Minutes of the
April Board Meeting

Q1 2025 Performance

CFO Sarah Kim presented Q1 results. ARR growth exceeded plan for the third consecutive quarter, driven primarily by enterprise expansion within the financial services vertical. Gross margins held steady as infrastructure efficiencies offset compensation increases.

Board accepted the Q1 financial package as presented. Kim flagged a softening in mid-market pipeline entering Q2, which will be monitored closely.

Series C Planning

The Board discussed timing and structure for a proposed $50M Series C round. Target close is Q3 2025, with a pre-money valuation range of $380M–$420M based on initial indications from three tier-one firms. Use of proceeds will prioritize international expansion (EMEA first), platform R&D, and strategic hires across go-to-market leadership.

Okafor and Vasquez — representing existing investors — confirmed pro-rata participation intent. Chen will engage Qatalyst Partners as placement advisor pending committee approval.

Appointment of Chief Technology Officer

Chair reported completion of the CTO search led by Heidrick & Struggles. The committee recommends Dr. Anika Sharma, formerly VP of Platform Engineering at Snowflake, to join as CTO effective May 5, 2025. Compensation terms were reviewed in executive session; equity grant of 0.85% over four years with standard one-year cliff was approved.

Sharma will lead a full architectural review of the data plane through Q2 and present findings at the July board meeting.

2025 Roadmap Review

Head of Product presented the revised roadmap, reflecting reprioritization toward enterprise-grade governance features following Q1 customer feedback. Four initiatives were highlighted for board visibility:

• Q2 — Enterprise SSO & SCIM provisioning General availability by June 15. Unblocks three six-figure deals currently in late-stage procurement.
• Q2 — Audit Log Streaming Native integrations with Splunk and Datadog; foundational for SOC 2 Type II expansion.
• Q3 — AI Workflow Assistant Private beta with 15 design-partner customers. Model selection finalized pending security review.
• Q4 — EU Data Residency Frankfurt region launch aligned with EMEA go-to-market hiring plan funded by Series C.

Board requested a dedicated security and compliance briefing at the May session given the increased enterprise mix.