Where the Revenue Comes From
Four lines, not one, so demand in any single market does not gate the company. The timing, moat, and model behind them are below.
- Product licensingEnterprise licensing across twelve shipping products, with multi-year contracts in the regulated sectors that cannot easily switch.See the portfolio
- Services and deploymentAssessment, integration, and rollout work earning today, at margins a small senior team can hold, and feeding requirements back into the product line.See the service
- Consumer subscriptionVetonet ships Free and Pro plans on iPad — live subscription revenue, independent of the enterprise sales cycle.See Vetonet
Investment Highlights
Market Timing
Government mandates and NIST standardization create immediate demand. "Harvest now, decrypt later" attacks make migration urgent for organizations with sensitive long-term data.
Technical Moat
Hardware optimization expertise, formal verification capabilities, and FIPS validation create significant barriers to entry in high-security markets.
Revenue Model
Enterprise licensing with multi-year contracts, professional services for custom integrations, and ongoing support creating recurring revenue streams.