Doc CNI-DR-02 · Internal · Confidential
Section 02 · The Raise · 17 Jun 2026
The raise
What you're buying, and what it funds.
We are raising a $20M seed to fund the company through mainnet — the engineering bench, the full compliance stack to FedRAMP High, and the metered revenue that closes the loop. Seed investors price in at a discount at the Series A, the priced round ahead of mainnet launch in 2027. Detailed model in Section 09, reconciled line-for-line to the figures below.
Headline terms
Amount$20,000,000
InstrumentPost-money SAFE
Valuation capUncapped
Token warrantIncluded · SALT
Pro-rataOffered to lead
Runway36 months
Conversion & discount mechanics unlock in the full room
Request full access →Use of funds · 36 months
Dollar use-of-funds line items unlock in the full room
Request full access →The path to first revenue
Year 1 · de-risk
$0.48MARR
- Sign cryptography + security + distributed-systems engineers
- External L1 audit; SECURITY.md + bug bounty
- Metered gateway live — first revenue
- SOC 2 Type I; CMMC L2 gap; ≥2 signed pilots
- 10 enterprise packages
Year 2 · to mainnet
$1.92MARR
- CMMC L2 certification; FedRAMP High kickoff
- Priced Series A — seed converts at a discount
- Mainnet launch (2027)
- 40 enterprise packages
Year 3 · scale
$4.80MARR
- FedRAMP High authorization (ATO)
- 100 enterprise packages
- Later rounds open to existing investors for follow-on
Revenue is illustrative: enterprise membership only, modeled at $48/seat and 1,000 seats per package. Marketplace fee and compute GMV are excluded until metered revenue is live. K-12 districts pay $0 during testnet and are a distribution wedge, not a revenue line.
Calm outside, vigor inside.Citrate Network Inc. · Confidential · CNI-DR-02