System Surveyor, Inc.
AI-Powered Physical Security Site Survey Platform · Philadelphia, PA
GSV Total Invested
$882,477
Fund I, 3 tranches
Blended Value
$3,284,052
GS Value Tracker Dec 2025
MOIC
3.72x
Blended
LQ ARR
$4,247,956
CAGR +19.2%
GSV Ownership
~13.45%
FD (per Dashboard)
INVESTMENT HISTORY
GSV Investment Timeline
Source: GSV Fund I Record (Sep 2025), GS Value Tracker (Dec 2025), Carta
2016
Bridge Notes
Original convertible notes totaling $120,800. Later converted to Series X Preferred in Dec 2019.
$120,800
December 2019
Common Stock + Series X Preferred
Purchased 314,150 Common shares at $36 cost and 1,208 Series X Preferred shares at $120,800 ($100/share).
$120,836
March 2021
Class A Common — Largest Tranche
Acquired 974,776 Class A Common shares through 2016 & 2018 note conversions plus equity purchase.
$761,641
CUMULATIVE DEPLOYMENT
DEPLOYMENT SUMMARY
| # | DATE | INSTRUMENT | SHARES | COST | VALUE | GAIN/LOSS |
|---|---|---|---|---|---|---|
| 1 | Dec 2019 | Common Stock | 314,150 | $36 | $329,858 | $329,822 |
| 2 | Dec 2019 | Series X Pref. | 1,208 | $120,800 | $120,800 | $0 |
| 3 | Mar 2021 | Class A Common | 974,776 | $761,641 | $1,023,515 | $261,874 |
| Total | 1,290,134 | $882,477 | $1,474,172 | $591,695 |
PORTFOLIO STATUS
Carta Value
$1,474,172
Blended Value
$3,284,052
MOIC
3.72x
LQ ARR
$4,247,956
ARR CAGR
+19.2%
Portfolio Tier
Yellow
Strategy
M&A / Nurture
Financial Assessment
Revenue & Key Metrics
| Line Item | 2019 | 2020 | 2021 | 2022 | 2023E |
|---|---|---|---|---|---|
| Total Revenue | $437K | $1,023K | $1,370K | ~$2,030K | ~$3,200K |
| Growth YoY | -- | 134% | 34% | 48% | ~58% |
Most recent ARR is $4.25M (Dec 2025), growing at 19.2% CAGR. 99% subscription SaaS revenue.
LQ ARR
$4,247,956
ARR CAGR
+19.2%
Gross Margin
86%
SaaS
Revenue Trend (2019-2023)
Investment Structure
Deal Terms — Partner Preferred Stock
GSV Term Sheet
SecurityPartner Preferred Stock
Total Investment$882,477 (3 tranches)
Liquidation Pref1x non-participating
Series X Terms$100/share (own terms)
Board Seats3 total
Board — Common1 seat
Board — Preferred1 seat (GSV approval)
Board — Mutual1 seat (mutual consent)
Anti-DilutionBroad-based weighted avg
Pro-Rata RightsGSV has pro-rata for future rounds
Investment History
2016 Bridge Notes: Original convertible notes totaling $120,800. Converted to Series X Preferred in Dec 2019 at $100/share (1,208 shares).
Dec 2019: Common Stock (314,150 shares at $36 cost) + Series X Preferred (1,208 shares at $120,800). Total: $120,836.
Mar 2021: 2016 & 2018 note conversions plus equity purchase. 974,776 Class A Common shares for $761,641. Largest single tranche.
Capitalization
Cap Table — Estimated FD
| Holder | Shares | FD % |
|---|---|---|
| Christopher Hugman (Founder) | ~2,900,000 | ~30.2% |
| Maureen Carlson (Co-Founder) | ~1,400,000 | ~14.6% |
| GSV Investors I LP | 1,290,134 | 13.45% |
| Other Investors | ~2,000,000 | ~20.9% |
| Option Pool | ~2,000,000 | ~20.9% |
| Total FD | ~9,590,000 | 100% |
Cap table estimated based on GSV's 13.45% FD ownership and 1,290,134 shares. Exact breakdown requires Carta verification.
Ownership Distribution
Company Overview
Product & Market
System Surveyor operates a cloud-based platform for designing and documenting physical security systems — cameras, access control, and alarms. Used by integrators and end users to survey sites, design systems, and generate proposals.
Business Model: SaaS subscriptions (~99% of revenue), with annual prepayments common. Pure subscription revenue drives predictable, high-margin cash flows.
Features: iPad app for on-site surveys, cloud collaboration, automated proposals, and BOM (bill of materials) generation.
Go-to-Market: Product-led growth (PLG) with enterprise account executive team. 2,000+ organizations use the platform.
Market & Users
Security Integrators
Enterprise Security Teams
Security Consultants
2,000+ Orgs
Market Opportunity
Physical security market is $100B+ globally. Site survey software is a niche but critical workflow — replacing manual pen-and-paper and Visio-based processes.
Competitors: Mainly manual processes (pen & paper, Visio). Minimal direct software competition — first-mover advantage.
Investment Thesis
Why System Surveyor
Strong ARR growth (+19.2% CAGR) demonstrates clear product-market fit in the physical security vertical.
3.72x MOIC — one of the best Fund I performers, with $882K invested now valued at $3.28M blended.
86% gross margins characteristic of pure SaaS, with 99% subscription revenue providing strong predictability.
Large TAM ($100B+ physical security market) with minimal direct competition — first-mover advantage in site survey software.
Buyout/M&A opportunity attractive to strategic acquirers (Johnson Controls, Securitas, ACRE) given niche dominance.
PLG model drives efficient customer acquisition, supplemented by enterprise AE team for upmarket expansion.
Risk Assessment
Key Risks & Concerns
MEDIUM
Niche Market: Physical security site surveys is a narrow category within the broader $100B+ security market. Total addressable market for the specific software solution may be limited.
MEDIUM
Single-Product Risk: Limited product diversification. Revenue depends heavily on the site survey platform with minimal adjacent product lines.
LOW
Competitive Moat: First-mover advantage with strong switching costs. Competitors remain largely manual (pen & paper, Visio). Minimal direct software competition.
MEDIUM
Key Person Risk: Founders Christopher Hugman and Maureen Carlson are critical to operations, holding ~30.2% and ~14.6% FD respectively.
MEDIUM
Growth Deceleration: ARR CAGR of 19.2% is healthy but may slow as market penetration increases in the niche category.
Leadership
Team
CH
Christopher Hugman
Founder & CEO · ~30.2% FD
25+ years in physical security and networking. Co-founded System Surveyor in 2014. Prior: VP Operations at Security Broadband, President of Safe Sight. Leads product vision and strategic direction.
MC
Maureen Carlson
Co-Founder & VP Growth · ~14.6% FD
25+ years in B2B and SaaS technology. Leads sales, customer success, and marketing. Responsible for go-to-market strategy and driving ARR growth through PLG and enterprise channels.
GP Recommendation
Verdict: MONITOR
System Surveyor is one of Fund I's strongest performers at 3.72x MOIC with healthy ARR growth of 19.2%. GSV invested $882K across 3 tranches starting Dec 2019, now valued at $3.28M blended. The company operates a pure SaaS platform for physical security site surveys with 86% gross margins and $4.25M ARR. The M&A strategy makes sense given the niche market and attractive comparable exits (Perimeter 81 $490M by Check Point, Avigilon $1B by Motorola). With a buyout proposal already submitted in Q4 2024, near-term exit potential is real. Continue to nurture and monitor M&A opportunities.
MOIC
3.72x (blended)
$882K invested
$3.28M current value
$882K invested
$3.28M current value
Strategy
M&A / Nurture
Buyout proposal (Q4 2024)
Near-term exit potential
Buyout proposal (Q4 2024)
Near-term exit potential
Key Catalyst
Buyout proposal (Q4 2024)
Key Milestone
ARR $5M+ run rate
Key Concern
Niche market limits upside ceiling
Source Documents
Fund I Record (Sep 2025), GS Value Tracker (Dec 2025), GSV Term Sheet, Deal Memo, SSV KPIs, Financial Statements, Buyout Proposal Q4 2024
Document Index
7 source files referenced in this memo
Fund I Record — Sep 2025
GSV Fund I portfolio record & tranche detail
GS Value Tracker — Dec 2025
Blended valuation & MOIC calculations
GSV Term Sheet
Partner Preferred Stock terms & board rights
Deal Memo
Original investment thesis & due diligence
SSV KPIs
ARR, growth metrics & operating KPIs
SSV Financial Statements
Revenue progression 2019-2023
Buyout Proposal — Q4 2024
M&A / buyout proposal documentation
Derek AI
System Surveyor Deal Intelligence