<div class="portada"><div class="meta">Menteia · Copiloto Aero · October 2026 · Confidential</div>

# Financial model and round

**Copiloto Aero** — AI quoting cockpit for aerospace suppliers: reads requests and drawings, prepares the quote with the company's pricing engine, and the analyst approves every section.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$575,000 |
| Equity offered | 24.2% |
| Pre-money valuation | US$1,800,000 |
| Post-money valuation | US$2,375,000 |
| Gross 24-month spend | US$522,563 |
| 10% contingency | US$52,256 |
| Projected 24-month revenue | US$307,400 |
| Peak cash need (net of revenue) | US$220,197 |
| Cushion if revenue targets are met | US$354,803 |

The amount covers **24 months of gross spend excluding revenue** plus a 10% contingency. If revenue targets are met, the cushion extends the runway or funds additional growth without another round.

### How we arrived at the valuation
Equal to the YC reference: daily use at an industrial customer and fit with the manufacturing RFS, but no confirmed revenue.

| Comparable | Actual data | Source |
| --- | --- | --- |
| Paperless Parts (US) | US$30 M Series B in 2021; ~US$33–35 M raised | venturecapitaljournal.com |
| Hadrian (US) | ~US$1.6 B after Series D in Jan-2026 [verify] | aggregator |

**Market references**

| Reference | Data | Source |
| --- | --- | --- |
| Y Combinator standard deal | US$125k for 7% on a post-money SAFE (≈ US$1.79 M post) + US$375k on an uncapped SAFE with MFN | ycombinator.com/deal; ycinsight.com/yc-deal |
| YC Winter 2027 deadline | 2-Nov-2026, 8 pm Pacific time; batch Jan–Mar 2027 [verify at ycombinator.com/apply] | buildmvpfast.com; blog.mean.ceo |
| Pre-seed in LatAm | Average valuation US$2.1–2.2 M (1H-2025); no verifiable public median exists for Mexico | equidam.com/startup-valuation-delta-h1-2025 |
| Pre-seed SAFE caps in the US | Median ~US$10 M post for US$250k–1M rounds (2025); 93% of pre-seed rounds are SAFEs | carta.com/data/state-of-pre-seed-2025-full-report; carta.com (Q2-2026) |
| Growth YC considers good | 5–7% per week in the main metric (revenue or active users) | paulgraham.com/growth.html |
| Default alive | At current growth and spending, does it reach profitability before the money runs out? | paulgraham.com/aord.html |

### Default alive?
No revenue confirmed. Revenue figures in this model are projections, not data; the only actual revenue is shown in *04_Traccion* (traction).

### Dilution if raised in tranches
- Full round (24 months): US$575,000 for 24.2%.
- First tranche only (12 months, US$275,000): 13.3% at the same valuation.
- Reference: YC gives US$125k for 7% plus US$375k on an uncapped SAFE.

## Use of funds
| Category | Amount | % of total |
| --- | --- | --- |
| Product and engineering team | US$269,270 | 46.8% |
| Sales, marketing and customer success | US$129,170 | 22.5% |
| Founders (time dedicated to the project) | US$54,642 | 9.5% |
| Infrastructure and AI compute | US$32,280 | 5.6% |
| Legal, compliance and tools | US$37,200 | 6.5% |
| Contingency (10%) | US$52,256 | 9.1% |

## Funded team
Gross monthly market salaries for startups in Mexico, shown in USD at an assumed exchange rate of 18.5 MXN/USD. Employer cost = salary × 1.35 (social security, housing fund, payroll tax and benefits).

| Role | Salary USD/month | FTE | Start | Cost USD/month |
| --- | --- | --- | --- | --- |
| AI / ML engineer | US$4,595 | 1 | month 1 | US$6,203 |
| Senior full-stack engineer | US$4,054 | 1 | month 3 | US$5,473 |
| B2B account executive | US$2,162 | 1 | month 4 | US$2,919 |
| Customer success / implementation | US$1,892 | 1 | month 7 | US$2,554 |

**Founders:** 12% of the three partners' time allocated to this project. Reference salaries: CEO/CFO US$5,135, CTO US$5,135, Legal US$3,784 per month.

## Operating expenses (USD/month, month 1)
| Item | USD/month |
| --- | --- |
| Infrastructure (servers, database, telephony) | US$400 |
| AI compute (LLM, voice, OCR) | US$600 |
| SaaS tools | US$250 |
| Legal, accounting and compliance | US$500 |
| Other (office, travel, insurance) | US$800 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$1,700 | US$39,551 | US$-37,851 | US$37,851 |
| Q2 | US$16,800 | US$61,624 | US$-44,824 | US$82,675 |
| Q3 | US$23,600 | US$69,556 | US$-45,956 | US$128,632 |
| Q4 | US$42,100 | US$69,826 | US$-27,726 | US$156,358 |
| Q5 | US$38,900 | US$70,096 | US$-31,196 | US$187,554 |
| Q6 | US$57,400 | US$70,366 | US$-12,966 | US$200,520 |
| Q7 | US$54,200 | US$70,636 | US$-16,436 | US$216,956 |
| Q8 | US$72,700 | US$70,906 | US$1,794 | US$215,163 |

**Revenue assumptions:**
- INDUMET moves to a subscription in month 3 (US$1,700/month).
- One new customer every 2 months from month 6: ~11 customers by month 24.
- US$10,000 implementation per new customer, billed in its sign-up month.
- Average ticket of US$1,700/month (subscription + additional users).

Month-by-month detail in *modelo_24_meses.csv*.

## Suggested terms (non-binding)
- Instrument: Seed Series preferred shares issued by a Mexican S.A.P.I. (or a SAFE with a valuation cap equal to the post-money and a 20% discount).
- 1x non-participating liquidation preference.
- Employee option pool: 10% post-round, to be created before closing.
- Quarterly information rights (financial statements, roadmap KPIs) and a board observer seat for the lead investor.
- Pro-rata rights in the next round; standard tag-along and drag-along.
- Founder vesting: 4 years with a 1-year cliff, crediting time served since the project began.
- Structure: spin the project out of Menteia into its own S.A.P.I. (Menteia and the founding partners as shareholders, with a shared technology license) or invest directly in Menteia (see the holding folder).