Section 05

Timeline & Phases

Four build phases from Series A close to first ISDA Carbon Liability Swap execution — with milestones, dependencies, and Series B eligibility triggers.

05

5.1 Phase Summary

Phase 1
Months 1–3
Foundation — Infrastructure, legal entity, FCA application initiation, core data schemas, Azure environment, CI/CD pipeline.
Phase 2
Months 4–9
Core Platform — All 17 agents built and tested, supply-side pipelines live, buy-side onboarding workflow, proof gate operational.
Phase 3
Months 10–15
Legal & Regulatory — ISDA Carbon Product Supplement finalised, IFRS 9 opinion received, FCA authorisation progressed, first client onboarding.
Phase 4
Months 16–18
First CLS Execution — First ISDA Carbon Liability Swap executed. Revenue recognition begins. Series B eligibility clock starts.

5.2 Detailed Build Timeline

Phase 1 · Months 1–3
Foundation & Infrastructure
Series A Close → Month 3
  • Incorporate CaptureNow Ltd (UK). Appoint FCA compliance counsel. Begin FCA investment firm authorisation application.
  • Provision Azure environment: AKS cluster, PostgreSQL, InfluxDB, Redis, Event Hub, Blob Storage. UK South primary, UK West DR.
  • Establish GitHub monorepo. Configure GitHub Actions CI/CD with FCA-critical test gates. Azure DevOps deployment pipelines.
  • Define all Pydantic v2 data schemas: LiabilityVector, NRWProgramme, ProofBundle, CLSTermSheet, SwapRecord, NRCSScoredCredit.
  • Engage Magic Circle law firm for ISDA Carbon Product Supplement drafting. Engage Big 4 for IFRS 9 HTM classification opinion.
  • Hire: Lead Platform Engineer, Carbon Finance Specialist, FCA Compliance Officer.
Phase 2a · Months 4–6
Supply-Side Pipelines & Buy-Side Agents
Month 4 → Month 6
  • Build SS-1 Registry Poller: Dagster pipeline polling Puro.earth CORCX, TGO, Gold Standard, Verra. Store raw credit records in PostgreSQL.
  • Build SS-2 NRCS Scorer: Compute Net Removal Credit Score. Validate permanence and additionality. Publish NRCSScoredEvent.
  • Build SS-3 VVB Parser: Parse VVB audit PDFs. Extract MRV metrics. Store time-series in InfluxDB.
  • Build SS-4 Producer Intelligence, SS-5 Inventory Manager, SS-6 MRV Monitor.
  • Build BS-1 Liability Aggregator: AutoGen + SK. Azure Data Factory pipeline. GPT-4o schema interpretation. LiabilityVector output.
  • Build BS-2 Forward Model Agent, BS-3 CSR Calculator (FCA-critical), BS-4 NRW Structurer, BS-5 Event Publisher.
Phase 2b · Months 7–9
ALM Engine & Proof Gate
Month 7 → Month 9
  • Build AO-1 Proof Gate: LangGraph state machine. Three-proof validation (Science, Legal, Financial). JOSE JWS ProofBundle signing.
  • Build AO-2 Matching Engine: CVXPY optimisation. Duration mismatch minimisation. CSR maximisation. ALMMatchSet output.
  • Build AO-3 Term Sheet Generator: FpML 5.12 + JSON CLS term sheet generation. Human approval interrupt workflow.
  • Build AO-4 Swap Executor, AO-5 MTM Monitor (daily loop), AO-6 Disclosure Generator (ISSB S2 packs).
  • Integration testing: full pipeline from LiabilityVector → ProofBundle → ALMMatchSet → CLSTermSheet with synthetic data.
  • FCA-critical test suites: BS-1, BS-3, AO-1, AO-2, AO-3, AO-4. 100% branch coverage required.
Phase 3 · Months 10–15
Legal, Regulatory & First Client Onboarding
Month 10 → Month 15
  • ISDA Carbon Product Supplement: Magic Circle firm completes first draft. ISDA Carbon Working Group review. Internal legal sign-off.
  • IFRS 9 HTM Classification Opinion: Big 4 firm delivers formal opinion on NRW instrument classification. Board approval.
  • ISSB S2 Assurance Framework: Big 4 or specialist firm establishes assurance framework for disclosure packs.
  • FCA authorisation: Submit full application. Respond to FCA queries. Target authorisation by Month 15.
  • First client onboarding: Pilot client (corporate treasury) submits GHG inventory. Full buy-side pipeline run. NRW programme structured.
  • Allfunds Connect integration: API integration live. Clarity AI module data feed operational. Distribution channel open.
  • JPMorgan custody account: £1bn+ treasury deposit account established. Daily NAV reporting operational.
Phase 4 · Months 16–18
First CLS Execution & Revenue Recognition
Month 16 → Month 18
  • First ISDA Carbon Liability Swap executed with pilot client. FpML 5.12 term sheet signed. Registry credits locked.
  • AO-5 MTM Monitor begins daily loop for 10-year tenor. CSA monitoring active.
  • AO-6 generates first ISSB S2 disclosure pack for pilot client. Board report delivered.
  • Revenue recognition begins: L1 Treasury Custody Fee, L2 Offtake Broker Fee, L3 Warrant Pool Management, L4 ALM Liability Manager.
  • Series B eligibility clock starts. Target: $35M ARR within 36 months of first CLS execution.
  • Second and third client onboarding begins. Pipeline scales to 5 active NRW programmes.

5.3 Critical Path Dependencies

Longest-Lead Item: FCA Authorisation

FCA investment firm authorisation is the single longest-lead item on the critical path. The application must be submitted no later than Month 3 to achieve authorisation by Month 15. Any delay pushes the first CLS execution date and delays revenue recognition. This is the primary schedule risk.

Blocker
FCA Authorisation → First CLS Execution
No CLS can be executed and no client assets can be held without FCA authorisation. Must be obtained before Phase 4. Application must begin at Series A close (Month 1).
Blocker
ISDA Carbon Product Supplement → Term Sheet Generation
AO-3 Term Sheet Generator cannot produce legally valid CLS term sheets without the finalised Carbon Product Supplement. Must be complete before Phase 4.
Blocker
IFRS 9 HTM Opinion → Client Onboarding
No corporate client can recognise NRWs as balance sheet assets without the Big 4 IFRS 9 HTM classification opinion. Must be received before first client onboarding (Month 10).
Dependency
Three-Proof Gate → Matching Engine
AO-2 Matching Engine cannot run until AO-1 Proof Gate has issued a signed ProofBundle. Both must be built and tested before Phase 3 client onboarding.
Dependency
Supply-Side Inventory → Proof Gate
AO-1 Proof Gate requires proof-ready inventory from SS-5 Inventory Manager. Supply-side pipelines must be operational and populated before Phase 3.
Risk
Registry API Access → Supply-Side Pipelines
SS-1 Registry Poller requires API access agreements with Puro.earth CORCX, TGO, Gold Standard, and Verra. Negotiations must begin in Month 1. Delays here push supply-side pipeline completion.

5.4 Series B Eligibility Tracker

Series B Round Size
$100M
Target Series B raise. Eligibility tested against $35M ARR threshold. Expected ~36 months after first CLS execution.
ARR Threshold
$35M ARR
Minimum recurring annual revenue required before Series B eligibility. Driven primarily by L4 ALM Liability Manager fees scaling with active swap book.
Target Date
Month 54
~36 months after first CLS execution (Month 18). Assumes Base scenario ARR trajectory from financial model.
Active Programmes
200+ NRW
Series B eligibility requires 200+ cumulative NRW programmes under management. Platform architecture supports this without structural changes.
Swap Book Size
£500M+ notional
Target notional CLS book size at Series B eligibility. Drives L4 ALM Liability Manager fee revenue at scale.
Jurisdictions
Tier 1 + 2
All Tier 1 jurisdictions (EU, UK, Australia, Singapore) live at Series B. Japan and Taiwan Tier 2 in progress.