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AI diligence agents for private equity

Know what could break the deal before you buy the company.

Keystone verifies management claims, investigates discrepancies and surfaces the financial, customer and contract risks that could change your investment decision.

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Built for private equity deal teams conducting high-stakes diligence.

Management Claim Verification Revenue Quality Customer Retention Analysis Customer Concentration EBITDA Add-Back Review Contract Diligence Forecast Challenge Management Q&A Source-Linked Evidence Investment Committee Preparation Management Claim Verification Revenue Quality Customer Retention Analysis Customer Concentration EBITDA Add-Back Review Contract Diligence Forecast Challenge Management Q&A Source-Linked Evidence Investment Committee Preparation

The problem

Private equity teams have the data. They do not always have the truth.

During diligence, deal teams receive CIMs, financial statements, customer files, contracts and thousands of data-room documents. Keystone helps teams verify what is real, identify what does not add up and focus diligence on the issues that could change the deal.

Conflicting numbers

Revenue, retention, EBITDA and customer metrics often do not reconcile across source files.

Unsupported claims

Management narratives can sound convincing before the underlying evidence has been tested.

Manual investigation

Associates repeatedly clean files, compare versions, reconcile totals and draft questions.

Disconnected conclusions

Findings are not always clearly connected to valuation, leverage, forecasts or returns.

Product example

See what Keystone actually does.

A professional diligence surface for investigating one complete claim, not a chatbot detached from the sources.

Data roomCIM, management deck, QoE report and diligence files

FinancialsMonthly financials, GL, trial balance and forecast model

Customer dataRevenue by customer, churn, expansion and contract history

Keystone AI Normalizes sources, tests claims and links every finding to evidence.

Verified metricsRevenue quality, retention, concentration and EBITDA support

Risk alertsUnsupported claims, contradictions and missing evidence

IC outputsFollow-up questions, issue tracker and committee-ready summary

How it works

From data room to verified conclusion.

Keystone AI agent Running

Active inputs

Connect CIM, financials and data room Deal materials organized by source

Extract Management claims Revenue, customers, margins and growth

Test Evidence and calculations Conflicts traced to source records

Resolve Open diligence issues Tracked until reviewed by the team

Live workflow

Input received Keystone parses the CIM and pulls source evidence into the working session.

Source-backed finding

Management claims 18% recurring revenue growth. Keystone is locating the supporting customer file.

Connect Extract Test Investigate Drive follow-up

Live outputs

Verified metric Revenue reconciliation Source-linked evidence attached

Management question Follow-up drafted Precise request for missing support

Risk flag Retention claim needs support Awaiting investment-team review

Use cases

Built around the diligence work that changes the investment decision.

Revenue Quality

Reconcile reported revenue with customer-level data and identify unusual, nonrecurring or unsupported revenue.

Customer Retention

Calculate churn, gross retention, net retention and expansion using a consistent methodology.

Customer Concentration

Group related entities and uncover hidden exposure across subsidiaries, locations and inconsistent customer names.

EBITDA Verification

Challenge add-backs, identify recurring expenses and estimate a more defensible normalized EBITDA.

Contract Diligence

Extract pricing, renewal, termination and change-of-control risks from material agreements.

Forecast Challenge

Test management projections against historical performance, sales pipeline, churn and operating evidence.

FAQ

Frequently Asked Questions

What is Keystone AI?

Keystone AI is an AI diligence platform for private equity teams that reviews deal documents, financials, customer data and contracts to verify management claims and surface hidden risks.

How is Keystone different from a document search or AI summary tool?

Most tools help you find or summarize information. Keystone investigates the deal by checking claims against the underlying evidence, recalculating key metrics and tracking unresolved issues.

What kind of deal materials can Keystone analyze?

Keystone is built to analyze CIMs, financial statements, customer revenue files, contracts, forecasts, quality of earnings reports, management presentations and data-room documents.

Does Keystone make investment decisions for the PE firm?

No. Keystone supports the deal team by finding discrepancies, generating follow-up questions and showing possible deal impact. The investment team still makes the final judgment.

What risks can Keystone help identify?

Keystone can help identify customer concentration, retention issues, revenue inconsistencies, aggressive EBITDA add-backs, contract risks, unsupported forecasts and management claims that do not match the data.

How does Keystone handle confidential deal information?

Keystone is being designed around private-market confidentiality, with controlled access, audit trails, source-linked outputs and restrictions on using customer data for model training.

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Find the issue before it becomes the investment.

See how Keystone can help your team verify management's claims, investigate what does not add up and focus diligence on the risks that matter.