Validated ACV
$100K
Deel contract today. Single customer, expanding.
Board update
May 2026
Executive summary
01
$3.1M in the bank. Runway through end of 2026.
02
Deel in production. 150,000 candidates, 318 analyses, 25 countries.
03
AI-native architecture cut our cost to serve by 42%, headed to 68%.
04
Direct enterprise sales cycles are longer than our runway allows.
05
Large adjacent companies are interested in partnering. Exploring.
Clarity · Board update
02 / 15
Capital & runway
Cash on hand
$3.1M
As of April 30, 2026
Monthly burn
$350K
Q1 2026 average
~62% R&D · ~28% G&A · ~10% S&M
~62% R&D · ~28% G&A · ~10% S&M
Runway
Jan '27
At current pace
Recommendation
Scenario A · Maintain pace
Hold burn at $350K/mo through the M&A process
Team and product stay intact. Process runs from strength.
Scenario B · Cut aggressively
Reduce to ~$200K/mo, extend into mid-2027
Extends runway but slows M&A momentum and signals distress.
Clarity · Board update
03 / 15
In production
150K+
Candidates in pipeline
The scale we operate in
6.2K+
Interviews captured
How we see the moments that matter
318
Identity risk analyses
Across 25 countries
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+ 15 more
Relationship arc
Feb 2025
First conversations
Q3 2025
Inbound after an internal incident
Jan 2026
Design-partner contract signed
Mar 2026 · Live
In production · CISO, CTO & Head of TA signed off
Alan Price · Global Head of TA at Deel · LinkedIn
Clarity · Board update
04 / 15
Unit economics
Cost to serve down 42%. Analyst time down 6x.
Annualized cost to serve · Deel
Analyst time per case
30 min
→
5 min
AI confidence scoring replaces most manual review. The analyst is a temporary validation layer.
What's behind the curve
- Proprietary deepfake detection (video + audio)
- Biometric comparison + AI risk model
- Trained on real attacks at production scale
AI-native
Built with the same AI-native approach we sell. Agentic workflows replaced manual review. Analyst time dropped from 30 minutes to 5.
Clarity · Board update
05 / 15
How an attacker gets hired
The questions companies have to answer
01
Who is this person?
02
Is this actually them?
03
Can I trust them?
How attackers get past those questions
Stolen
A real person's credentials or interview seat taken by an impostor.
Synthetic
A fabricated person who doesn't exist. AI-generated face, deepfake video and voice.
Rented
Real person interviews. A different person does the job after onboarding.
Clarity · Board update
06 / 15
What it takes to defend
Deepfake detection
Catches AI-generated video and voice in interviews.
Biometric comparison
Verifies the same person across every interview session.
Dark web monitoring
Surfaces leaked credentials and synthetic-identity inventory.
Social signal
Cross-checks identity claims against public-profile history.
Government ID verification
Authenticates ID documents from 200+ countries.
Integrated everywhere the person shows up
Ashby
Greenhouse
Zoom
Google Meet
iMessage
Email
Resume
Background check
›
Screen
›
Interview 1
›
Interviews 2–4
›
IDV
IDV
›
Offer + BGC
Background check
This is what we deployed to Deel.
Clarity · Board update
07 / 15
From hiring fraud to human verification
-
In productionHiring fraudLive with Deel. 318 analyses across 25 countries.
-
CISOs askingIT help-desk verification
-
CISOs askingAccount recovery
-
CISOs askingMFA resets
The category
Human
verification
verification
Hiring fraud is the wedge. Human verification is the category.
Clarity · Board update
08 / 15
Our IP
Interview Intelligence
The seeing layer
- Deepfake detection (video + audio)
- Biometric comparison across sessions
- Ground truth on who the person actually is
- Continuous re-verification across every touchpoint
Fraud Intelligence Engine
The thinking layer
- Synthesises Interview Intelligence signals
- Applies the reasoning of an experienced analyst
- Drove analyst time per case 30 min → 5 min
- The core of the COGS reduction
Agentic Infrastructure
The operating layer
- AI-native, not AI-assisted
- Every workflow runs through agentic systems
- Faster to build, better product, lower COGS
- The transition most companies haven't made
This is how we drove COGS from $95K to $55K. And why it's headed to $30K.
Clarity · Board update
09 / 15
Market learnings
Demand validated at $100–150K ACV. Market is early; direct sales won't convert on our timeline.
01
Hiring freezes hit the pipeline
Key prospects cut headcount weeks after engagement.
02
CISO priorities shifted to agentic AI
Hiring fraud dropped on the priority stack.
03
Dual-stakeholder buying is structurally slow
CISO + HR must both approve. 12–18 month cycles.
04
We're still learning to close
Enterprise sales is a muscle we're building. Pipeline is strong; converting at this rate has been on us.
In the pipeline
Atlassian
Robinhood
Calix
New Relic
Sumo Logic
Sony
Global Life
Gusto
Claspy
Clarity · Board update
10 / 15
What we're hearing from the market
Type 01 · Background check
Already own the HR relationship
On their roadmap 1–2 years out.
Red Violet
+ Tier 1 BGC
Active conversations.
Type 02 · Identity verification
Pivoting from API to CISO
Already competing with us in RFPs.
Incode
Warm conversations.
Adjacent · Cybersecurity
Identity-first security
Expanding from workforce identity into hiring moments.
Silverfort
+ identity-first security
31 enriched dossiers across all three.
Clarity · Board update
11 / 15
Why background check companies want this
A new CISO budget line on top of the HR relationship they already own.
New ARR opportunity
$500M
- 01A Tier 1 BGC has 100K+ enterprise customers already buying hiring trust.
- 02Market-validated ACV: $100K/year per enterprise, across 37+ conversations and Deel in production.
- 03Even a 5% attach rate = 5,000 customers × $100K = $500M new ARR.
- 04Additive revenue, not cannibalization. A new CISO security budget line.
“This is on our roadmap, 1–2 years out.”
Tier 1 BGC leaders see the Gen-AI hiring fraud threat their customers are asking about. They know they need this capability.
“Could be bigger than our current business.”
A Tier 1 BGC CPO's actual words. Human verification on CISO budget is a larger addressable market than traditional background checks on HR budget.
“The CISO brings a new budget to the table.”
BGC sells to HR today. Clarity gives them access to the CISO security budget. A second revenue stream from the same customer.
Background check companies already own the HR relationship. Clarity gives them the product for the CISO relationship they don't have yet.
Clarity · Board update
12 / 15
Why identity verification companies are pivoting toward this
IDV is commoditizing. They need to move upstream to the CISO. Clarity is what they're trying to build.
The platform pivot
Point solution → Enterprise platform
- 01IDV today is a commodity.
- 02They need to move upstream to survive. Persona raised $225M+ to fund the pivot.
- 03The CISO problem, not the engineering problem.
1–2 year head start on the product
The missing detection layer
Enterprise proof point: Deel
IDV companies sell to engineers today. The next market is the CISO. Clarity is the bridge.
Clarity · Board update
13 / 15
Who we should be talking to
A map of the strategic conversations we want to open.
Tier 01 · Closest synergy
Background check platforms
On their roadmap 1–2 years out. $500M+ ARR opportunity. Fastest path to scale.
+ Tier 1 BGC
Tier 02 · Strong fit
Identity verification
Pivoting from API to enterprise CISO. Need the platform we built.
Incode
Sumsub
Tier 03 · Adjacent
Identity & cybersecurity
Identity-first security thesis. Human verification is a new attack surface.
CyberArk
Silverfort
Okta
Ping Identity
Tier 04 · Distribution
HR tools & hiring platforms
Own the hiring workflow. Embed Clarity into existing platforms.
Ashby
Workday
Greenhouse
Metaview
BrightHire
We're asking for your networks, not just your alignment.
Clarity · Board update
14 / 15
The ask
1
Approve the budget
Maintain $350K/mo. The team and product are the assets being acquired.
2
Align on strategic direction
2–3 months, focused on BGC → IDV → Cybersecurity. M&A is the better shareholder outcome.
3
Help us create a competitive process
Open doors. We need warm introductions to Tier 1 BGC, IDV, and Cybersecurity players through your networks. Michael will share the target list at the meeting.
4
Set the decision gate
Next board meeting is a go/no-go. Clear path with a partner, or we reconvene on all options.
Clarity · Board update
15 / 15
56 companies in pipeline. 1 paying customer.
The buyer exists. The cycle is too slow for us to fund alone. It is the right speed for a distributor with an installed base.
47100%
36%
36%
24%
1
First-call explorationCloudflare · Adobe · MongoDB · Twilio · CrowdStrike · +4247
Sales-ops engagedAtlassian · SailPoint · SSM Health3
Deep technical talksSony · Crum & Forster · XM (Trading Point)3
Active negotiationNew Relic · Quantum TR2
Paying customerDeel · 318 analyses, 25 countries, expanding1
Proof of buyer, not forecast. These logos close in weeks through a Tier 1 BGC distribution partner.
Clarity · Board update · Appendix
A1
A net-new $500M ARR business inside a Tier 1 BGC's existing base.
Clarity isn't a feature an acquirer adds. It's a second product line, sold to a different buyer and paid for out of a different budget, that runs on the customer relationships the acquirer already has.
×
5% of a major BGC's base
5,000
Of ~100K mid-market & enterprise customers
=
Net-new ARR
$500M
Incremental to the acquirer's BGC line. Not a substitution.
Two budgets · not one
Sold to the CISO, not to HR.
Different buyer · different ceiling · same logo.
Already in the stack
Distribution is the only gap.
Zero net-new GTM motion required to test the thesis.
De-risked by Deel
The product ships under load.
Technology & demand are proven. What's missing is reach.
AI team · bonus
Production GenAI expertise the acquirer otherwise pays consultants for.
Deepfake, agentic systems, AI-driven cost reduction. Built in production.
Clarity · Board update · Appendix
A2
13 stakeholders. 5 functions. One customer.
Albert
Rahi Rahman
Tima Anwana
Emily Johnson
Alan Price
Ohad Ivry
Kerr Cameron
Kaitlyn Nolan
Jacinto Barrerio
Chloe Bouziz
Eli Eyal
Simon Martin
Zsolt Siklosi
Read as integration depth, not contact list. Five functions touching the product daily means switching costs grow each week, for Deel and for any acquirer that inherits this relationship.
Clarity · Board update · Appendix
A3
Cash overview
Detailed cash position, burn, and runway. Source: Clarity CFO close, April 30 2026.
Total cash
$3,122K
As of April 30, 2026 (CFO confirmed)
Q1'26 avg monthly burn
$350K
Operating cash outflow before tax / financing
Runway
Jan '27
At current pace. Through the M&A window with margin.
9 months of runway
From May 2026 through January 2027, holding burn at ~$350K/mo.
Clarity · Board update · Appendix
A4
Q1 2026 · Actual vs. budget
| P&L line | Actual | Budget | Variance |
|---|---|---|---|
| Revenue | |||
| Revenue | $13.5K | $18.8K | −$5.2K |
| Cost of sales | $0K | $3.4K | −$3.4K |
| Gross profit | $13.5K | $15.3K | −$1.8K |
| Gross margin | 100% | 81.8% | +18.2pp |
| Operating expense | |||
| R&D | $641.6K | $628.9K | +$12.6K |
| S&M | $102.0K | $194.7K | −$92.7K |
| G&A | $295.9K | $319.2K | −$23.3K |
| Total OPEX | $1,039K | $1,143K | −$103K |
| EBITDA | −$1,026K | −$1,128K | +$102K favorable |
Clarity · Board update · Appendix
A5
2026 forecast vs. budget
| P&L line · FY26 | Forecast | Budget | Variance |
|---|---|---|---|
| Revenue | |||
| Revenue | $69.8K | $255.0K | −$185.2K |
| Cost of sales | $18.9K | $44.7K | −$25.7K |
| Gross profit | $50.9K | $210.4K | −$159.5K |
| Gross margin | 72.9% | 82.5% | −9.6pp |
| Operating expense | |||
| R&D | $2,596K | $2,425K | +$171K |
| S&M | $377K | $708K | −$331K |
| G&A | $1,127K | $1,209K | −$82K |
| Total OPEX | $4,100K | $4,342K | −$242K |
| EBITDA | −$4,049K | −$4,132K | +$83K favorable |
Note: The current forecast does not include closing costs. A decision regarding this matter should be made by August 2026, aligned with the board decision gate.
Clarity · Board update · Appendix
A6
2026 cash trajectory
End-of-quarter cash balance, forecast vs. budget. Q1 is actual; Q2–Q4 are estimated at current burn.
End-of-quarter cash · $K
Forecast (Q1 actual)
Budget
FY26 net cash burn
−$4,025K +$71K
vs. budget of −$4,095K · favorable
FY26 ending cash
$350K +$71K
vs. budget $280K · pre closing-cost reserve
FY26 capex
$29K −$23K
vs. budget $53K · disciplined investment
Decision gate: Forecast excludes M&A closing costs and any wind-down reserve. Either path requires a call by August 2026.
Clarity · Board update · Appendix
A7
Clarity · Board update · Appendix · CFO original
A8
Clarity · Board update · Appendix · CFO original
A9
Clarity · Board update · Appendix · CFO original
A10
Clarity · Board update · Appendix · CFO original
A11