Source-verified financial reconstruction

Proven financials.
Not reported ones.

PROVEN rebuilds the P&L and cash flow from source documents, so PE, VC, and private credit investors can see what portfolio companies actually did, not just what they reported.

Engaging pilot partners across the United States.

The problem

Private markets run on management-reported numbers.

For decades, the industry has gotten by on quarterly reports from the portfolio companies themselves, sampled once a year by auditors. That was a model for a smaller industry making slower decisions. It hasn't aged well, and the money riding on those reports has grown faster than the verification around them.

1

Unverified data

The financials you receive are prepared by the teams whose performance those numbers measure. Nothing independent sits between the report and your decision.

2

Hidden variance

The gap between reported earnings and what actually hit the bank is usually wider than anyone admits, and it usually surfaces too late to help.

3

No audit trail

When a figure is questioned, the path back to the original source evidence is rarely documented. Often it doesn't exist at all.

The core idea

Financial data should not be trusted. It should be proven.

Every figure we produce is rebuilt from source evidence and traces back to it. Nothing is assumed, and nothing is inferred from what management says happened.

Who is building it

Built by someone who has sat on every side of the problem.

John Cunningham, Founder of PROVEN

John Cunningham

Founder, PROVEN

Mr. Cunningham began his career as a CPA and auditor at Deloitte. He later served as CFO of two broker-dealer subsidiaries of Knight Trading Group, the publicly traded market-making firm, where he signed the quarterly FOCUS Reports filed with the SEC and carried personal regulatory liability for every number in them.

He then co-founded WR Capital Management, a pioneer in the multi-manager category, before serving as CFO of Two Sigma. He later co-founded Atom Investors, a technology-driven multi-manager platform launched in 2018 with $1 billion in assets.

PROVEN is the company he wishes he'd had at every job on this page.

Request a meeting

Early conversations shape what we build.

If you're a PE, VC, or private credit investor and you think source-verified financials would change how you diligence or monitor portfolio companies, let's talk.

Response commitment

A founder reply within one business day. Every message is read personally.

A founder reply within one business day.