You're about to put money in. The pitch deck is not evidence.

mar:val checks the target's technology, balance sheet and market position against registers, filed accounts and patent data, and tells you where the evidence runs out.

    • Target · Novalis GmbH
  1. Checked
    • Technology · Optical sensing
    • Market position · Ranking 61 / 100
    • Strength · Partner & out‑license
  2. Filed accounts
    • Value · 2 methods · $23–31M
  3. Funding · M&A
    • Capital flows · Series B · 2024
  4. Gaps listed
    • Evidence gap · FY 2025 accounts
Example · target check

The example, step by step

01Target

Who exactly are you putting money into?

Name the company. mar:val finds it in the official register and follows its owners, hop by hop, until it reaches a natural person.

Target company

Novalis GmbH

In the register · GmbH · Munich · since 2014

Owners, hop by hop

  1. Novalis GmbH
  2. Novalis Holding GmbH50–75%
  3. M. KesslerBeneficial owner75–100%
  4. Corvane Capital Fund II25–50%

Example · Novalis GmbH · Companies

02Technology

What does it actually work on?

Where its work sits among the field's categories, against the field as a whole, and how well each part of it is protected.

Share of familiesNovalisField

Optics
21%38%
Signal processing
17%24%
Calibration
46%18%
Light sources
8%11%
Housings
8%9%

Protection · 24 families · Read as a moat

  • Core9
  • Blocking3
  • Improvement7
  • Defensive3
  • Legacy2

Example · Novalis GmbH · Technologies

03Market position

Where does it stand among the others?

A ranking from 0 to 100 with its five parts, and revenue growth set against growth in filings. Novalis grows fastest on both, but its revenue and its portfolio are small, so it ranks 61.

61of 100 · Mar:lean Ranking

Revenue in the sector
2 of 5
CAGR
4 of 5
R&D share
4 of 5
Innovation score
3 of 5
Portfolio value
2 of 5

Example · Novalis GmbH · Companies · Market

04Strength

Can it afford its own technology?

How strong its technology is, set against the resources its accounts show. Novalis has more technology than means: the gap your money, or a partner, would close.

Partner & out‑license

Technology strength
81
Resource strength · FY 2024
34
Altman Z′ · FY 2024
3.80 · safe

Example · Novalis GmbH · Technologies

05Value

What is it worth, and how firm is that?

Two methods value the technology, one from the market volume and one from the company's own revenue. How far they lie apart shows how firm the value is.

TechnologiesValue overviewNovalis GmbH · FY 2024

Technology value · 2 methods

$23–31M

Value per family · 24From revenueFrom the marketNo revenue

Value per family · 24
FamilyRoleValueValued from
1Core$2.3MFrom revenue
2Core$1.9MFrom revenue
3Blocking$1.3MFrom revenue
4Core$2MFrom revenue
5Improvement$0.9MFrom revenue
6Legacy$0.2MFrom the market
7Core$1.7MFrom revenue
8Improvement$0.8MFrom revenue
9Core$1.8MFrom revenue
10Blocking$1.1MFrom revenue
11Defensive$0.5MFrom the market
12Core$1.5MFrom revenue
13Improvement$0.8MFrom revenue
14Improvement$1MFrom the market
15Core$1.4MFrom revenue
16Improvement$0.7MFrom revenue
17Defensive$0.6MFrom the market
18Core$1.4MFrom revenue
19Blocking$1MFrom revenue
20Improvement$0.7MFrom revenue
21Legacy$0.3MFrom the market
22Core$1.2MFrom revenue
23Defensive$0.4MFrom the market
24Improvement$0.5MFrom revenue
Method

From revenue wherever a family has it, from the market otherwise. This is the figure the report leads with.

Market · 2025
$2.4B
Growth per year
+11%
Revenue in the field · FY 2024
$54M
WACC
8.4%
Royalty rate
3.5%
Mean remaining term
9 years

Example · Novalis GmbH · Technologies

06Capital flows

Who has put money in before you?

Every round it received and every acquisition it made, each with date, amount, investors and its source. In the report, each source links to the reference.

ReceivedMade

DateTypeAmountInvestors · targetSource
11 / 2024Received: Series B$38MCorvane Capital, Biosense AGPress release
09 / 2023Made: AcquisitionUndisclosedSpectrane GmbH · calibration softwareRegister
02 / 2021Received: Series A$8MCorvane CapitalPress release
03 / 2019Received: Seed$2.5MBusiness angelsRegister

Example · Novalis GmbH · Investments

07Evidence gap

Where does the evidence run out?

What is not on file is listed as missing. Missing evidence yields "not rated", never "low risk".

  • MissingFY 2025 accountsNot filed yet. The resource strength above rests on FY 2024, and says so.
  • Not ratedFair value against the share priceNovalis GmbH is not listed, and each of the five bases needs a share price.
  • To re-verify2 patent familiesTheir legal status is older than six months. They are flagged, not counted as clear.
  • PartialFreedom-to-operate screenEurope and the US screened, China not. The screen says it is partial and lists what is missing.
  • As publishedShareholdings50 to 75 per cent stays 50 to 75 per cent.

Example · Novalis GmbH · gaps as the report lists them

What you are probably asking now

  • Each company shows which source a value came from and whether it was fetched fresh or served from cache. Legal statuses carry an as-of date and are flagged for re-verification after six months.

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