• Round size vs peers

  Larger than the typical Series B round (3.8×).

• Syndicate size

  Party round (9 investors), diffuse ownership and signal.

• Insider conviction

  All-new money, no prior investors re-upped.

• Investor track record

  A mix of established and emerging investors.

• Valuation step-up

  Down round (0.0× prior valuation).

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.