The due diligence process involved analysis of the product, the technology roadmap, the market, sales volumes vs forecast and management and was based on a series of interviews and detailed primary research. Specifically, CLT reviewed the latest company documents such as pipeline documents, sales forecasts, conference presentations and recent grant applications. The management team was interviewed at their premises for review of the current position of the business and the variances between planned and actual sales volumes and a discussion of the underlying reasons; customer preferences, market dynamics, technology direction and product market fit. During the interviews, CLT used a “Diagnostic Q&A toolkit” to evaluate and provide an independent opinion on key risks and rewards. Further desk research and telephone interviews of customer, end users, OEM’s, Tier 1’s and industry experts were also undertaken. A report was submitted that contained insights on topics such as current progress on sales volumes, commercial relationships and level of interest including value proposition, business model for commercialization, and market and technology sensitivities.