Resources
Every material claim links back to its source.
A number without provenance is a liability in an investment process. Rounic treats evidence as a first-class object: what was said, where it was said, when, by which version of which document — and whether anything now disagrees with it.
Principle 3
Facts, calculations, and inference are different objects.
Most tools blur these together into one confident paragraph. Rounic keeps them apart, stores them apart, and shows them apart.
Stated fact
The source says it. The citation points at the exact page, cell, slide, or paragraph, in a specific version of a specific document.
“Revenue was $48.2m in FY24.” — CIM, p.14
Derived calculation
Rounic computed it. The formula trace shows every input claim and the arithmetic, so the number can be re-checked rather than trusted.
“Net leverage 4.1×” = Net debt ÷ LTM EBITDA, both cited
Inference
The model concluded it. It is labelled as inference, never dressed as a quotation, and never used where a stated fact is required.
“Customer concentration appears to be increasing” — inferred
Temporal truth
Claims carry the period they describe and the moment they were asserted. Rounic can reconstruct what the firm believed at LOI, at IC, or on any date you name — and show what has changed since.
Contradictions are product value
When two sources disagree, Rounic does not silently pick a winner. The conflict becomes a visible object with both sides attached, because in diligence the disagreement is usually the finding.
Corrections propagate
Correct a fact once and every artefact derived from it — briefs, tables, charts, saved research — is identified, marked, and offered for regeneration. Nothing keeps quoting a number you have already fixed.
Provenance survives export
Copy a paragraph into a memo or export a table to Excel and the citations travel with it. High-stakes exports are gated when material claims are unverified or disputed.
What this means in the room
A partner reads a figure in an IC brief, selects it, and the source opens beside the brief — the right page of the right version, highlighted. If the figure is derived, the formula and its inputs are there instead. If it is an inference, it says so.
If the figure turns out to be wrong, one correction marks every artefact that depended on it. That is the difference between a tool that produces documents and a system a firm can rely on.