The Business: Tech-enabled engineering and inspection firm in a niche, fast-growing vertical underpinned by federal mandate. $9M enterprise value on $1.8M revenue and $1.2M EBITDA; 30-40% YoY growth driven by compounding tailwinds: increasing regulatory enforcement and a highly fragmented industry still in the early stages of technology adoption. Rule of 100 business. The Thesis: This fits within a thesis I've been intentionally building: non-discretionary, federally mandated services with software-like economics and technology as the competitive moat within a reoccurring, non-discretionary service as the product. Defensible against general AI risk given licensed human judgment is a legal requirement embedded in the service — AI cannot hold a credential or assume regulatory liability. The tech layer makes that human faster and more scalable, compounding the moat over time. Process: LOI executed. QoE, financial model, CIM, and diligence materials are complete. Lender conversations are progressing constructively. Equity commitments are in place, including from a strong strategic with direct industry relevance — and we are targeting $5M in total equity to close the round. Fundraise: Intentionally seeking investors with strong conviction in the broader thesis of regulation-backed, technology-enabled businesses — and most importantly, good people with aligned values.