AZRAQ
AI-powered Risk Management for Digital Infrastructure
$7T
unquantified risk exposure in digital infrastructure
We reduce information asymmetry so billion-dollar capital moves faster and safer.
Market Context
The Ground has Already Shifted
Three structural forces. Azraq sits at the intersection.
Risk quantifying
Probabilistic modeling is driving decisions. Monte Carlo risk outputs are becoming required for covenants and LP reporting.
Azraq Advantage
Monte Carlo VaR 95%/99% engine. Covenant-grade outputs across six key risk categories.
80% of projects delayed, $15M+ avg penalty
Digital infra financializing
Data centers are now institutional, critical assets. Sovereign, REIT, and pension capital need a shared underwriting language.
Azraq Advantage
Investment intelligence layer. Turns sell-side project data into buy-side underwriting inputs.
$560B annual DC capex (by 2030)
Data compounding
Performance feedback data is the moat. Benchmark datasets are built from prediction vs. actual outcomes.
Azraq Advantage
Proprietary feedback flywheel. Every project improves the model and compounds the dataset.
~$5B/yr SAM
Our Mission
Turning Complexity into Confidence
Our mission: be the essential intelligence layer for every digital infrastructure capital decision.
What we Analyse
Six categories of risk: market, environmental, infrastructure, social, regulatory, financial. Modelled via Monte Carlo simulation to produce VaR 95% and 99% outputs.
How we Deliver
Site-specific risk profiles, Value at Risk at 95% and 99% confidence, and risk-adjusted return projections. In a format lenders, investors and insurers can covenant against.
Who we Serve
Developers and operators (sell-side) who need capital access. Lenders, funds and insurers (buy-side) who need to price risk accurately and deploy capital with confidence.
$7tn in global data center investment through 2030.
Not one platform exists to quantify this risk end-to-end. That is the gap Azraq fills.
The Problem
$7T
The data center industry is sitting on a $7T unquantified risk exposure
Project Delays Are Systemic
80% of data center projects experience significant delays. Current monitoring is fragmented, manual and reactive, with no single platform tracking risk in real time.
Capital Cannot Price What It Cannot See
Lenders demand repayment security that doesn't exist. Operators cannot prove SLA performance for secondary financing. $15M+ average penalty per delayed project creates invisible portfolio exposure.
One Risk Score. Institutional Trust.
Azraq translates environmental, regulatory and operational data into a single, auditable credit risk score. The first platform to produce outputs that institutional capital can covenant against.
There are TWO problems: Hidden Risks. Unquantified Risks. Azraq makes infrastructure risk legible: to lenders, investors, insurers and operators simultaneously.
Risk Framework
Six Risk Categories: One Quantified Risk Profile
Investor-ready metrics that lets capital move with confidence.
Market Risk
Demand volatility, pricing fluctuations, and competitive dynamics affecting revenue.
Environmental Risk
Natural disasters, climate impacts, and resource availability constraints.
Infrastructure Risk
Power grid reliability, cooling and heating, fiber and water connectivity.
Social Risk
Community opposition, labour shortages, and stakeholder conflicts.
Regulatory Risk
Permitting delays, compliance costs, and policy changes.
Financial Risk
Cybersecurity shocks, interest rate changes, and covenant breaches.
Output
Site-specific Impacts, Value at Risk (VaR 95%), and Risk-Adjusted Returns
Azraq models risk across the full project lifecycle, development through operational, via +10,000s of Monte Carlo simulations. Models calibrated on live pilot data, continuously improving with every project assessed.
Product
Know Your Risk Profile
From raw project inputs to a fully quantified, investor-ready risk assessment.
Risk Matrix
Site-specific impact scoring
VaR 95%
Expected loss with confidence
Risk-Adj. Return
IRR under risk scenarios
Covenant Report
Lender-grade PDF output
Benchmark
vs anonymised peer data
Phase 1 MVP: secure web forms + manual data input → automated PDF reporting. Phase 2: interactive dashboard with API-connected live data.
Credit Exposure
Understand Your Credit Exposure
From project inputs to a lender-grade credit risk profile, in one platform.
What Azraq Quantifies
- 1What is the probability of a covenant breach in this project?
- 2What is the expected loss at the 95th or 99th percentile under current conditions?
- 3Which single risk factor is contributing most to total exposure, and how do I hedge it?
- 4How does this project compare to the 80th percentile of our portfolio?
- 5What is the risk-adjusted IRR under our base, stress, and downside scenarios?
Who Needs This
Lenders & Banks
Covenant pricing, debt structuring, drawdown triggers
Infrastructure Funds
Portfolio risk monitoring, LP reporting, allocation decisions
Insurance Underwriters
Policy pricing, exposure limits, claims probability
Developers & Operators
Finance access, SLA proof, premium valuations, secondary sales
ESG Compliance Teams
Environmental covenant tracking, regulatory risk reporting
Business Model
A High-Margin SaaS Business with Built-in Expansion Revenue
Two primary revenue streams: recurring subscription at the core, performance revenue as we scale.
SaaS Subscription
Recurring, High Margin, Predictable
- Annual platform access for developers, operators, lenders and funds
- Phase 1 pricing: $12k-$150k/yr per client depending on tier
- Gross margin target: 90%+
- Entry point for all clients. Land-and-expand within accounts
Revenue Sharing
Performance, Partnership, Scalable
- Partnership models with consultancies, advisors and land brokers
- Rev share: 10-20% of partner fees on Azraq-enabled deals
- Phase 2 activation: H2 2026
- Organic distribution without a direct sales cost; self-growing
90%+ gross margin software business. $25k-$300k LTV per client. <$15k acquisition cost via pilot-to-paid conversion.
Market Opportunity
A Large and Rapidly Growing Market
The due diligence and risk intelligence market for digital infrastructure capital.
Global market for due diligence and risk intelligence services: ~1.5% of $560B in annual data center capex.
MEA, US, Europe, SEA, LATAM as initial target geographies. 70% of projects require formal due diligence; 88% are moving to AI-powered solutions.
Year 5 realistic target: 2.5% market share with proven model, scaled commercial team, and platform API integrations.
Data center capex is growing at 26% CAGR through 2030 (IDC 2024). The risk intelligence market scales proportionally with capital deployment.
Competitive Moat
Why Azraq's Moat is Structural, Not Just Technical
Three compounding advantages that get harder to replicate with every project assessed.
Performance vs. Prediction Data Flywheel
Every project Azraq assesses creates a training record. After 50 projects: meaningful calibration. After 500: structurally superior to any new entrant.
Structural Lock
The same logic as Bloomberg's bond settlement record: a live dataset that took years to build and cannot be purchased or replaced.
Lender Workflow Lock-in
Once a lender covenants against Azraq risk scores, switching is not a software decision. It is a re-underwriting of every loan in the portfolio.
Structural Lock
Analogous to how MSCI index inclusion became mandatory for passive fund managers. Once embedded in the process, the platform becomes the process.
First-mover Data Rights in Emerging Markets
GCC, SEA and LATAM data centers are experiencing the fastest capex growth globally, with the least existing risk data. Azraq's pilots create proprietary market intelligence.
Structural Lock
Regulatory and commercial relationships in DIFC/ADGM give Azraq embedded institutional standing in the world's fastest-growing digital infrastructure market.
The status quo: Cushman & Wakefield and Rothschild consultancy reports + Excel models. Slow, expensive, non-repeatable, and institutionally untrusted. Azraq replaces the process entirely.
Traction
Strong Early Traction Across the Ecosystem
Paying clients, signed pilots, active negotiations with developers, operators, lenders and insurers.
Paying Contracts To Be Signed
PayingMainRegion Holding, UAE
North River Co, US
CESS-BDA, Bermuda
Live platform access. Paying SaaS contracts. Active model calibration underway.
~$240k in paid revenue proposals confirmed
Signed Pilots
SignedKENT Development
RAEDEN
Navon World
Formal pilot agreements signed. Transitioning to recurring SaaS revenue on Phase 1 delivery.
Pipeline to paying: Q2-Q3 2026
Pilots Verbally Agreed
VerbalRothschild
Cushman and Wakefield
CloudHQ and Canopy Cloud
Howden, AEGIS and IGI Insurance
Deloitte + more
Due diligence in progress. Term sheet discussions or product demo stage.
Conversion expected H2 2026
$532k committed from current SAFE round. Backed by Utopia Capital Management AI venture studio. Advisory board includes Graham Weston, founder of Rackspace Data Centers (IPO 2008).
Strategic Partnership
Insurance: The Strategic Co-Build Opportunity
Most structurally aligned customer and co-development partner in the market. We already have traction with them.
Structural Alignment
- 1Underwriting Uplift: Dynamic scores replace static tables for a risk class that changes weekly.
- 2Platform Lock-In: Insurers who co-build on Azraq cannot exit without rebuilding their underwriting workflow.
- 3Revenue Alignment: Per-asset risk scoring fees fit naturally into per-policy economics.
- 4White-Label Distribution: "Powered by Azraq" inside insurer products is B2B2C distribution without building a direct sales force.
Active Partners
IGI Insurance Group
Co-Build DiscussionNASDAQ-listed. COO + Chief Underwriting Officer in direct conversation on a $250k-$500k strategic investment to co-develop and white-label the Azraq risk engine.
AEGIS London + Howden
Paying MVP ClientLloyd's Market Specialist. Live platform access. Validating Azraq outputs in active insurance workflows. Pathway to revenue share on policies informed by Azraq risk scores.
A co-build with one major insurer embeds Azraq into the underwriting standard for data center risk globally.
Roadmap
From Abu Dhabi MVP to Global Marketplace
A three-phase trajectory from validation to network effect to industry standard.
The Validation
Core risk engine live with global pilots.
- Launch 5-10 paying clients
- Deliver MVP reports
- $54k-$150k H1 revenue
- Transition early adopters to recurring SaaS
The Network Effect
Portfolio Analytics launched. From single-asset to mandatory portfolio dashboard.
- $612k ARR target
- 10-15 active funds
- Revenue share partnerships active
The Vision
Global marketplace connecting sell-side operators and buy-side capital through transparent risk data.
- $5.24M ARR (2027)
- $20M ARR (2028)
- Expansion into power and renewable infrastructure
Revenue Trajectory
H1 2026: $54k → H2 2026: $612k → 2027: $5.24M → 2028: $20M
Go-to-Market
GCC Launchpad: Why We Start Here
The world's fastest-growing digital infrastructure market. The ideal proving ground to establish the global standard.
Strategic Anchor: UAE + Qatar
DIFC/ADGM regulatory frameworks are the most sophisticated in the emerging market world. Utopia Studio provides institutional standing in Doha. Regulatory legitimacy in the GCC unlocks APAC and LATAM by proxy.
Buy-Side First: Then Mandate the Sell-Side
Targeting institutional investors and lenders before operators. Once lenders mandate Azraq risk scores in their credit decisions, operators on the sell-side have no choice but to adopt.
GCC → US → APAC → Europe
Scaling from GCC into global computing markets with a validated model, proprietary GCC data moat, and established institutional relationships. Then moving into adjacent infrastructure: renewable energy and power grid risk.
GCC data center capex is growing at 22% CAGR, with the least risk intelligence infrastructure of any major market. First-mover advantage here is structurally significant.
Timing
Why the Moment is Now: We Cannot Afford to Wait
$560B
Annual DC CapEx
Sovereign and institutional capital now dominant, demanding bond-grade underwriting
2025-26
The Data Window
Pilot projects running now build the performance dataset that defines who owns this market for a decade
0
Platforms Exist
No institutional-grade risk intelligence platform for digital infrastructure currently serves this market at scale
AI Compute Explosion
2022-23
Institutional Capital Enters
2024
Risk Intelligence Gap Visible
2025
Risk Standard Emerges
2026
Platform Entrenched
2027+
The lenders who define the risk standard in 2025-2026 will own the data center financing workflow for the next decade. The window is open now.
People
Leadership
Alexandra Coleman
CEOFormer Senior Chartered Electrical Engineer at Ove Arup, working on large-scale infrastructure projects across the Middle East and UK. First Runner-up for the UK CIBSE Engineer of the Year Award (2015). Previously Chief Engineering Officer at BeZero Carbon, a global carbon ratings agency that raised over $50m during her tenure.
Mike Pearmain
CTO
Former Chief Architect at Vietcombank and Chief Data Officer at Oldendorf Carriers. Previous experience at Google, IBM, and Oracle.
Jaap Bastiaansen
Head of Product Strategy & Operations
Founding Partner of IDAIC1 MENA Chapter. Former Executive Director at Goldman Sachs, co-built Marquee digital investment platform. Previously at Bloomberg.
Fationa Hoxha
Head of Strategic Partnerships
Former Vice President at Galaxy Digital. Previously held senior roles at Citi and Goldman Sachs.
People
Team & Advisory
Team
Karan Pinto
Co-Head of Growth
Entrepreneurial growth leader in AI and Quantum technologies, including founder of Navon, modular data centers optimized for AI and HPC.
Ollie Graham-Yooll
Co-Head of Growth
Former Principal Venture Builder at bp, and M&A Analyst at Fujitsu.
Ben Hussey
Head of Technical Infrastructure
Associate at Arup, leading projects for data center due diligence, design, and construction, as well as projects in the healthcare and life science sectors.
Daveson Juanico
Delivery Team
Former Project Manager for Data Center and Cloud Capacity Projects at Core42. Built their asset management and CRM platform.
Advisory Board
Graham Weston
Advisory Board
Co-Founder and former Executive Chairman for Rackspace Technology.
Ripin Kalra
Advisory Board
Senior Fellow, University of Westminster, Technical Director at ICF (urban analytics, planning, climate resilience), and Former Associate Director at Arup.
Partnerships
Ben Rose
Partnerships
Director Capital Markets. Former Head of Capital Markets at JLL and Analyst at CBRE.
Harleen Sindhu
Partnerships
CEO and Founder. Previously at Shell for 14 years, including serving as Renewable Energy Lead.
Investment Thesis
You are not paying for what Azraq is today
You are Not Paying for What Azraq is Today
The Moment
$560B+ in annual data center capex is in the market right now, with nowhere to go for institutional risk intelligence. This is not a future opportunity. The financing decisions are happening today.
The Discount
$7M valuation cap reflects a platform at MVP stage. After 12 months of pilot data, 5+ paying clients, and a proprietary performance feedback dataset, the same platform commands a structurally different valuation.
The Compounding
Azraq's value does not grow linearly. Each project adds to a performance dataset. Each paying client brings data no competitor can access. Each lender mandate creates a workflow dependency that compounds.
Comparable exits: infrastructure intelligence platforms transact at 15-25x ARR. At $20M ARR (2028 target): implied range $300M-$500M. This round is priced on the MVP. The exit is priced on the moat.
The Raise
Raising $1,000,000 via SAFE Note
Funding Phase 1 & 2 from MVP to GTM launch.
Terms
Use of Funds
This $1,000,000 Delivers
- ✓Core risk engine live: Q2 2026
- ✓5+ paying SaaS clients: Q3 2026
- ✓$600k ARR: Q4 2026
- ✓14-month runway to GTM v.1 launch
- ✓Proof required to raise Seed at a very different valuation
The future of digital infrastructure is QUANTIFIED
Join us as we build the risk intelligence standard for global infrastructure capital.
Alexandra Coleman
CEO & Founder
alexandra@azraq.ai
+971 58 518 8102 / +44 7708630796
Appendix
Long Term Strategic Paths
Both paths represent legitimate futures. Path B is the primary operational focus for 2026.
Infrastructure Intelligence Rating Agency
Standardised risk ratings for data center assets. A persistent score attached to the asset, re-rated at operational milestones.
- Analogue: MSCI for real estate, Moody's for structured finance
- Governance note: rating agency model requires independent review committee and clear conflict-of-interest management
Conflict of interest risk: rated entity pays for rating. Requires governance framework before pursuing this path formally.
SaaS Risk Intelligence Platform + Marketplace
Recurring subscription platform for developers, operators, lenders and insurers.
- Phase 1: sell-side onboarding
- Phase 2: portfolio analytics and lender mandate
- Phase 3: marketplace connecting sell-side and buy-side through transparent risk data
- Current operational focus. Revenue model validated. Pilot clients live.
Appendix: for discussion with investors regarding long-term strategic optionality. Primary investor pitch focuses on Path B.
Appendix
Unit Economics
Projected economics by tier type. Validation in progress through Phase 1 pilot-to-paid conversions.
$38k - $1.2M
Lifetime Value (LTV)
Per project, multi-year SaaS + expansion revenue. Range reflects MVP tier to Enterprise tier.
$2.5k - $150k
Project Acquisition Cost
Pilot-to-paid conversion drives low CAC. Direct sales for enterprise tier.
3 months
Payback Period
High initial contract values + low onboarding friction.
90%+
Gross Margin Target
High-margin software model. Scalable cloud infrastructure costs.
20:1 - 43:1
LTV:PAC Ratio
Projected at scale. MVP conversions expected to demonstrate this ratio in 2026.
Revenue Targets
$54k
H1 2026
Phase 1 paying pilots
$600k
H2 2026
GTM v.1 launch
$5.24M
FY 2027
Network effect phase
$20M
FY 2028
Enterprise + API scale
Appendix: unit economics already under validation through Phase 1 pilot-to-paid conversions (Q1-Q2 2026).
Appendix
Three Paths. One Compounding Platform.
Each channel strengthens the others. We have built for flexibility.
Sell-Side Origination
Data fuel. Every project submitted enriches the benchmark dataset and improves model accuracy.
Business Model
SaaS $12k-$150k/yr per client. Data fee in future phases as dataset matures.
Traction
XDS Data Centres
Navon World (CONFIRMED)
KENT Development
CloudHQ
Phase 1 target: 5-10 pilots
Buy-Side Intelligence
Revenue anchor. Once lenders mandate Azraq scores in credit decisions, the sell-side has no choice but to adopt.
Business Model
SaaS $50k-$150k/yr (portfolio tier). Rev share 10-20% on Azraq-enabled deals (Phase 2).
Traction
Raeden (CONFIRMED)
Yolo Investments
AiON + BlackRock
North River Co
Phase 1 target: 10-15 funds by H2 2026
Advisory & Channel
Organic distribution. Trusted intermediaries carry Azraq into their client base, self-growing without a direct sales cost.
Business Model
Rev share 10-20% of partner fees on enabled deals. White-label SaaS powered by Azraq (Phase 2+).
Traction
Cushman & Wakefield
Spacewell (Nemetschek)
CESS-BDA
Utopia Studio (PARTNER)
Phase 2 activation: H2 2026 onwards
We do not know yet which channel will compound fastest. We have built the platform so all three reinforce each other.
Appendix
The Buy-side Bet
The highest-value, most defensible channel and the one that mandates adoption across the entire market.
Lenders & Banks
Use Case
Covenant pricing, debt structuring, drawdown trigger modelling
Revenue Model
SaaS $50k-$150k/yr
Why It Compounds
Lenders are our entry point. Once Azraq is embedded in credit decisions, the sell-side has no choice but to adopt.
Pilots
BBS Capital, Rothschild & CO
Infrastructure Funds
Use Case
Portfolio risk monitoring, LP reporting, allocation decisions
Revenue Model
SaaS + Rev Share 10-20% on enabled deals
Why It Compounds
Funds manage multi-asset portfolios that need continuous monitoring. Recurring, sticky, high-expansion revenue.
Pilots
AiON + BlackRock, Asper Investment Management, Digital Gravity Capital
Insurance Underwriters
Use Case
Policy pricing, exposure limit modelling, claims probability
Revenue Model
SaaS + Data Licensing API (Phase 2+)
Why It Compounds
Insurers need the same outputs as lenders for a different risk window. A natural Phase 2 expansion requiring no new product.
Pilots
Active conversations underway
Once lenders build Azraq into their credit approval process, every developer and operator who needs that capital must produce an Azraq risk score. Buy-side adoption makes sell-side adoption non-optional.