Deep Investment Analysis that Re-Run and are Alive

Here’s the problem with every investment memo ever written. It captures a company at one moment. The cap table that day, the competitors that week, the team as it stood when the analyst sat down to write. Then the moment passes and the memo doesn’t move with it. You end up reading a description of a company that no longer quite exists.

For most of venture’s history you just lived with that. Diligence was slow and expensive, so you did it once and trusted the result until enough had changed to justify paying for it again. The memo you wrote in March went into the June meeting with its stale comps and its departed engineers, because redoing it from scratch cost more than the drift did.

That was never a law of nature. It was just how the work got done. ADIN already turned weeks of manual diligence into one pass that takes 20-30 minutes, which makes the first memo fast and the second one basically free. And once the second memo is basically free, there’s no reason to let a report rot.

As of today, every report on adin.online re-runs on updated information you provide it. This is now available to all Scouts of ADIN.

The simple version is one click. The agents go back over the company with everything that’s true now: a filing from last week, a headcount that’s grown, comps that are repriced, a round that closed yesterday afternoon…Or, maybe you just want to provide more context to the live document after chatting with the team. A few minutes later you have a memo that describes the company as it is today instead of how it looked a month ago.

Most of the time, though, you’ll re-run for a different reason. You know something the report doesn’t. The team section is missing context only you have. A number looks wrong. The agents never caught a competitor you’ve been watching for months. So you highlight the line. Then you do one of three things: drop in a document, write the correction yourself, or add the context that was missing. And you re-run on top of it.

This is the part we like best. The agents take what you gave them, pull in everything that’s changed, re-diligence the whole report, and email you when it’s done. The email doesn’t read like a notification. It reads like a colleague who took the work off your plate and wrote back to say it’s handled. It gives you the new score, the estimated valuation, a couple of lines on what changed, and tells you the report’s ready to review. Signed, ADIN. Diligence starts to feel less like a document you run and more like a teammate you delegated to.

Your old version sticks around. It sits next to the new one in the report’s history, so you can see exactly what moved without hunting for it. Most of the time you won’t even read the new memo top to bottom. You’ll just look at what’s different and why. And sometimes the score doesn’t change at all, which is its own kind of answer.

The easiest way to get it is to watch it happen. The walkthrough we’re publishing with this post re-runs ADIN’s own report, and the report is honest about itself: the agents had listed ADIN as one of its own competitors. So we highlight that line, fix it, and re-run. A few minutes later the email comes back. The report didn’t need a person to rebuild it. It needed a person to tell it the one thing it had wrong.

There’s a bigger idea sitting under the feature. A memo shouldn’t be something you finish, file, and quietly stop trusting. It should be a live position on a company that you keep current as the company changes. That’s what we mean by living diligence. Not diligence you commission again from zero every time the world moves, but diligence that’s one click, or one correction, away from current.

Re-run is the start of it. We’re already building on top: reports you can actually talk to instead of correcting once, shared workspaces, a record of who changed what, and a memo that can split into competing theses and come back together. More on all of that soon.

For now, go open a live report on adin.online. Tell it something it doesn’t know, or just hit re-run, and see what comes back.

If you want to run a report on a company through ADIN or submit a deal for funding, first you must be and ADIN Scout (sign up here for the Waitlist: