Investor Update · April 2026 · Confidential

The only
AI-powered
full-stack platform
in education.

4 years building enterprise Windows infrastructure for education. Nobody else did. Now nobody else can. We built the full stack — Windows delivery, browser and AI governance, student data — and deployed it inside the most complex procurement environment in America. That foundation is what makes itopia the only platform built to secure, measure and control AI in schools.

Windows
Browsers
SaaS
AI
Extensions
YouTube
JR
James Riley, CEO
6 Years · Architect of the Strategy
Watch First ~5 min

"We built the moat. Now we fill it."

James walks through the foundation, the six initiatives, and why this is the moment to capture the category.

Jump to
Six Initiatives The Problem The Platform Competitive Position The Team
Trusted by 8 of the top 50 US school systems Ranked by total student enrollment · Hover each card for details
NYC Public Schools Rank #1
NYC Public Schools
Rank #1
Enrollment 1,000,000
Current ARR $12.5K
2026 Target $400K
NRR Target 3,100%
Miami-Dade County PS Rank #3
Miami-Dade County PS
Rank #3
Enrollment 334,090
Current ARR $189.5K
2026 Target $379K
NRR Target 200%
Houston ISD Rank #9
Houston ISD
Rank #9
Enrollment 189,934
Current ARR $526K
2026 Target $700K
NRR Target 133%
Palm Beach County SD Rank #10
Palm Beach County SD
Rank #10
Enrollment 188,843
Current ARR $20K
2026 Target $250K
NRR Target 1,150%
Montgomery County PS Rank #14
Montgomery County PS
Rank #14
Enrollment 160,554
Current ARR $55K
2026 Target $150K
NRR Target 273%
Cypress-Fairbanks ISD Rank #20
Cypress-Fairbanks ISD
Rank #20
Enrollment 118,010
Current ARR $250K
2026 Target $350K
NRR Target 140%
IDEA Public Schools Rank #46
IDEA Public Schools
Rank #46
Enrollment 74,217
Current ARR $169.5K
2026 Target $169.5K
NRR Target 100%
Osceola County SD Rank #48
Osceola County SD
Rank #48
Enrollment 73,558
Current ARR $84K
2026 Target $84K
NRR Target 100%
2.14M
Combined Enrollment
Hover for context →
2.14M students
These 8 districts represent 4.3% of all K-12 students in the US — just in our top 50 accounts. Our full 109-customer base reaches significantly more.
$1.31M
Current ARR — 8 Accounts
Hover for context →
$1.31M today
Contracted. Deployed. Recurring. Each account entered at under 5% district penetration — the initial land is the beginning of a much larger opportunity.
$2.48M+
2026 Expansion Targets
Hover for context →
$2.48M target
Expansion inside existing logos — no new sales required. NRR targets based on known penetration levels in each district. Average today: under 5%.
Competitive Advantage

What no one can replicate.

01
The Foundation
4 years. Windows infrastructure inside the hardest procurement channel in America. The base no competitor can replicate.
02
The Category
Every school has AI. No one can govern it. We are the only platform built from the infrastructure up to secure, measure and control it.
03
The Platform
Windows. Browser and AI governance. Usage analytics. System of record. All four layers. One platform. No one else has all four.
04
The Channel
System of record becoming a distribution layer — software, curriculum and training resold to every contracted district. The moat compounds.
The Numbers — ARR Growth

$4.4M today.
$6.25M+ by end of 2026.

Annual, upfront, recurring. Contracted and deployed. Not pilots — not LOIs. 8 of the top 50 US school districts paying today. 105% NRR goal means every renewal cohort grows. The growth is structural, not one-time.

$1.8
Q3'24
$2.2
Q4'24
$2.7
Q1'25
$3.2
Q2'25
$3.6
Q3'25
$4.0
Q4'25
$4.4M
Q1'26
$5.0
Q2'26
$5.6
Q3'26
$6.25M
Q4'26
$6.25M2026 ARR Goalup from $4.4M
40%2026 Growth Goalup from 33% prior year
90%2026 Retention Goalup from 82% in 2025
105%2026 NRR Goalup from 91% prior year
Six Initiatives

We made hard calls.
We delivered.

Not a pivot. Not a plan. Six strategic decisions made and executed — exactly what we told the board we would do. Hover each for the full story.

01
Archie Labs — AI-First Build
World-class engineering team. Lower cost than last year. itopia 2.0 ships Fall 2026.
Hover →
Archie Labs
Albert and team have built and sold successful AI-native companies. End-to-end AI-powered development process. Full service engineering team at lower cost than last year's budget. itopia maintains the platform. 2.0 ships Fall 2026. itopia takes it back with an elite internal AI-first dev org.
02
Unified Platform & Moat
Four capabilities. One platform. One contract. No competitor has all four layers.
Hover →
Unified Platform
Windows, browser governance, analytics, system of record — unified under one contract. Each layer deepens the data. The data strengthens the AI. The AI expands the platform. No competitor has more than two of the four layers. That is the moat.
03
Azure + Microsoft Elevate
Co-sell activated. Elevate partnership in process. Azure credits, marketplace, GTM support.
Hover →
Azure + Microsoft
Migration complete. Co-sell motion live. Elevate partnership in process — Azure cloud credits, marketplace presence, GTM funding. Google Workspace on Azure infrastructure. GCP + Azure + on-prem from one platform. Microsoft as a growth channel, not just infrastructure.
04
On-Prem, Remote + Image Mgmt
Cloud + hybrid + on-prem + remote. Entire institution covered. No truck rolls.
Hover →
On-Prem + Remote + Image Mgmt
Every district regardless of infrastructure runs itopia. Remote image updates across all schools — no truck rolls. Usage analytics from local Windows devices forever. Displaces Intune, SCCM and Ghost at renewal. The web of services — cloud, hybrid, on-prem, remote — is complete.
05
Distribution Channel
System of record becoming a marketplace. Software, curriculum, training — resold to contracted districts.
Hover →
Distribution Channel
Every contracted district already trusts itopia as their system of record. That trust becomes a channel — reselling technology, curriculum and training without a new sales motion. Every customer added expands the channel. Revenue compounds with the customer base.
06
Guy Leech — CTO
Top 20 EUC expert globally. 10K+ followers. Google Workspace on Azure — nobody else does this.
Hover →
Guy Leech, CTO
Top 20 EUC expert in the world. 10,000+ followers building in public. Architect of Google Workspace on Azure — a combination no one in education has attempted. Leading GCP + Azure + on-prem EUC from one platform. On-demand GPU delivery for AI workloads in the browser. The technical credibility the platform deserves.
The Problem We Solve

Every school has AI.
No one can govern it.
Until now.

3,000+
Digital tools in a typical district. Zero governance.

Every district manages browsers, Windows apps, SaaS, AI tools, extensions and media — with no single platform to deliver, control or measure them. Then AI arrived on top of an already broken foundation.

What itopia governs across every layer
🪟
Windows Apps
Delivery, image management and app control — legacy software, CTE tools and enterprise apps on any device
🌐
Browser & Extensions
Policies enforced, unapproved tools blocked, extensions governed district-wide across every Chromebook and device
🤖
AI Tools
Copilot, Gemini, Claude, ChatGPT, MagicSchool + 50 more — governed at the Windows AND browser layer simultaneously
▶️
YouTube & Media
Filtered, scheduled, usage tracked — video platforms controlled at the source, not just blocked
☁️
SaaS Catalog
Every cloud app catalogued, approved and measured — itopia becomes the system of record for district software
🛡️
Malware & Phishing Protection
Proactive real-time threat defense — built into the same platform, no additional vendor, no additional contract
itopia governs all six categories — at the Windows layer, the browser layer, or both simultaneously. No other platform spans all six.
📉 Enterprise expectations. District budgets.
👥
3–5 IT staff per district
Managing thousands of devices across dozens of schools — with enterprise-level expectations and no enterprise-level budget to match.
💸
Budgets shrinking. Mandates growing.
Per-pupil spending is flat or declining. AI compliance mandates are arriving. Districts need enterprise-level capability without enterprise-level cost.
🎯
The itopia answer
Deliver, govern and measure AI at district cost with district staff. Enterprise-level capability — without adding headcount.
The Platform

Six capabilities.
One platform.
No one else has all six.

AI is not a feature we added. It is the operating principle across every layer. Each capability compounds the others — more data, stronger governance, deeper moat.

01
Windows Infrastructure
Hybrid cloud · On-prem · Remote access · On-demand GPU. Every Windows environment delivered securely on any device.
HOVER →
Windows Infrastructure

4 years building the only EdTech-native Windows delivery platform. Hybrid cloud, on-prem, remote access and on-demand GPU — all deployed inside the most complex procurement environments in America. The infrastructure no competitor can replicate.

02
Browser Security
Extensions controlled. Proactive malware and phishing defense built in — no additional vendor, no additional contract.
HOVER →
Browser Security

Browser-level governance with proactive malware and phishing protection built directly into the platform. Extensions approved or blocked district-wide. Real-time threat defense without adding a vendor, a contract, or a console.

03
AI Governance
Copilot, Gemini, Claude, ChatGPT + 50 more — governed at the Windows AND browser layer simultaneously.
HOVER →
AI Governance

The only platform that governs AI tools at both the Windows layer and the browser layer simultaneously. Copilot, Gemini, Claude, ChatGPT, MagicSchool and 50+ more — all visible, all controlled, all measured. No other solution spans both environments.

04
Usage Analytics
SaaS · Windows local & virtual · AI usage across both layers. OS-level data 4 years deep.
HOVER →
Usage Analytics

Usage data across three distinct environments — SaaS applications, Windows local and virtual environments, and AI tool usage across both. OS-level granularity, 4 years of history. No other platform has this depth across all three environments.

05
System of Record
Every digital tool catalogued. DPAs managed. App approval process solved.
HOVER →
System of Record

Every digital tool a district uses — catalogued, DPA managed, and approved through a single platform. itopia becomes the source of truth for all district software. The app approval process that used to take weeks now happens inside the platform.

06
Distribution Channel
Every contracted district already trusts itopia. That trust becomes a channel — software, curriculum and training resold without a new sales motion.
HOVER →
Distribution Channel

Because itopia is the system of record, every contracted district is already a distribution point. Software, curriculum and training can be resold through existing relationships — no new sales motion, no new procurement cycle. Revenue compounds with every customer added.

Each capability works standalone. Together they form a compound moat — every layer deepens the data, strengthens the AI, and makes itopia harder to displace.

Competitive Position

Where we play.
Where we win.

One glance. itopia is the only K-12 Infrastructure & Governance platform. We enter alongside existing tools and consolidate at renewal.

K-12 Infra & Gov
Filtering
Windows / Lab
Endpoint Security
Image Mgmt
SaaS & Analytics
Capability
itopia
only full-stack
GoGuardian
Lightspeed
Citrix
VMware
CrowdStrike
SentinelOne
Intune
SCCM
Clever / ClassLink
Learn Platform
Strategy
Replaceor complement
Replace Complement Replace
Replace analyticsIntegrate SSO
Windows app deliveryi
enterprise
Browser governancei
AI tool governancei
Usage analytics
SaaS · Windows local/virtual · AI
i
SaaS only
~
SaaS only
Manage app approval processi
~
ROI on digital learning toolsi
Image managementi
Endpoint securityi
~
Chromebooks
Lightspeed
~
enterprise
System of recordi
app catalog only
Built for K-12i
Classroom managementi
~
building
YouTube filteringi
Lightspeed only
Web / content filteringi
Full capability ~Partial or limited Not available Click ✎ Edit to update cells

$7.4B addressable market.
itopia spans all 5 categories.

US public K-12 only — 13,500 districts, 50M students. No competitor operates in more than 2 of the 5 categories. We enter alongside existing tools and consolidate at renewal.

Filtering
$2.4B
GoGuardian · Lightspeed · Securly
hover for math →
The math
13,500 districts × $180K avg filtering spend = $2.4B. GoGuardian alone has 14M+ students. Content filtering is now a compliance requirement, not optional.
Windows / Lab
$800M
Citrix · VMware · itopia
hover for math →
The math
~40K schools with CTE or computer labs × $15–25K avg = $600M–$1B. Enterprise VDI can't price for K-12 — itopia is creating this market.
Endpoint Security
$1.5B
CrowdStrike · SentinelOne · Cisco
hover for math →
The math
13,500 districts × $100–120K avg security budget = $1.3–1.6B. Growing 18% YoY per CoSN. CISA mandate + E-Rate now covers security tools.
Device Mgmt
$1.2B
Intune · SCCM · Mosyle · Jamf
hover for math →
The math
50M+ managed K-12 devices × $20–25/device for MDM/UEM = $1–1.25B. Device counts growing post 1:1 Chromebook rollouts.
SaaS & Analytics
$1.5B
Clever · ClassLink · Learn Platform
hover for math →
The math
HolonIQ pegs K-12 analytics at $1.4B US (2024). Clever has 75%+ district penetration. ClassLink + Learn Platform round out.
~$2B
Private & charter
~$1.5B
Community colleges
~$3B+
Higher education
~$5B+
International K-12
$7.4B beachhead → $18B+ full opportunity. Excluded from base case intentionally. Sources: CoSN 2024, HolonIQ K-12 EdTech 2024, CISA K-12 Report 2023.
Why itopia wins

Built for this moment.
Positioned to own it.

01
The only full-stack platform
across all 5 categories.
Windows delivery, browser governance, AI tool governance, usage analytics, and system of record — in one contract. No competitor touches more than 2 of the 5. That is not a product feature. That is a category position.
02
4 years of Windows infrastructure
inside K-12 procurement.
Building Windows delivery at K-12 price points — inside education budget cycles, IT constraints, and procurement requirements — took 4 years. That complexity is the barrier. It cannot be replicated in a product sprint.
03
Cross-layer data no point
solution can see.
SaaS usage, Windows local and virtual, and AI tools — simultaneously, at the OS level, 4 years deep across 2M+ students. That data powers the ROI tool, AI governance, and outcome measurement no single-category competitor can replicate.
04
Already inside 8 of the
top 50 US districts.
Procurement done. Trust established. Houston entered at $350K — 2026 renewal pipeline is $2.08M. The motion is expansion at renewal, not new sales. That is a structurally different business than any competitor in this space.
The Team

Experience that matters.
Operators who execute.
Experts who build.

James Riley
CEO & Co-Founder
CEO & Co-Founder. The architect of itopia’s transformation from infrastructure vendor to category-defining EdTech platform. 14 years in EUC, including founding a virtualization company that sold in 2024 — four years after his departure. 6 years building the relationships, go-to-market, and product vision that placed itopia inside the largest school districts in the US. A leader who made the hard calls — incubating the EdTech product before the market demanded it, assembling a world-class team, and positioning itopia to win Google Partner of the Year for Education in 2024. The only infrastructure company to hold that distinction in K-12.
Guy Leech
CTO
CTO and one of the top 20 end user computing professionals in the world. Microsoft VIP and Parallels VIP. 30 years working alongside the largest technology companies and EUC vendors globally — brought in to solve the problems nobody else could crack. 10K+ followers on X building in public. He chose itopia not because he had to, but because of the leading-edge technology we are building and the unique impact we can have on schools and students. The kind of operator who could work anywhere. He’s here. His fingerprints are on the architecture that no competitor can replicate.
+1
CRO / COO — Actively Recruiting
Funded by this raise
The hire that takes itopia from $5M to $25M ARR. We are looking for a senior revenue and operations leader who has scaled SaaS through this exact stage — built repeatable sales motions, driven expansion revenue inside existing accounts, and designed a product-led growth strategy that converts SMB customers without a heavy sales touch. Someone who thrives in a channel-led GTM model, knows how to build pipeline through partners, and can run revenue and operations under one mandate alongside James.
May 2026 · Investor Update

We built the moat.
Now we fill it.

$6.25M+Proj. ARR · 2026
90%Proj. Retention
105%Proj. NRR
40%Proj. YoY Growth

"We built the infrastructure. Now we own what runs on top of it."

CONFIDENTIAL · FOR AUTHORIZED RECIPIENTS ONLY · itopia, Inc. · 2026
Product Update

The platform. How it works.
What's coming.

A transparent view of where the technology is today, what's actively being built, and what's on the roadmap. Guy Leech (CTO) and Albert from Archie Labs walk through each layer.

GL
CTO Deep Dive

Guy Leech — Platform Architecture & v2 Build

Guy walks through the full platform architecture — what's live in production today, the v2 AI-first rebuild with Archie Labs, and the technical decisions that make itopia's data moat impossible to replicate. ~12 minutes.

Platform Architecture v2 AI-First Build Archie Labs Partnership Data Moat
Today · Live Platform
v2 · June/July 2026
Roadmap · 2027–28
What We Have Today — In Production

v1 is live. Deployed in
10 of the top 25 US districts.

2,000 concurrent Windows GPU users. 82%+ retention. Real revenue. The foundation that proves the model works — before we ship the platform that scales it 10×.

● Live

Windows App Delivery

Full Windows application compatibility delivered in the browser via Azure Cloud (90%) and on-premises (10%). CTE programs, legacy apps, computer labs — any device, any school.

● Live

Concurrent GPU Licensing

$399/CCU/yr. 2,000 active concurrent users today. Per-concurrent-user model that scales naturally with district growth without renegotiation.

● Live

Multi-Cloud Delivery

Azure Cloud as primary delivery infrastructure. Google Cloud Platform support available. On-premises for air-gapped and compliance-sensitive environments.

● Live

District Management Console

Centralized admin view for IT directors. User provisioning, app assignment, usage monitoring, and session management across the district.

● Live

Professional Services Layer

Implementation, image management, and Windows workload migration services. $22K+ per enterprise account annually on top of SaaS ARR.

◐ Piloting

Remote Access & Image Mgmt

Device management, image delivery, and app packaging for hybrid lab environments. Currently in active pilot with NYC Public Schools and Osceola County SD.

🖥️

Platform UI screenshot / demo video coming
Contact James for a live product walkthrough

Product Demos — Today's Platform
Platform Overview

itopia Platform Walkthrough — v1

Admin console, app delivery, session management, and district analytics. ~4 minutes.

District Admin Demo

Houston ISD — Live District Deployment

How Houston ISD manages 194,000 students across the itopia platform today. ~5 minutes.

v2 · Launching June/July 2026

AI-first rebuild.
Built by Archie Labs.

Not a feature update — a ground-up AI-native rebuild with Archie Labs, led by Albert (8base). Every architectural decision made with AI augmentation, browser-native delivery, and 10× TAM expansion in mind.

Archie Labs · Albert

Albert (8base / Archie Labs) — Building AI-First

How Archie Labs is approaching the v2 rebuild — AI-native architecture, the models they're using, and what changes fundamentally when you start with AI instead of bolting it on. ~6 minutes.

◐ Building

AI-First Architecture

Every feature designed with AI augmentation built in from the ground up. Not bolt-on AI — AI as the foundation that makes every pillar smarter over time.

◐ Building

AppFlex — Unified App Delivery

Flexible app delivery engine supporting Windows apps, browser-native SaaS, and hybrid environments in a single management layer. One pane for all app types.

◐ Building

Browser Extension Platform

The 6× user multiplier becomes a product. Every non-Windows user (Chromebook, Mac, iPad) gets full itopia — security, analytics, app curation, permissions — through the browser extension.

◐ Building

Unified Browser Management

SaaS governance, AI tool controls, extension policies, YouTube filtering, data controls — all in one platform for the first time. The full browser management layer.

◐ Building

Classroom Management

Real-time student screen monitoring, remote tab management, two-way communication, flexible class scheduling. Competing directly with GoGuardian in every district we serve.

◐ Building

Azure + GCP Dual-Cloud

Full dual-cloud support. Azure enables MSFT Elevate co-sell and positions itopia for enterprise and higher ed. GCP maintains the existing Google partnership and K-12 channel.

🔨

v2 UI mockup / design preview coming
Archie Labs team presenting progress update Q2 2026

Roadmap · 2026–2028

The platform that gets us
to $100M revenue.

Each milestone expands the TAM, deepens the moat, and compounds the data advantage that no competitor can replicate without 5 years of OS-level district usage data.

2025
v1 Live
2,000 CCUs. 10 of top 25 districts. 82% retention. Platform proven.
Q2 2026
v2 Launch
AI-first. AppFlex. Extension platform. Classroom mgmt. Dual-cloud.
🛡️
Q3 2026
Browser Mgmt+
Full SaaS governance, AI controls, data policies. Compliance layer complete.
📊
Q4 2026
Analytics Layer
District-wide ROI dashboards. Usage intelligence. AI data foundation begins.
📚
2027
System of Record
Every EdTech tool catalogued, permissioned, measured. IT + curriculum unified.
🤖
2028
AI Agent
AI for teachers, admins, students. The data moat becomes the product.
○ 2027

System of Record for Digital Learning

Every tool a district uses — catalogued, permissioned, measured, and reported on. IT and curriculum finally unified. The layer no IT vendor or EdTech company has ever built.

○ 2027

Higher Ed via MSFT Elevate

Community colleges, dual enrollment programs, and universities co-sold through Microsoft Elevate sellers. The K-12 playbook applied to the next $3B market.

○ 2027

International Expansion

Canada and Colombia already active. MSFT Elevate as the GTM engine for LATAM, EMEA, and APAC. The global system of record for learning institutions.

○ 2028

AI Agent for Education

Teachers get insights on tool effectiveness. Administrators get district ROI. Students get personalized access. No competitor can build this without our data foundation.

○ 2028

Enterprise & Corporate Learning

50 existing enterprise customers as the first proof point. itopia eats its own dog food before taking this to market at scale.

○ 2028

$100M Revenue Platform

K-12 → Higher Ed → International → Enterprise → AI System of Record. At $399/CCU with a 6× extension multiplier, the math compounds fast.

Closed Won
Renewals
New & Expansion
Last refreshed: Apr 23, 2026
Closed Won · Education Pipeline · Live from HubSpot

2026 New ARR Progress

Tracks every deal marked Closed Won in HubSpot against the 2026 target of $3.6M in new and expansion ARR. This section auto-populates as deals close. Use the Refresh button above to pull the latest data.

New & Expansion ARR Closed — 2026 Goal
$0 of $3.6M goal
0% to goal $3.6M target
$4.4M Current ARR → $6.25M+ 2026 target
90% Retention Goal up from 82% in 2025
105% Net Retention Goal up from 91% in 2025
$120K Customer LTV up from $40K
🏆

Closed Won deals populate here automatically

When deals are marked Closed Won in HubSpot (dealstage = closedwon, education pipeline), they appear here with deal name, ARR, owner, and close date. Hit Refresh above to pull the latest.

Filtering: pipeline = default · dealstage = closedwon · 2026
Renewals · sf_renewal_status = "Renewal" · Education Pipeline · 2026 Closes

98 renewals. $3.81M ARR.
Tracking to 90% retention.

Goal: retain 90% of $3.1M in base renewal contracts = $2.79M. The full pipeline of $3.81M includes expansion ARR on top of base. At-risk ARR is only $76K (2%) — the portfolio is exceptionally healthy. Average NRR across the book is 188%, meaning customers expand significantly at renewal.

90% Retention Goal — $3.1M Base ARR
$3.73M on-time pipeline · goal $2.79M
$3.73M on-time/early (97% of pipeline) 90% goal = $2.79M
90On Time / Early$3.73M ARR
4Late$51K ARR
2No Contract$26K ARR — immaterial
$3.81M Total Renewal ARR Pipeline 98 deals · education pipeline · 2026 closes
188% Avg Net Revenue Retention Customers expanding at renewal
$970K Q2 Renewal ARR June 30 deadline · Houston anchors
$76K At-Risk ARR Only 2% of total pipeline
Q2 Urgency — June 30 Deadline

$970K in renewal ARR closes by June 30, 2026. Cypress-Fairbanks ISD ($771K) is the largest Q2 renewal. Houston ISD ($526K) also closes Q2. These two deals alone represent $1.3M — 34% of the full renewal pipeline.

$970K due by Jun 30
Late Renewals — Action Required
Late
Shooters Hill SFC (UK)
Close date: May 1, 2026 · Stage: Initial Proposal · Owner: Craig Medland
$24,959
Late
Halton DSB Renewal
Close date: May 1, 2026 · Stage: Initial Proposal · Owner: Craig Medland
$16,761
Late
Leoti-Wichita County USD
Close date: May 1, 2026 · Stage: Technical Validation · Owner: Craig Medland
$5,300
Late
Fabius Pompey SD
Close date: Apr 9, 2026 · Stage: Initial Proposal · Owner: Craig Medland
$3,489
Top Renewals by ARR — All 2026 Closes
Account ARR NRR Status Close Stage
New & Expansion · sf_renewal_status = "New" · Education Pipeline · Live from HubSpot · Apr 24, 2026

154 opportunities.
$2.08M priced pipeline.

Goal: $3.6M in new and expansion ARR closed in 2026. Current priced pipeline is $2.08M across 60 valued deals. 94 additional deals are unpriced Stage 0 prospects — as these progress to proposal the pipeline number grows. CDW drives 88% of valued pipeline. Tom Chung leads all reps at $1.02M. Q2 is the critical close window — $1.22M due by June 30.

New & Expansion Priced Pipeline vs $3.6M ARR Goal
$2.08M priced pipeline · 58% of goal
$2.08M priced · 94 unpriced deals adding to pipeline $3.6M 2026 ARR goal
$697K Best Case High-confidence close
$1.39M Pipeline Active pursuit
$0 Commit No commits yet in HubSpot
154 Total Opportunities 60 priced · 94 unpriced
$2.08M Priced Pipeline ARR 60 deals with amounts set
$1.22M Q2 Pipeline Due by June 30 — peak window
88% Pipeline via CDW Channel motion working
Pipeline by Rep — Priced Deals Only
Tom Chung$1,017,482 · 31 deals
Jo Ann Aaronson$728,063 · 18 deals
Brianna Genaro$299,368 · 9 deals
James Riley$16,481 · 1 deal
Note: Louis Donzelli owns primarily unpriced Stage 0 prospects — pipeline value will appear as deals progress to proposal stage.
Pipeline Funnel — Priced Deals by Stage
Stage 4 · Final Negot.
$299K · 4 deals
Stage 3 · Tech Valid.
$267K · 13 deals
Stage 2 · Initial Prop.
$532K · 11 deals
Stage 1 · Qual. (priced)
$792K · 24 deals
Stage 0 · Prospecting
94 unpriced deals · pipeline TBD
Top Opportunities — Tiered by District Enrollment
VIP — 20K+ students
Core — under 20K
Enrollment est. · updates when deal field added
VIP Accounts 20,000+ students
Account Enrollment ARR Stage Forecast Owner Close
Miami-Dade County PS335,500$10,769Stage 4Best CaseJo Ann AaronsonJul 2026
Baltimore City PS76,000$71,299Stage 1PipelineJo Ann AaronsonJul 2026
Frisco ISD71,000$35,100Stage 0PipelineTom ChungJun 2026
Halton DSB — Expansion65,000$189,500Stage 4Best CaseTom ChungApr 30 ⚡
Cabarrus County Schools65,000$18,949Stage 4Best CaseJo Ann AaronsonJun 2026
Henry County Schools GA43,000$348,673Stage 2PipelineJo Ann AaronsonNov 2026
Pulaski County Special SD35,000$167,099Stage 1PipelineTom ChungJul 2026
Antelope Valley UHSD24,000$36,399Stage 3Best CaseBrianna GenaroSep 2026
Limestone DSB22,000$50,359Stage 1PipelineTom ChungJun 2026
Warren County PS KY21,000$37,909Stage 1PipelineTom ChungJun 2026
Core Accounts Under 20,000 students
Account Enrollment ARR Stage Forecast Owner Close
Westminster PS3,200$160,549Stage 1PipelineBrianna GenaroJun 2026
Chippewa Falls Area SD3,700$80,000Stage 4Best CaseTom ChungApr 30 ⚡
North Platte PSD NE4,200$53,849Stage 3Best CaseTom ChungJun 2026
UMaine GoSprout11,500$38,749Stage 2Best CaseJo Ann AaronsonJun 2026
Azle ISD TX8,500$27,674Stage 2Best CaseTom ChungJun 2026
Northwest Allen County7,500$32,909Stage 2PipelineTom ChungJun 2026
Imagine Schools7,200$36,399Stage 1PipelineJo Ann AaronsonJun 2026
Hamilton Local SD OH3,800$36,399Stage 3Best CaseTom ChungJun 2026
Schuylerville CSD1,100$41,899Stage 0PipelineJo Ann AaronsonMay 2026
Stockton R-1 SD MO650$39,799Stage 0Best CaseTom ChungJun 2026
Enrollment sourced from HubSpot company records · Tiering updates automatically when deal-level enrollment field is added
Final Round · Equity · Single Close · 2026

$2.2M.
The last raise.

In 6 months with limited capital and a lean team, we did exactly what we said we were going to do. Cut the fat. Cleaned the book. Rebuilt retention. Closed the two largest district contracts in company history. Now imagine what happens with the right support and team.

What This Raise Funds — Six Priorities
1st

Become Profitable — On Our Terms

$2.2M bridges to self-sustaining by Q3 2027. After this raise, we take capital only if we choose to. That is a fundamentally different power position — and it is the foundation every other priority is built on.

October 2026 · EBITDA positive
2nd

World-Class Sales and Marketing — Powered by AI

Not a headcount play. An AI-powered revenue organization that owns the category conversation — the leading company helping schools adopt AI at scale, safely, to improve student outcomes. Enterprise AEs, AI-first marketing motion, Microsoft co-sell activated.

~$880K + $220K · Sales + Marketing
3rd

Elite Development Org — Powered by AI

Take the platform back from Archie Labs end of 2026. Build a fast-moving internal team on the same AI-first development practices Archie modeled. Keep the velocity without the agency cost. Every feature on the roadmap is AI-first by design.

~$374K · Product · 2.0 ships Fall 2026
4th

Elite Onboarding, Service and Support

Customer expansion is the greatest lever we have — and we have proven it for 3 years. 188% average NRR is not an accident. It is a repeatable motion. Fund it properly and every dollar of new ARR compounds into expansion ARR within 12 months.

~$286K · CS · Proven 3-year lever
5th

Unlock New Markets

Community colleges. Universities. International K-20 organizations. Private and charter schools. Technical colleges. Each market smooths seasonality, adds a non-competing revenue stream, and expands the distribution channel we are already building.

Begins H2 2026 · GTM funded by Elevate
Bet

Enterprise Conversion — H1 2027 Test

Convert 1 in 3 enterprise customers to the combined Windows infra + browser security + AI governance model. The platform already supports it. Prove it by H1 2027, then deliberately drive enterprise pipeline. If it works: a second growth engine doubling addressable revenue from a new vertical. 36-48 months out. We are built for this like no one else.

H1 2027 pilot → deliberate vertical expansion
The Path From Here
January 2026 · Capital deployed
4 AEs hired. Marketing activated. Team complete.
Fully staffed before the Q2–Q3 selling season opens. No more going into peak season understaffed.
Q2–Q3 2026 · Selling season
60–70% of annual bookings close. July is peak.
NYC, Chicago, Palm Beach and 15+ Top-100 districts in active pipeline. The window we are built for.
October 2026 · EBITDA positive
ARR at $7.86M. Profitable for the first time.
Operating under our own power. Cash rebuilding toward $1.6M exit balance December 2026.
Q3 2027 · Self-sustaining
Cash-flow positive. No external capital. Ever again.
Every dollar from here is enterprise value creation. This is why this raise is the last one.
Oct 2026EBITDA Positive
Q3 2027Self-Sustaining
ForeverNo More Raises
$2.2M · Equity · Single Close · Final Round

We did what we said.
Now watch what we do with the right team.

Six months. Limited capital. No margin for error. And we delivered. The numbers finally match the vision. This raise is the bridge to a business that funds itself — and the only time we ask.

Connect with James → CONTACT_EMAIL_PLACEHOLDER
CONFIDENTIAL · FOR AUTHORIZED RECIPIENTS ONLY · itopia, Inc. · 2026
Data Room · Board Access Only

Supporting Materials

Request Additional Materials

NDA-protected materials and specific financial detail available upon request. Schedule a 1:1 with James for a live walkthrough.

🏢 Company 4 items
📄
itopia One-Pager
Platform overview poster — DELIVER · CONTROL · MANAGE
Available
📊
Investor Pitch (this deck)
Full interactive pitch — current document
Available
🏛️
Certificate of Incorporation
Delaware C-Corp formation documents
Coming Soon
📋
Corporate Overview & History
6-year company history, pivot narrative, key milestones
Coming Soon
🌐
TAM Analysis — $10B+ Market Opportunity
K-12 US ($2B) · Higher Ed · International · Enterprise market sizing
Available
💰 Financials 5 items
📈
2026 Budget & Forecast Dashboard
Interactive financial model — ARR, P&L, cash model
Open →
📑
Historical P&L (2023–2025)
Full profit & loss statements, audited where available
NDA Required
📊
Cap Table
Current capitalization table and ownership structure
NDA Required
💳
Current Investor Summary
Summary of existing investors and prior rounds
NDA Required
📉
Term Sheet / Round Structure
Proposed terms, pre-money valuation, and structure
Coming Soon
🛠️ Product 5 items
📱
Product Update Section
CTO video, capability cards, roadmap — live in this deck
Open →
🎬
CTO Platform Deep Dive (Video)
Guy Leech — architecture, v2 build, technical moat
Coming Soon
🎬
Archie Labs — v2 Build Update (Video)
Albert (8base) — AI-first architecture and build progress
Coming Soon
🖼️
Platform UI Mockups — v2
Design previews and interface concepts for v2 platform
Coming Soon
📐
Technical Architecture Overview
Infrastructure diagram, security model, data architecture
NDA Required
🏫 Customers 5 items
🎬
Houston ISD — Customer Testimonial (Video)
Director of Technology on the impact of itopia across 194,000 students
Coming Soon
🎬
Miami-Dade County PS — Customer Testimonial (Video)
CTO on renewal decision and 5× expansion plan
Coming Soon
🎬
Osceola County SD — Customer Testimonial (Video)
Director of Technology on the 3-year prepaid decision and ROI
Coming Soon
📋
Customer Contract Summary
Anonymized summary of contract terms and renewal structure
NDA Required
📊
Pipeline Summary — Top 20 Opportunities
Named pipeline with stage, ARR potential, and expected close dates
NDA Required
👥 Team 3 items
👤
Extended Team Bios
Full biographies for James, Guy, Louis, Craig, and Archie Labs team
Coming Soon
📊
Org Chart
Current organizational structure and planned additions with this raise
Coming Soon
💼
Executive Hiring Plan
COO/CRO/CMO search process, criteria, and timeline
Coming Soon
Board Q&A

Investor Questions & Answers

Pre-answered by James. Plus public questions from board members — anonymous to others, tracked by us.

Pre-Answered FAQ from James
Why $2.2M and not less?

The $2.2M is built from a cash model designed to reach self-sustaining profitability by Q3 2027 without white-knuckling it. $700K closes the June gap. $700K funds the selling season through Q1 2027. $800K bridges the Q1 trough before the business is fully cash-flow positive. Taking less creates unnecessary risk right before we don't need capital anymore.

ARR went from $7.5M to $4.57M — what happened?

When I took over in October 2025, $3.96M of our $7.5M ARR was a single services contract — CCM — that was masking the real SaaS business underneath. I made the call to shed it. Painful. Correct. What you see now — $4.57M of pure, recurring, organic platform ARR — is the real business. Clean book. 82%+ retention. Real expansion. The CCM contract was not the future of itopia.

How do 4 reps get you to $7.86M ARR?

The model is built at 75% attainment — 25% buffer baked in. Each rep inherits a territory with active demand already in motion: Chicago finalized, NYC closing first schools, Palm Beach expanding a sub-60-day pilot. Channel (CDW, Google, MSFT) generates ~50% of pipeline. CS drives 20% from expansion. Reps convert established demand — they don't cold-start.

What's the competitive moat? Why can't GoGuardian or Citrix just do this?

GoGuardian does classroom management. Citrix does VDI. Windows infrastructure is the gateway to everything. You cannot win the browser without owning Windows first. Every AI app, SaaS tool, and corporate system runs on top of it. We've been building this for 5 years inside the largest districts in America. That is not replicated in 18 months. We partner with Google and Microsoft — they're our distribution, not our competition.

Why James? Why now?

James has driven itopia's revenue for 6 years and architected the EdTech pivot that defines the company today. He personally closed Houston at $526K/yr and Osceola with a 3-year prepaid deal. In 6 months as operating CEO he cut headcount 50%, shed the services contract, rebuilt retention from 55% to 82%, and launched the v2 rebuild with Archie Labs. No one else has the domain depth, the district relationships, and the operator instinct to have built this moment.

When does itopia become a $100M revenue company?

K-12 enterprise → higher ed (community colleges via MSFT Elevate) → international (Elevate co-sell globally) → enterprise (50 existing customers first) → AI system of record. At $399/CCU with a 6× extension user multiplier, plus multi-pillar expansion within current accounts, the ARR compounds fast. The AI analytics layer — which no competitor can build without our OS-level data — is what changes the revenue multiple entirely.

Public Board Questions
💬Live Q&A coming soon. Email James directly with any questions.
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Direct line to James for any question on the deck or the round.

✉️
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Financial Dashboard · Board Only

2026 Budget & Forecast

Full financial model from the board-approved 2026 budget.

$4.4MStarting ARR→ $7.86M target Q4 '26
$3.75MNew/Expansion Bookings4 AEs · $1.25M quota each
($556K)2026 Full-Year EBITDAPositive from October 2026
$1.62MExit Cash (Dec 2026)With $2.2M raise deployed
ARR Growth Trajectory ($M)
$3.47
Q1'25
$4.08
Q2'25
$4.66
Q3'25
$5.05
Q4'25
$5.25
Q1'26
$6.31
Q2'26
$7.64
Q3'26
$7.86
Q4'26
ARR by Segment
SegmentStartNew/ExpChurn2026
Enterprise K-12$4.14M$3.375M($744K)$6.77M
SMB/Mid-Market$909K$375K($191K)$1.09M
Total$5.05M$3.75M($934K)$7.87M
Cash Low Point~$83K in June · July bookings resolve
Gross Margin~71% full year · improving through '26
Renewal Rate80% modeled · running 82%+ today
Interest Rate13% on existing LoC · in model
📊

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