We're underwriting AI-native companies on agent telemetry, not just cash flows - here's what we're learning

Every lender I've talked to underwrites AI companies like they're SaaS. MRR, churn, burn multiple. But an AI-native company's P&L looks nothing like SaaS - your costs are inference, your employees are agents, your revenue scales with usage not seats. So we're trying something different. We underwrite upto $100k on two things: your cash flows AND your AI telemetry. Agent usage patterns, inference economics, revenue per agent/workflow - the stuff that actually shows whether the business works. A few things we've learned so far: - Agent telemetry often predicts repayment better than the balance sheet does - Most AI-native companies can't get traditional debt at all, even with real revenue - "How much revenue does each agent generate" is a question almost nobody can answer today, and it's the most useful one Curious how founders here think about this. If your agents generate the revenue, what should a lender actually be looking at? Happy to answer questions about the underwriting side.