Alt-X

What do they actually do

Alt‑X provides a browser-based tool that analyzes diligence materials for private investors. Today it is most useful for real‑estate deals: you upload leases, financials, and property/credit documents, and the software parses them to produce cash‑flow/NOI/cap‑rate/IRR models, risk flags, and short diligence reports that can be shared with teammates. The product offers a free 1‑week trial and runs uploads through an ephemeral, "zero‑knowledge" processing flow that the company says does not persist user data (Alt‑X homepage).

Alt‑X is a small, early-stage company (founded 2024) positioning itself as core analytics infrastructure for private markets; public materials reference a goal of becoming a “Bloomberg Terminal of the AI era,” but there is no detailed public roadmap or verified traction data beyond marketing copy (Alt‑X homepage LinkedIn).

Who are their target customer(s)

• Real‑estate acquisition analysts at small/mid‑sized CRE shops: They spend hours pulling numbers from leases and financial statements and rebuilding cash‑flow/IRR models by hand; they need faster, consistent underwriting and automated risk flags (Alt‑X homepage).
• Independent sponsors and one‑off deal investors: They lack dedicated diligence staff and need near‑turnkey reports and risk summaries to quickly decide whether to pursue a deal (Alt‑X homepage).
• Family offices and small institutional allocators doing direct private investments: They need a secure way to share sensitive contracts and financials with vendors and teammates, with assurances that uploaded data isn’t retained (Alt‑X homepage).
• Private lenders and credit underwriters focused on real estate: They must extract covenants and payment terms from contracts quickly to assess credit risk and avoid slow, manual reviews (Alt‑X homepage).
• Small PE/VC/other private‑markets teams looking to scale diligence: They lack standardized outputs and integrations to push findings into dealflow/portfolio systems, and need analyzable exports plus team/audit controls as they grow (LinkedIn).

How would they acquire their first 10, 50, and 100 customers

• First 10: Leverage founders’ networks to recruit independent sponsors, one‑off deal investors, and small CRE acquisition analysts into a concierge pilot that analyzes one live deal under NDA; use the free 1‑week trial and ephemeral processing to address security objections (Alt‑X homepage).
• First 50: Convert early wins into short case studies and ROI one‑pagers; run targeted LinkedIn/email outreach to mid‑sized CRE shops and private lenders and offer referral credits. Add low‑cost demand (webinars, how‑to guides, regional CRE meetup sponsorships) to drive demo requests.
• First 100: Form channel partnerships with deal platforms, CRE software vendors, and broker/mortgage networks to reach family offices and small allocators via bundled intros and partner‑led pilots. Reduce procurement friction with self‑serve onboarding, tiered team pricing, and clear security/compliance docs (data handling, NDAs, SLA).

What is the rough total addressable market

Top-down context:

Potential buyers include family offices (~8,030 globally in 2024), which are increasingly active in private markets, and a large base of independent sponsors in the U.S. (industry trackers count 1,500+), plus thousands of CRE analyst roles that perform underwriting and document review (Deloitte, H.I.G. Capital/WhiteHorse, LinkedIn jobs).

Bottom-up calculation:

Beachhead: assume ~10,000 primary users across North American CRE analysts, independent sponsors, and private lenders; at ~$2,400/user/year SaaS pricing, beachhead TAM ≈ $24M. Longer‑term (broader private markets and geographies): assume ~100,000 relevant professionals globally; at ~$2,400/user/year, TAM ≈ $240M.

Assumptions:

• Average SaaS price of ~$200/user/month ($2,400/year) for diligence tooling.
• ~10k beachhead professionals (CRE analysts, independent sponsors, private lenders) and ~100k globally across private markets; estimates triangulated from family office counts, independent sponsor counts, and visible job roles.
• Focus on individual seats; excludes enterprise services and integrations that could increase ACV.

Who are some of their notable competitors

• Cactus: AI-first CRE underwriting that turns PDFs into pro‑forma models and analyses; directly overlaps Alt‑X’s CRE document‑to‑model workflow (site).
• Keye: AI due‑diligence platform for investment teams/funds that produces standardized diligence outputs, overlapping Alt‑X’s turnkey report use case (site).
• Alkymi: Private‑markets data ingestion and automation platform that normalizes deal documents and routes data downstream; strong on enterprise connectors/workflows Alt‑X would need for larger shops (site).
• Kira (Litera): Mature contract‑analysis software used in M&A/PE/real estate for clause extraction and large‑scale review; Litera acquired Kira in 2021, signaling category durability (Litera Kira, Reuters).
• eBrevia: Long‑standing contract analytics used by law firms and financial sponsors for clause extraction and summaries; overlaps Alt‑X’s contract parsing and risk‑flagging (site).