Blackbird
Risk Intelligence
The first RIaaS Engine in private markets

Blackbird
Risk Intelligence

We see what your fund cannot see alone.
Seed Round · EUR 1,500,000 FinTech · RegTech · AI Confidential · 2026
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02 · The Problem
The Structural Gap

Risk intelligence is broken.
The industry knows it.

Investment firms across Europe rely on fragmented systems never designed to work together. The result: slow decisions, regulatory exposure, and growing structural vulnerability — concentrated in the 14,000+ funds in Luxembourg alone.

01
Fragmented Data Silos
Portfolio data, market analytics, and regulatory feeds across disconnected systems. Manual reconciliation before any analysis can begin — every quarter, without exception.
02
Legacy Platform Lock-in
Bloomberg PORT and BlackRock Aladdin are built for the largest players. Mid-sized AIFMs — the majority of Luxembourg — are systematically priced out of institutional-grade risk intelligence.
03
Slow, Manual Reporting
Every AIFM must produce CSSF risk reports across seven categories every quarter. Today this takes 3 to 5 working days per fund — manually. No standardised process exists.
"The absence of a unified risk technology framework is a growing structural vulnerability for many institutions."
Observed across 20 years of CRO practice in Luxembourg · Blackbird founding insight
03 · The Solution
The RIaaS Engine

Three layers.
One European standard.

Blackbird is not a reporting tool. It is a Risk Intelligence as a Service Engine — a proprietary architecture that compounds institutional intelligence over time. Reporting is the data capture layer.

Layer 1
Proprietary Methodology
AI Risk Engine
Foundational Layer
Standardises how risk is defined, structured, and measured across funds. Transforms fragmented portfolio data into a unified risk framework aligned with European regulatory expectations. Every dataset is normalised, classified, and scored using Blackbird's proprietary methodology — creating consistency where the market currently operates in silos.
7 risk categories AIF strategies Proprietary logic
Layer 2
Roadmap 2026
Risk Intelligence Engine
Compounding Layer
A proprietary intelligence layer that identifies patterns, vulnerabilities, and early signals across funds — not visible at the individual portfolio level. As the dataset grows, Blackbird develops cross-fund intelligence, benchmarking capabilities, and predictive insights that no single institution can build internally.
Early warnings Governance analytics Structural signals
Layer 3
The Vision
Institutional Risk Score
Standard-Setting Layer
The first standardised system for measuring operational, financial, and governance risk across private market funds. Designed to become the reference framework for investors, regulators, and fund managers — establishing a new European standard for risk assessment.
European standard Regulatory grade Long-term moat
04 · The Competitive Moat
Why Blackbird is defensible

Built from the inside.
Impossible to reverse-engineer.

What makes Blackbird structurally defensible is not the technology stack. It is the proprietary risk methodology built over 20 years of direct CRO practice — and the compounding dataset that grows with every client.

§
Proprietary Methodology
The 7-category risk taxonomy and scoring logic was developed from 20 years of institutional CRO practice inside Luxembourg's largest funds. Not theoretical. Not licensed. Built by the people who lived the problem.
Compounding Dataset
Every client that joins Blackbird adds structured risk data to a proprietary dataset no competitor can access. The intelligence layer becomes more powerful with every new fund. After 50 clients, the dataset itself is the most valuable asset.
Institutional Network
With Luc Neuberg and Dominique Valschaerts on the Board, Blackbird has direct access to the decision-makers of the Luxembourg fund industry — the credibility no outside technology company can replicate.
Competitive Landscape
CapabilityBlackbirdBloomberg PORTBlackRock AladdinFactSetBoutique AI
AI-Native Architecture~~~
CSSF 18/698 Embedded
All 7 Risk Categories + AIF Strategies~
Mid-market AIFM Pricing~
Proprietary Risk Methodology (20+ years)
Institutional Risk Score (private markets)
05 · Market Opportunity
The Opportunity

The world's second
largest fund domicile.
Zero RIaaS Engine.

Luxembourg hosts over EUR 5 trillion AUM, more than 14,000 registered funds, and a uniquely concentrated ecosystem of AIFMs — all subject to the same CSSF obligations. AIFMD II, DORA, and SFDR Level 2 have made the window urgent.

"Blackbird positions Luxembourg as the origin of the European standard for institutional risk assessment in private markets."
Blackbird Risk Intelligence · Luxembourg Value Proposition
Global FinRisk Tech (TAM)EUR 18.4B
European Asset Mgmt Tech (SAM)EUR 2.4B
Luxembourg + Benelux (SOM)EUR 180M
14K+
Registered funds
Luxembourg
13.5%
SOM CAGR
Benelux
11%+
EU tech
CAGR
€5T+
AUM under
management
06 · Business Model
RIaaS — Three phases, compounding value

Subscription revenue from day one.
Institutional intelligence from every dataset.

Every client report generates structured risk data that feeds the intelligence layers. As the client base grows, the system becomes more powerful — and more defensible.

Boutique
EUR 24–48K
per client · per year
Risk Data Structuring Layer
Core Risk Classification
Standardised Risk Reporting
Institutional
EUR 180K+
per client · per year
Full Risk Intelligence Engine
Institutional Risk Score
Continuous Risk Monitoring
Development Roadmap
From architecture to industry standard.
Phase I · Mo. 1–4
Concept &
Architecture
Core architecture defined. Proprietary data model and risk framework designed. Initial dataset structure outlined.
MVP Ready
Phase II · Mo. 5–12
MVP
Development
MVP design and structuring in progress. Portfolio data integration approach defined. Initial demonstrations prepared.
In Progress
Phase III · Mo. 13–18
Pilot
Testing
Pilot phase preparation. Initial institutional engagement. Feedback loops to refine methodology.
Upcoming
Phase IV–V · Mo. 19–36
Commercial
Launch
Full intelligence layer planned. European expansion strategy. Target: 120 clients · €10.5M ARR · Series A.
Upcoming
07 · Financial Projections
The Path to Scale

From Luxembourg
to European standard.

Every client interaction generates structured risk data that feeds Blackbird's intelligence architecture. As the client base grows, the system becomes more powerful — and more defensible. Annual subscriptions. European expansion from Year 2.

Year 1 · 2027
€420K
ARR
15 clients · Luxembourg
Year 2 · 2028
€1.8M
ARR
40 clients · LU + IE + MT
Year 3 · 2029
€4.8M
ARR
120 clients · European
Year 4 · 2030
€10.5M
ARR
250+ clients · EU standard
Three-Year Financial Trajectory · Month by Month
ARR
Cost of Goods Sold
Gross Profit
€52K
ACV Year 1
€88K
ACV Year 3
Mo.19
EBITDA breakeven
€10.5M
Cash at Mo.36
08 · The Team
Built from the inside out

Two decades
inside the problem.

Blackbird was not conceived in a lab. It emerged from 20+ years of direct experience inside institutional investment environments in Luxembourg.

Helios Padilla Mayer
PhD
Co-Founder & CEO · 70%
20+ years as Chief Risk Officer and Conducting Officer across Luxembourg's largest fund structures. Creator of the proprietary risk methodology and 7-category framework that forms the core IP of the Blackbird Engine. CSSF-approved Conducting Officer with direct regulatory relationships.
PhD Economics · University of Ljubljana
MSc Risk Management · NYU Stern School of Business
MSc Economics · Harvard Kennedy School
Royalton Partners · Optimum · SMBC Nikko · Northern Trust
Rok Gutnik
MSc · CFA L2
Co-Founder & CFO · 30%
Specialist in quantitative finance, illiquid asset valuation, and regulatory architecture. Experienced Head of Risk Management designing AIFMD-compliant institutional frameworks. Full-time operational presence in Luxembourg from day one.
MSc Quantitative Finance & Actuarial Sciences · Ljubljana
CFA Level II Candidate · CFA Institute
Licensed Broker · ATVP (Licenses A, B & C)
Head of Risk Management · JonatanMars Invest
Board of Directors
Luc Neuberg, PhD
Independent Board Director
Chairman of ALRiM — the Luxembourg Association for Risk Management. Member of the Technical Committees of the CSSF and ESMA. President of Global Fund Risk (GFR). Co-author of Risk Management for Investment Funds (McGraw Hill, 2023) — the global reference work for fund risk management certification.
Dominique Valschaerts
Independent Board Director
Former CEO of the Brussels Stock Exchange and member of the Executive Committee of the Luxembourg Stock Exchange. Co-founder and CEO of Fundsquare S.A. Partner at The Directors' Office. ILA Certified Director sitting on boards of AIFs, ManCos, and banks across Luxembourg.
09 · The Ask
Seed Round · 2026

EUR 1,500,000
to build the standard.

€1.5M
Seed Round · CLA · Luxembourg Law
InstrumentConvertible Loan Agreement (CLA)
Valuation CapEUR 7,000,000 pre-money
Conversion PriceEUR 140.00 per share
Interest Rate8% per annum (simple)
Conversion TriggerQualified Financing or 24-month maturity
Founder Retention79–81% (all scenarios)
Governing LawGrand Duchy of Luxembourg
First Close TargetEUR 1,500,000
Use of Funds
40%
Platform Engineering
20%
Sales & Business Dev
15%
Data Infrastructure
15%
Operations & Legal
10%
Reserve & Contingency
Public Funding in Parallel
Fit 4 Start #17Up to EUR 150K equity-free
YIE · RDI State AidUp to EUR 1,000K co-financing
AI & Data CompetitionUp to EUR 700K
10 · Contact

See Risk Clearly.
Act Decisively.

Blackbird Risk Intelligence is seeking its founding investors and first institutional pilot clients in Luxembourg.

Based in Luxembourg. Built by practitioners. Powered by AI.

CEO & Co-Founder
Helios Padilla Mayer, PhD
Email
helios@blackbirdrisk.lu
Phone
+352 621 744 466
Website
blackbirdrisk.lu
Confidential · For Qualified Investors Only · Grand Duchy of Luxembourg · 2026
Blackbird Risk Intelligence · Confidential · For Qualified Investors Only blackbirdrisk.lu