and prioritize targets.
SOURCING & SELECTIONUnderstand
the opportunity.
Assess a company’s position, test growth assumptions, and connect customer and data-room evidence.
OPPORTUNITY DILIGENCESee the paths
to growth.
Evaluate product expansion, M&A priorities, competitive exposure, and strategic buyer fit.
PORTFOLIO STRATEGYKeep the market view current.
Monthly surveillance interprets new products, emerging competitors, AI developments, capital raises, and M&A through your market foundation.
AI-NATIVE SERVICES, DELIVERED BY PEOPLE
A dedicated team
is your interface.
Purpose-built technology supports the work. Your investment questions guide it.
Specialized research, applied to your questions
Work directly with a team that connects technical market structure to commercial implications.
Clear outputs you can use
Executive-ready slides, detailed Excel analysis, and a discussion of what matters, what is uncertain, and what to do next.
Independent judgment, including reasons to pass
A defensible view of the opportunity includes the evidence that challenges the thesis.
HOW WE ENGAGE
Start with the question
in front of you.
An investment theme, a live opportunity, or a portfolio asset can each become the starting point for a deeper market understanding.
BEGIN WITH A MARKET
Where should we spend our time?
Build a structured view of the market, identify attractive investment pockets, and focus sourcing on the vendors and questions that matter.
ILLUSTRATIVE FIRST SCOPE
- Market structure and investment pockets
- Relevant vendor universe and target priorities
- Opportunity sizing and research questions
01
Build the foundation
A scoped initial engagement establishes the market model and addresses the investment question that brought you to us.
02
Keep it current
An optional market surveillance subscription maintains the view through monthly updates on meaningful market developments.
03
Go deeper as needed
Scope additional research around specific opportunities: customer calls, data-room review, market sizing, or product and M&A strategy.
Clear scope before kickoff.
We discuss the market boundaries, evidence required, deliverables, timing, and fees with you. Foundation work, ongoing surveillance, and follow-on research are scoped explicitly.
Discuss scope and pricingLET’S FIND A PLACE TO START
What market
is on your mind?
Tell us about a theme, company, or portfolio question. We can discuss the right starting scope and share a relevant example of our work.
davidneitzel@tesseractresearch.netDavid Neitzel · Founder, Tesseract Research