Pulley vs Fidelity Private Shares

Agent access

1. ai-native userPoint an agent at llms.txt or agent-oriented docs

   weight 2 · round to Pulley
   Pulley~partialprobed6/10

   There's confirmed evidence Pulley serves a working llms.txt at help.pulley.com with structured links to help docs, directly supporting agent-oriented discovery of documentation. However, other agent-doc formats (per-page .md endpoints, OpenAPI spec) return 404s, showing the agentic documentation support is limited to this single file rather than a comprehensive agent-native docs setup. Missing for 10: per-page markdown/API-accessible docs, broader agent-oriented API surface beyond the single llms.txt file.

   • [probe] “PROBE llms.txt: HTTP 200 at https://help.pulley.com/llms.txt # Pulley Help Center > Help center for Pulley ## Onboarding - [Initial Setup…”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Probes explicitly confirm no llms.txt (404) and no markdown-based docs (404), and no OpenAPI spec found either. No evidence of any agent-oriented documentation format.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userConnect an agent via an official MCP server

   weight 3 · round drawn
   Pulley—none0/10

   Pulley is a cap table/equity management SaaS product, so an official MCP server is a plausible axis, but no evidence pack item mentions MCP, an agent integration, or an API for agent connectivity; probes even show no OpenAPI spec available. Missing for 10: any mention of an MCP server, agent integration, or public API supporting agentic access.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares is a SaaS platform for equity/cap-table management, so an official MCP server for agent connectivity is a fair axis, but no evidence shows one exists—probes for llms.txt, docs.md, and OpenAPI endpoints all returned 404s, and no documentation mentions MCP or agent integration.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

3. ai-native userDrive the product through a documented public API

   weight 3 · round drawn
   Pulley—none0/10

   No evidence of a documented public API; the openapi probe returned 404s on all candidate paths and no API docs are referenced anywhere in the evidence pack.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any public/documented API; probes for OpenAPI spec, llms.txt, and docs-md all returned 404, and no docs mention an API for programmatic access.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

4. ai-native userBuild against official SDKs

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any official SDK; the openapi probe returned 404s across all candidate paths, and no docs mention SDKs or client libraries. Missing for 10: any official SDK, client library, or API documentation.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any official SDK, public API, or developer library exists; probes for llms.txt, docs.md, and OpenAPI specs all returned 404, and all documentation refers only to end-user workflows for equity management.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

5. ai-native userSubscribe to events via webhooks

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any webhook or event subscription capability in Pulley's documentation; the evidence pack covers cap table management, fundraising, and compliance features only, with no API/webhook mentions and probes confirming no OpenAPI spec found. missing for 10: webhook documentation, event subscription API, any mention of push-based notifications.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any webhook subscription mechanism or event API; probes for API/OpenAPI specs return 404, and no docs mention webhooks or event notifications for external systems.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

Agentic features

1. ai-native userGet AI-generated insights and suggestions from my data inside the product

   weight 2 · round drawn
   Pulley—none0/10

   The evidence pack shows Pulley as a cap table/equity management tool with templates, modeling, and compliance features, but there is no mention of AI-generated insights, suggestions, or any AI/ML-driven analysis surfaced from user data. Missing for 10: any AI feature, insight-generation capability, or agentic suggestion mechanism.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any AI-generated insights, suggestions, or analytics features; the product is described entirely as a cap table/equity management workflow tool with manual reports, scenario modeling, and document generation—none of which involve AI-driven analysis of user data.

   ⚑ flag

2. ai-native userOperate the product with natural-language commands

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any natural-language command interface, chatbot, or AI assistant for operating Pulley—only standard cap-table management UI features and docs are described. Missing for 10: any NL command interface, chat/assistant feature, or documented natural-language operation capability.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any natural-language command interface, chatbot, or AI assistant feature; the product is a form/workflow-driven equity management platform with no NLP capability mentioned. Probes for llms.txt, docs-md, and openapi also all returned 404, indicating no AI-native interface exists.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Api quality

1. ai-native userExplore an interactive API reference with runnable examples

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any API reference, runnable examples, or developer API docs; probes for OpenAPI/swagger endpoints all returned 404, indicating no public API documentation exists.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any API reference, interactive docs, or runnable examples; probes for OpenAPI specs and llms.txt all returned 404, and all documentation is support-article style for end users, not developers.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userDownload a machine-readable API spec (OpenAPI or equivalent)

   weight 2 · round drawn
   Pulley—none0/10

   The evidence pack explicitly shows a probe for OpenAPI/Swagger specs at all standard candidate paths returning 404, with no machine-readable API spec found anywhere else in the docs.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Probes for OpenAPI/swagger endpoints and machine-readable docs all returned 404, and no evidence pack items mention an API spec of any kind.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

3. ai-native userRely on versioned APIs with a documented deprecation policy

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of a public API at all, let alone versioning or a deprecation policy; probes for OpenAPI/swagger specs all returned 404s. missing for 10: any public API documentation, versioning scheme, deprecation policy, changelog.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of a public API at all — probes for OpenAPI/Swagger specs and llms.txt all returned 404, and no documentation mentions API versioning or a deprecation policy.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

1. ai-native userPerform bulk operations across many items at once

   weight 2 · round to Fidelity Private Shares
   Pulley—none0/10

   The evidence pack shows cap table management, stakeholder merging, and template-based document creation, but no documented bulk operations feature (e.g., bulk grants, bulk stakeholder edits, batch import/export beyond one-time Excel/Carta migration) that would let an AI-native user act across many items programmatically or in bulk. No API or automation surface is evidenced (openapi probes return 404s), so this applicable axis has no supporting evidence.

   • [claimed-docs] “How to merge duplicate stakeholders in Pulley”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialprobed4/10

   The docs mention a specific bulk feature—uploading equity promises in bulk (doc-4)—showing some support for bulk operations, but there's no evidence of broader bulk actions across other item types (grants, stakeholders, documents) or any API/automation surface (probes confirm no OpenAPI/llms.txt) that an AI-native user could leverage. Missing for 10: general bulk-edit/bulk-action support across cap table items, programmatic/API access for automation, and evidence of scale beyond the single documented bulk-upload workflow.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Certificates

1. founderIssue electronic share certificates that are legally signed in-platform and permanently linked to the cap table entry they represent

   weight 2 · round to Fidelity Private Shares
   Pulley~partialclaimed5/10

   Pulley documents e-signature collection for agreements like SAFEs (board/investor signatures) and confirms it acts as transfer agent, implying stock issuance is tracked in-platform, but no evidence directly describes issuing electronic share certificates with in-platform legal signing permanently linked to the cap table entry. missing for 10: explicit documentation of share certificate generation/e-signing workflow, evidence of permanent linkage between a signed certificate and its cap table record, and confirmation this applies beyond SAFEs to common stock/RSAs.

   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Pulley is a transfer agent as of Q4 of 2021, you would not need anything provided from Pulley as the transfer agent.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed7/10

   Docs describe e-signing of documents (docs-22, docs-37) and explicitly state that stock certificates and other documents are tied to the corresponding award agreement, board consent, and exercise actions (docs-34), plus a smart-linking feature connecting cap table entries to data-room documents (docs-7, docs-8). This directly supports issuing signed certificates linked to cap table records. missing for 10: independent/hands-on corroboration of certificate issuance workflow, explicit legal-validity/e-sign compliance details (e.g., ESIGN Act), and confirmation that the link is truly permanent/immutable rather than just dynamically updated

   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”

   proof ↗⚑ flag

Migration

1. ops userMigrate an existing cap table — from a spreadsheet or another platform — with guided import, validation, and reconciliation against source documents

   weight 2 · round to Pulley
   Pulley~partialclaimed6/10

   Pulley documents a guided migration flow (Excel template as source of truth, direct Carta report import) and attaches source documents to specific securities for reconciliation, but there's no detailed description of a validation/error-checking step or explicit reconciliation workflow beyond document linking. missing for 10: explicit validation rules/error reports during import, described reconciliation process against source documents, independent user corroboration of migration accuracy.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides a cap table template.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The docs mention bulk upload of equity promises and marketing language that implies moving off spreadsheets, but there is no dedicated guided cap-table migration workflow with validation or reconciliation against source documents described. Missing for 10: explicit migration/import tool for existing cap tables, validation rules, and reconciliation against source documents or historical filings.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “without spreadsheets or surprises”

   proof ↗⚑ flag

Source of truth

1. founderMaintain my full cap table — share classes, certificates, SAFEs, and option grants — as a live single source of truth that investors and auditors rely on

   weight 3 · round drawn
   Pulley✓fullclaimed8/10

   Pulley's docs describe core cap table management covering share classes, SAFEs, options, RSAs, convertible notes, stakeholder profiles, contract-specific tabs, and migration/import from Excel or Carta as a source of truth, plus downloadable cap tables and equity plan capacity tracking — directly matching the founder's need for a live, comprehensive single source of truth. Missing for 10: explicit evidence of investor/auditor-facing access controls or reporting portals, and independent third-party corroboration of accuracy/reliability as an audit-grade source of truth.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “The cap table defaults to a stakeholder ownership view, providing a comprehensive overview of equity distribution across all stakeholders.”
   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Equity plan capacity determines how many shares or options your company can grant at any given time.”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed8/10

   Fidelity Private Shares is a dedicated cap table management platform with first-party docs describing core cap table maintenance (share classes, certificates, options, vesting), bulk-uploading equity promises/SAFEs, convertible note generation, smart-linking of cap table to supporting documents in an automated data room, and integration of board/stockholder approvals into workflows so records stay live and auditable (ASC 718 reporting, 409A support). This directly matches the founder's need for a single live source of truth relied on by investors and auditors. Missing for 10: no independent/third-party corroboration (e.g., customer case studies or reviews) confirming real-world reliability as an investor/auditor-trusted source of truth, and no explicit mention of preferred/common share class distinctions beyond general cap table language.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”

   proof ↗⚑ flag

Stock comp

1. ops userProduce ASC 718 stock-based compensation expense reports my accountants can hand to auditors

   weight 2 · round to Fidelity Private Shares
   Pulley~partialclaimed6/10

   Pulley explicitly markets ASC 718 reporting as part of its compliance product, alongside tax filings and board management, indicating built-in stock-based compensation expense reporting. However, there is no evidence detailing report format, auditor-readiness specifics, or independent/hands-on confirmation that accountants can directly hand these reports to auditors. Missing for 10: sample ASC 718 report output, auditor/accountant corroboration, detail on methodology (e.g., valuation inputs, expense recognition schedules).

   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed8/10

   Fidelity Private Shares has a dedicated ASC 718 reporting workflow that organizes grant types, vesting schedules, and Stock Incentive Plan details, and generates an Excel (.xlsx) file with ASC 718 report calculations ready to hand to accountants/auditors; this is a named feature on the Growth plan tier. missing for 10: independent/auditor-side corroboration that the generated report satisfies actual audit requirements, and detail on customization/audit-trail support beyond the standard export.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”

   proof ↗⚑ flag

Us filings

1. ops userUS equity compliance — Rule 701 disclosure thresholds, Form 3921 filings, 83(b) elections — is tracked and generated from the cap table automatically

   weight 2 · round to Pulley
   Pulley~partialclaimed5/10

   Pulley explicitly ships an 83(b) Election status tracker and a compliance product that generically covers 'tax filings' and ASC 718 reporting from the cap table, but there is no specific mention of Rule 701 disclosure threshold tracking or Form 3921 filing generation. Missing for 10: explicit Rule 701 threshold monitoring/alerts, explicit Form 3921 filing generation, and any independent corroboration that these filings are auto-generated rather than manually prepared.

   • [claimed-docs] “Using the 83(b) Election status tracker”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The product explicitly offers '83(b) generation' as a plan feature and ASC 718 stock option expense reporting tied to cap table data, showing some automated compliance-filing support. However, there is no evidence of Rule 701 disclosure threshold tracking or Form 3921 filing generation/automation. missing for 10: Rule 701 disclosure threshold tracking, Form 3921 filing generation, and confirmation these are auto-generated (not just templates) from live cap table data.

   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”

   proof ↗⚑ flag

Agent access

1. ai-native userAn agent can draft securities (e.g. option grants) via the platform's programmatic surface and leave them queued for human board approval

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any programmatic/API surface for drafting securities like option grants, nor any agent-queue-for-approval workflow; the OpenAPI probe returned 404s across all candidate paths, indicating no public API is documented. This is an applicable axis for an equity platform, but there is no evidence it is supported.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   There is no evidence of any programmatic API surface (probes for llms.txt, docs.md, and OpenAPI all return 404), so an agent cannot draft securities programmatically at all; workflows described are UI-driven, human-initiated processes.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userHave an agent pull my current cap table programmatically and reconcile it against my data room before a financing

   weight 3 · round drawn
   Pulley—none0/10

   No evidence of any API, programmatic export, or agent-accessible data access — probes explicitly found no OpenAPI/API spec, and only manual Excel downloads and UI workflows are documented; nothing about reconciling against a data room.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any API, export endpoint, or programmatic access mechanism—probes for llms.txt, docs.md, and OpenAPI all return 404s, and all documented features are UI-based workflows (cap table, data room smart-linking, scenario modeling) with no mention of agent-accessible data pulls or reconciliation tooling.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”

   proof ↗⚑ flag

Api access

1. developerPull the full capitalization table — stakeholders, share classes, securities, and vesting states — through a documented programmatic API

   weight 3 · round drawn
   Pulley—none0/10

   No evidence of a documented API for programmatic cap table access; probes for OpenAPI/Swagger specs all returned 404, and all documentation covers manual UI/download workflows (Excel export, dashboard views) rather than an API.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “This is your command center for monitoring equity, managing tasks, and tracking cap table activity across your company.”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any programmatic API for accessing cap table data — probes for OpenAPI/Swagger specs and llms.txt all returned 404, and no documentation mentions an API, SDK, or export endpoint for stakeholders/share classes/securities/vesting data. All evidence pertains to UI-based workflows, reports, and third-party integrations (Gusto) rather than a documented developer API.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Partner access

1. developerThird parties my company authorizes — law firms, HRIS vendors, wealth managers — can access scoped slices of equity data on our behalf without full admin credentials

   weight 2 · round drawn
   Pulley—none0/10

   No evidence describes scoped, permissioned access for external third parties (law firms, HRIS vendors, wealth managers) to limited slices of cap table data; documentation covers admin dashboards, cap table management, fundraising, and transfer agent functions but not third-party scoped access controls. Missing for 10: any mention of role-based/scoped external access, third-party integration permissions, or delegated credential-free access for outside parties.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of a developer-facing API, scoped access tokens, or third-party delegated access mechanism for law firms, HRIS vendors, or wealth managers; the evidence pack shows only end-user workflows (data room, cap table, board consents) and explicit probe failures for API/docs endpoints (llms.txt, openapi.json all 404). This is a fair axis for an equity management platform since such products commonly support advisor/auditor access roles, but no such capability is documented.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Bulk issuance

1. ops userUpload or issue securities in bulk — a batch of grants or historical transactions — instead of entering them one at a time

   weight 2 · round drawn
   Pulley~partialclaimed6/10

   Pulley's docs show bulk cap-table migration via Excel/Carta import, treating the spreadsheet as the source of truth for populating many securities/stakeholders at once (pulley-docs-1, pulley-docs-14, pulley-docs-15, pulley-docs-2), which covers bulk-loading historical transactions. However, there's no explicit documentation of a dedicated bulk-grant issuance workflow (e.g., uploading a batch of new option grants post-migration) distinct from the one-time cap table import. Missing for 10: evidence of an ongoing bulk-grant-issuance tool (not just initial migration), and any independent/hands-on confirmation of the bulk upload process working smoothly.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides a cap table template.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   There is direct first-party documentation of a bulk-upload workflow for equity promises ("For multiple promises, there is a process to upload equity promises in bulk"), which supports batch issuance rather than one-at-a-time entry. However, the evidence lacks detail on format/template specifics, historical transaction backfill support, error handling, or independent/hands-on corroboration of the bulk process. Missing for 10: detailed documentation of the upload template/CSV format, confirmation it covers historical transactions (not just promises), and independent verification of successful bulk imports.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”

   proof ↗⚑ flag

Option grants

1. founderIssue options to a new hire with a board approval flow and a 409A-compliant strike price in one end-to-end workflow

   weight 3 · round to Fidelity Private Shares
   Pulley~partialclaimed5/10

   Pulley documents the individual components — standard option templates (pulley-docs-21), fast 409A valuations to set strike price (pulley-docs-10, pulley-docs-17), equity plan capacity tracking (pulley-docs-23), and compliance/board management support (pulley-docs-19) — but no evidence shows these are stitched into a single guided board-approval-to-grant workflow for issuing options to a new hire. Missing for 10: explicit documentation of a board consent/approval step integrated with grant creation, and confirmation that the 409A strike price auto-populates into the option issuance flow.

   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Pulley’s turnaround time for 409A valuations is just three days—not weeks.”
   • [claimed-docs] “Get audit-defensible 409A valuations from our team of experts”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”
   • [claimed-docs] “Equity plan capacity determines how many shares or options your company can grant at any given time.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed7/10

   Docs show board/stockholder approvals are automatically integrated into workflows and tied to award agreements, FMV-based strike pricing (with override option), predefined vesting schedules, and Gusto integration that can auto-grant equity from offer-letter promises — covering the core founder journey of approving and issuing a compliant option grant to a new hire. 409A compliance is supported via third-party valuation providers feeding FMV into the grant workflow rather than a single in-house step. Missing for 10: independent/hands-on corroboration of the full flow, and a concrete example specifically for a 'new hire' offer-to-grant scenario end-to-end.

   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “Select Yes to allow grants to be priced above or below FMV.”
   • [claimed-docs] “We work with third party 409A Valuation Report providers based on your company's individual needs.”
   • [claimed-docs] “Automatically grant equity from promises in offer letters”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”

   proof ↗⚑ flag

Vesting

1. ops userDefine custom vesting schedules — cliffs, milestones, acceleration on exit — and the platform tracks vested vs unvested automatically

   weight 2 · round to Fidelity Private Shares
   Pulley—none0/10

   The evidence pack covers cap table basics, fundraising modeling, SAFEs, 409A valuations, and compliance, but contains no mention of custom vesting schedule configuration (cliffs, milestones, acceleration on exit) or automatic vested/unvested tracking. This is a plausible and expected capability for a cap table/equity management platform, so absence of evidence yields 'none' rather than 'na'.

   ⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs confirm predefined/custom vesting schedules can be created and reused for grants, and the platform provides ASC 718 reporting that organizes vesting schedules and grant types — implying vested/unvested tracking. However, there is no explicit evidence of milestone-based vesting, acceleration-on-exit triggers, or automatic real-time vested-vs-unvested calculation logic being described. Missing for 10: explicit support for milestone/performance-based vesting, acceleration-on-exit clauses, and detailed automatic vested/unvested tracking mechanics.

   • [claimed-docs] “Selecting from a predefined vesting schedule will expedite both processes by prepopulating the vesting details for you and ensure consistenc…”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”

   proof ↗⚑ flag

Investor relations

1. founderMy investors get their own portal view of their holdings and can receive structured updates without emailing me for the cap table

   weight 1 · round to Fidelity Private Shares
   Pulley—none0/10

   The evidence pack covers cap table management, fundraising modeling, SAFEs, 409A valuations, and compliance, but contains no mention of an investor-facing portal or structured update/reporting feature that would let investors self-serve their holdings without contacting the founder. Stakeholder profile views (pulley-docs-4) appear to be an admin-side feature, not an investor portal. missing for 10: dedicated investor portal login, structured update/reporting tool for investors, evidence investors can self-serve holdings data.

   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The platform offers stakeholders a 'My Equity' self-service view of their grants and exercise options, and a smart-linked data room that automatically shares relevant documents, which could reduce founder-investor emailing about holdings. However, there is no explicit evidence of a dedicated investor-facing portal (distinct from employee/optionholder equity view) or of proactive 'structured updates' (e.g., scheduled reports, dashboards) being pushed to investors. Missing for 10: dedicated investor portal distinct from employee equity view, evidence of structured/periodic investor update delivery, and any investor-specific reporting feature.

   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”

   proof ↗⚑ flag

Safes

1. founderCreate, send, and e-sign SAFEs or convertible notes in-platform, and they land on the cap table with their conversion terms modeled

   weight 3 · round to Pulley
   Pulley✓fullclaimed8/10

   Pulley docs show SAFE creation using standard YC templates, e-signature collection in-platform without third-party tools, convertible notes/SAFEs as first-class contract tabs on the cap table, and pro-forma modeling for SAFEs/priced rounds. This covers create, send, e-sign, and cap table modeling for SAFEs and convertible notes. Missing for 10: independent/hands-on corroboration of the end-to-end e-sign-to-cap-table flow and explicit confirmation that conversion terms auto-populate without manual entry.

   • [claimed-docs] “Create your agreements using standard Y-combinator SAFE templates instead of starting from scratch.”
   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Draft and execute rock-solid SAFEs in record time”
   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed7/10

   Docs show founders can generate and e-sign a Convertible Note in-platform (docs-21, docs-22, docs-37) and that award/agreement documents are automatically tied to cap table records via smart-linking (docs-7, docs-34), supporting the notes-to-cap-table linkage. However, SAFEs specifically are never mentioned, and there is no explicit description of how conversion terms (valuation cap, discount) are modeled or reflected in cap table math. Missing for 10: explicit SAFE support, and documentation of automatic conversion-term modeling on the cap table.

   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”
   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”

   proof ↗⚑ flag

Scenario modeling

1. ops userRun exit waterfall analyses showing proceeds per share class and stakeholder under different exit values, honoring preferences and participation

   weight 2 · round to Pulley
   Pulley~partialclaimed5/10

   Pulley's fundraising-modeling docs mention running models for 'complex pre-financing, post-financing, or exit scenarios' and pro-formas for priced rounds/SAFEs, implying some exit modeling capability, but there is no specific evidence of a waterfall analysis showing per-share-class/stakeholder proceeds honoring liquidation preferences and participation rights. missing for 10: explicit documentation of a waterfall model breaking down proceeds by share class/stakeholder, preference stacking, participation rights handling, and any independent/hands-on validation.

   • [claimed-docs] “Run models for complex pre-financing, post-financing, or exit scenarios.”
   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The product offers scenario modeling for hypothetical future rounds with IRR and cash-on-cash calculations, which touches exit/return analysis, but there is no evidence of a dedicated waterfall analysis feature that models proceeds per share class/stakeholder honoring liquidation preferences and participation rights across different exit values. Missing for 10: explicit waterfall modeling of exit proceeds by share class, evidence of handling preference stacks (participating vs non-participating, multiples), and stakeholder-level payout breakdowns under varying exit scenarios.

   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “Internal Rate of Return and Cash-on-cash calculations”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

2. founderModel a priced round — dilution, option pool top-up, SAFE conversion, pro-forma ownership — and share the scenario with counsel and investors

   weight 3 · round drawn
   Pulley~partialclaimed6/10

   Pulley explicitly offers pro-forma modeling for priced rounds and SAFEs, complex pre/post-financing scenarios, and term sheet analysis, directly matching the core modeling need. However, there's no explicit evidence of option pool top-up modeling, SAFE conversion mechanics being detailed, or a sharing/collaboration workflow with counsel and investors on scenarios. missing for 10: explicit option pool top-up handling, SAFE conversion mechanics detail, and scenario-sharing/collaboration features with external counsel/investors.

   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”
   • [claimed-docs] “Run models for complex pre-financing, post-financing, or exit scenarios.”
   • [claimed-docs] “Upload a term sheet and get a summary of potential problems in seconds.”
   • [claimed-docs] “Create your agreements using standard Y-combinator SAFE templates instead of starting from scratch.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Fidelity Private Shares documents a dedicated scenario-modeling feature covering hypothetical future rounds, IRR/cash-on-cash calculations, and exporting scenarios for team review, plus a related automated-equity-financing tool to model rounds and generate term sheets/financing documents. However, the evidence doesn't explicitly confirm modeling of option pool top-ups, SAFE conversions, or pro-forma ownership tables within the scenario tool, nor direct 'share with counsel/investors' collaboration workflow for scenarios specifically (only general document sharing/data room features are shown). Missing for 10: explicit SAFE conversion modeling, explicit option pool top-up modeling in scenario tool, pro-forma ownership output, and evidence of sharing a scenario directly with external counsel/investors.

   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “Internal Rate of Return and Cash-on-cash calculations”
   • [claimed-docs] “Model your next round, generate your term sheet, and create financing documents”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”
   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”

   proof ↗⚑ flag

Board approvals

1. founderBoard consents and stockholder approvals are drafted, routed for e-signature, and archived against the transactions they authorize

   weight 2 · round to Fidelity Private Shares
   Pulley~partialclaimed5/10

   Pulley documents e-signature collection for board members and investors on SAFEs (pulley-docs-9) and lists 'board management' under its compliance product (pulley-docs-19), plus standard equity document templates (pulley-docs-21), suggesting some support for routing approvals for signature. However, there is no explicit documentation of drafting board consents or stockholder approvals specifically, nor evidence they are archived and linked against the transactions they authorize. Missing for 10: explicit board consent/stockholder approval drafting workflow, archival linkage to specific transactions, and independent confirmation of this governance workflow.

   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed9/10

   Docs explicitly describe drafting board/stockholder consents via dedicated workflows, e-signature routing (mouse/upload/type signature, email link to sign), and automatic archiving/linking of executed documents to the transactions they authorize (e.g., award agreements tied to board consents, exercises, and certificates) via the smart-linked data room. This directly matches the story's draft→route for e-signature→archive-against-transaction workflow. missing for 10: independent/hands-on corroboration beyond vendor docs.

   • [claimed-docs] “This article will show you how to create a written consent for board directors or stockholders and solicit approvals using the Board Consent…”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”

   proof ↗⚑ flag

Counsel access

1. ops userMy outside counsel can work directly in the platform with law-firm roles — preparing documents and updating records without emailing spreadsheets

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of a specific outside-counsel/law-firm role or permission tier, or of external counsel editing documents/records directly in Pulley; evidence only covers cap table management, fundraising docs, and e-signature features for internal/board/investor use. Missing for 10: named law-firm/counsel role type, counsel-specific document preparation workflow, evidence of external counsel access controls.

   ⚑ flag

   Fidelity Private Shares—none0/10

   The evidence pack covers cap table management, workflows, board consents, ASC 718, data room, and integrations, but nowhere mentions outside counsel access, law-firm-specific roles/permissions, or attorney collaboration features within the platform. No documentation references external counsel logins, role-based access for law firms, or counsel-specific document preparation capabilities.

   ⚑ flag

Data room

1. ops userShare a permissioned, diligence-ready data room — cap table views plus underlying documents — with counsel and investors

   weight 2 · round to Fidelity Private Shares
   Pulley—none0/10

   Evidence shows document attachment to securities, stakeholder profiles, and cap table downloads, but there is no mention of a permissioned data room, investor/counsel access portal, or diligence-sharing feature. Missing for 10: dedicated data room, granular external permissioning for investors/counsel, and document bundling for diligence.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed7/10

   Docs clearly describe an automated, smart-linked data room that ties cap table entries to underlying documents (grants, consents, financing docs) and is marketed as 'secured' — a core diligence-ready data room capability offered across pricing tiers. However, there is no explicit documentation of granular, role-based permissioning for external parties like counsel or investors (e.g. view-only access, watermarking, expiring links) — missing for 10: explicit external-party permission controls, evidence of investor/counsel-specific access workflows, and any hands-on/independent confirmation of the sharing experience.

   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”
   • [claimed-docs] “every time you make a change, the resulting docs are automatically collected and organized”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”

   proof ↗⚑ flag

Hris sync

1. ops userStakeholders sync from my HRIS/payroll system (e.g. Gusto, Rippling) so new hires and terminations flow into equity records automatically

   weight 2 · round to Fidelity Private Shares
   Pulley—none0/10

   No evidence pack item mentions HRIS/payroll integrations (Gusto, Rippling, or similar) or any automated sync of new hires/terminations into equity records; Pulley's evidence only covers cap table setup, fundraising modeling, SAFEs, 409A valuations, and stakeholder management. missing for 10: any mention of HRIS/payroll connectors, automated new-hire/termination sync, or an integrations marketplace.

   ⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs explicitly describe a Gusto integration that syncs hiring, onboarding, and equity data, eliminating duplicate entry, and auto-granting equity from offer-letter promises, which directly supports the HRIS-sync story. However, evidence is limited to Gusto only (no Rippling or other payroll systems), and there's no explicit mention of termination events flowing into equity records. Missing for 10: explicit termination/offboarding sync, multi-HRIS support (e.g. Rippling), and independent confirmation of automatic new-hire equity creation beyond offer-letter promises.

   • [claimed-docs] “eliminating the need to re-enter employee information in multiple solutions”
   • [claimed-docs] “Sync relevant hiring, onboarding, and equity data between Fidelity Private Shares and Gusto — no need for error-prone, duplicate data entry”
   • [claimed-docs] “Automatically grant equity from promises in offer letters”

   proof ↗⚑ flag

1. ai-native userDo everything through the API that I can do in the UI

   weight 2 · round drawn
   Pulley—none0/10

   No evidence of any public API at all—probes for OpenAPI/Swagger endpoints all returned 404, and no documentation references an API for cap table management, fundraising, or compliance actions. All evidence pack items describe UI-based workflows only. Missing for 10: any public API documentation, API reference, endpoint list, or evidence that any UI action can be performed programmatically.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any public API at all—probes for OpenAPI/Swagger specs all returned 404, and no docs mention an API, SDK, or programmatic access to cap table, equity, or workflow features. Without an API, there is no way to perform UI actions programmatically.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

2. ai-native userExport all of my data in open formats and leave

   weight 3 · round to Pulley
   Pulley~partialclaimed4/10

   Pulley allows exporting the cap table as an Excel file for a specific date or all-time, which is an open format export of core data, but there's no evidence of full data export (all documents, stakeholder details, transaction history, agreements) in open formats or documented account-closure/data-portability workflow. missing for 10: comprehensive full-account data export, open-format export of all documents/agreements/records, explicit data portability policy.

   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The platform supports exporting specific reports (ASC 718 calculations as .xlsx, scenario modeling exports) but there is no evidence of a comprehensive account/data export function that would let a user extract their full cap table, documents, and equity data in open formats to leave the platform. missing for 10: full data export/migration tooling, open-format bulk export (CSV/JSON) of cap table and data room contents, documented account closure/data portability process, and any independent confirmation of export completeness.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

1. ai-native userChoose where my data is stored (region/residency)

   weight 2 · round drawn
   Pulley—none0/10

   No evidence in the pack addresses data residency, region selection, or storage location options for Pulley's cap table platform; the axis is applicable to any SaaS handling company data but no support is documented. Missing for 10: any mention of data center regions, residency controls, or storage location choice.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence anywhere in the pack of data residency/region selection options for stored data; Fidelity Private Shares is an equity/cap-table management SaaS with no mention of configurable data storage location or AI-native data controls.

   ⚑ flag

2. ai-native userControl data retention and deletion

   weight 2 · round drawn
   Pulley—none0/10

   No evidence pack items address data retention policies, data deletion controls, or export/delete workflows for AI-native or general privacy purposes; Pulley is a cap table management product and this axis, while plausible for a SaaS handling sensitive equity data, has no supporting documentation.

   ⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares is a cap-table/equity management platform; the evidence covers vesting schedules, ASC 718 reports, board consents, data rooms, integrations, etc., but there is no mention of AI data usage, retention policies, or user-controlled deletion of data related to AI features. No documentation addresses data retention/deletion controls at all.

   ⚑ flag

Audit trail

1. ops userEvery change to the cap table is captured in an audit log — who changed what, when, and under what authorization

   weight 1 · round to Fidelity Private Shares
   Pulley—none0/10

   Evidence mentions a dashboard for 'tracking cap table activity' (docs-24) but there is no documentation of a structured audit log capturing who changed what, when, and under what authorization. Missing for 10: explicit audit-log/change-history feature, user attribution, timestamped authorization trail.

   • [claimed-docs] “This is your command center for monitoring equity, managing tasks, and tracking cap table activity across your company.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The docs show that equity changes are tied to underlying approval documents (award agreements linked to board consents, exercises, and certificates) and that a 'Change Board Members' workflow can record historical or current changes, plus an automated data room that collects docs whenever changes are made — implying some traceability of who authorized what and when. However, there is no explicit description of a dedicated audit log or change history feature that shows user, timestamp, and authorization for every cap table edit. Missing for 10: explicit audit-log/change-history feature, user-level attribution of edits, exportable audit trail report.

   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “every time you make a change, the resulting docs are automatically collected and organized”
   • [claimed-docs] “The Change Board Members workflow will allow you to initiate or record changes to your Board of Directors, whether to document a change that…”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”

   proof ↗⚑ flag

Exports

1. ops userExport my complete cap table and full transaction history to open formats (Excel/CSV) at any time — my ownership data is never held hostage

   weight 2 · round to Pulley
   Pulley~partialclaimed5/10

   Pulley docs confirm cap tables can be downloaded as Excel 'as of a specific date or for all time' (pulley-docs-18), and Excel is treated as the source of truth during migration (pulley-docs-1/14), supporting open-format export of the cap table. However, there is no explicit evidence of exporting full transaction history or CSV format, nor independent confirmation that data is never held hostage. Missing for 10: explicit transaction-history export documentation, CSV format support, and third-party/independent verification of unrestricted export access.

   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   Docs confirm some exports exist — ASC 718 reports generate as Excel (.xlsx) and scenario models can be exported — but there is no evidence of a general, complete cap table or full transaction history export to CSV/Excel, nor any explicit no-lock-in/anytime-export guarantee. missing for 10: evidence of full cap table CSV/Excel export, full transaction history export, and any statement about unrestricted/anytime data portability.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”

   proof ↗⚑ flag

Education

1. employeeThe platform explains my equity in plain language — tax treatment, exercise windows, dilution — not just numbers

   weight 1 · round to Fidelity Private Shares
   Pulley—none0/10

   Evidence pack only covers admin/founder-facing cap table management, fundraising, 409A valuations, and compliance tooling — none of it describes employee-facing plain-language guidance on tax treatment, exercise windows, or dilution. The 83(b) tracker (pulley-docs-13) is a status tool, not an explanatory feature. Missing for 10: employee-facing educational content, tax treatment explainers, exercise window guidance, dilution explanations in plain language.

   • [claimed-docs] “Using the 83(b) Election status tracker”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The platform provides employee-facing tools like a 'My Equity' view and an exercise workflow (with 83(b) generation and exercise windows shown via 'Exercise Now' buttons), which touch on equity mechanics, but there is no evidence of plain-language explanations of tax treatment or dilution for employees specifically. Missing for 10: plain-language tax treatment guidance, dilution explanations tailored to employees, and any educational/explainer content beyond transactional workflows.

   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”

   proof ↗⚑ flag

Exercising

1. employeeExercise my vested options online — including payment and the resulting share issuance — without paper forms

   weight 2 · round to Fidelity Private Shares
   Pulley—none0/10

   No evidence describes an employee-facing option exercise workflow (selecting shares, payment, and resulting issuance) — the pack covers cap table management, fundraising, 409A, and admin-side tools, but nothing about employees exercising vested options online. Missing for 10: employee exercise portal, payment collection, automated share issuance upon exercise, paperless exercise agreement signing.

   ⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs clearly describe an online exercise workflow: employees see 'Exercise Now' on eligible grants, select share quantity, and e-sign exercise documents (with spousal consent if needed), and a later doc notes exercise actions link to resulting stock certificates. However, there is no explicit description of the payment step (how funds are collected/processed) during exercise, and issuance confirmation is only implied via linkage rather than documented as an automatic outcome. Missing for 10: explicit payment/funding mechanism during exercise, explicit confirmation of automated share issuance/certificate generation post-payment.

   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”

   proof ↗⚑ flag

Portal

1. employeeI get my own portal showing my grants, vesting progress, strike price, and what my equity could be worth under different outcomes

   weight 3 · round to Fidelity Private Shares
   Pulley—none0/10

   The evidence pack covers admin-side cap table management, fundraising modeling, 409A valuations, and compliance, but contains no mention of an employee-facing portal showing personal grants, vesting progress, strike price, or scenario-based equity value. Docs-4 mentions clicking a stakeholder's name for a profile, but this is from the admin/cap-table-manager view, not a dedicated employee self-service experience. Missing for 10: employee login/portal documentation, vesting progress display, strike price disclosure, and outcome/scenario modeling tailored to individual employees.

   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “The cap table defaults to a stakeholder ownership view, providing a comprehensive overview of equity distribution across all stakeholders.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed5/10

   Evidence confirms an employee-facing "My Equity" portal where employees can view their grants and exercise options (docs-29, docs-38, docs-26), but there is no explicit documentation that this portal displays vesting progress, strike price, or scenario-based valuation of equity outcomes for individual employees — the scenario modeling feature (docs-10/11/33) appears aimed at company admins for financing rounds, not employee outcome projections. missing for 10: explicit vesting-progress visualization, strike-price display in the employee view, and employee-facing what-if/outcome valuation tools.

   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

International

1. ops userNon-US valuations and schemes — UK HMRC/EMI valuations, country-specific option plans — are supported for my international entities

   weight 1 · round drawn
   Pulley—none0/10

   No evidence in the pack mentions UK HMRC/EMI valuations, non-US option schemes, or any international entity support—all documentation focuses on US-style SAFEs, 409A valuations, and cap table management. Missing for 10: any mention of HMRC/EMI valuations, non-US equity plan types, or international entity/compliance support.

   ⚑ flag

   Fidelity Private Shares—none0/10

   Evidence covers only US-centric equity management (409A valuations via third-party providers, ASC 718 reporting, cap table, board consents), with no mention of UK HMRC/EMI valuations, non-US option schemes, or international entity support. Fidelity Private Shares appears US-focused with no documented international/multi-jurisdiction capability.

   ⚑ flag

Us 409a

1. founderOrder an audit-ready 409A valuation in-platform, generated from my live cap table data, and get refreshed valuations on schedule

   weight 3 · round to Pulley
   Pulley~partialclaimed6/10

   Pulley explicitly offers in-platform 409A valuations with a fast 3-day turnaround and describes them as 'audit-defensible,' produced by their expert team, implying integration with the company's live cap table data. However, there is no explicit evidence of automatic 'on schedule' refresh/renewal scheduling or direct confirmation that valuations are generated programmatically from live cap table data versus a service workflow layered on top. Missing for 10: documented automatic refresh/renewal scheduling cadence, explicit description of live cap-table-driven generation (vs. analyst-assisted service), and independent/third-party corroboration of audit-readiness.

   • [claimed-docs] “Pulley’s turnaround time for 409A valuations is just three days—not weeks.”
   • [claimed-docs] “Get audit-defensible 409A valuations from our team of experts”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   Fidelity offers 409A valuations as part of its Growth plan and markets them as faster/more accurate, but its own docs state these are fulfilled via third-party 409A valuation providers rather than generated automatically in-platform from live cap table data (docs-16, docs-28, docs-32). There's no evidence of automatic generation tied to live cap table changes or scheduled/recurring refresh cadence. Missing for 10: proof of automated in-platform generation directly from cap table data, evidence of scheduled/recurring refresh workflow, and confirmation of 'audit-ready' output format beyond third-party report delivery.

   • [claimed-docs] “We work with third party 409A Valuation Report providers based on your company's individual needs.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “Get faster, more accurate, and competitively-priced 409A valuations.”

   proof ↗⚑ flag