# Deal Screening Card: Spatial Walk (北京空间步态科技)

**Date:** 2026-03-22
**Analyst:** AI Due Diligence Agent
**Stage:** Series A (Raising)
**Sector:** AI / Spatial Computing / Digital Humans

## One-Liner
A 3D Gaussian Splatting (3DGS) platform focused on interactive digital humans, founded by top-tier CV academics (AD-NeRF/SadTalker), currently facing a "commodity trap" from Big Tech SDKs.

## Scorecard

| Dimension    | Score | Signal   | Justification |
| ------------ | ----- | -------- | ------------- |
| Team         | 7/10  | 🟡 | Tier-1 research pedigree (S-Tier publications), but active professor status creates "FTE" and IP risks. |
| Market       | 4/10  | 🔴 | Core 3DGS rendering is being commoditized by Meta/Qualcomm system-level SDKs. |
| Competition  | 3/10  | 🔴 | Competing against "free" at the OS/Chip level; high pressure from 2D-gen leaders like HeyGen. |
| Product/Tech | 6/10  | 🟡 | Strong interaction/lipsync DNA, but original rendering moat has evaporated in the "SDK Era." |
| Financials   | 2/10  | 🔴 | Extreme 100x P/S ratio ($120M Val / $1.2M Rev); critical 5-7 month runway remaining. |
| Risk         | 8.5/10| 🔴 | **Inverted Risk Score.** High technical dependency, funding cliff, and valuation-revenue disconnect. |
| **Overall**  | **4.2/10** | 🔴 | **High-Alpha academic bet with unsustainable financial metrics.** |

## Key Strengths (Top 3)
1. **Academic Pedigree:** Founders are the creators of AD-NeRF and SadTalker, providing S-Tier credibility in neural rendering and animation.
2. **Niche Technical Edge:** Potential to lead in *interactive* 3D animation (lipsync/physics) where standard 3DGS viewers are static.
3. **Early Hardware Optimization:** Claims of running 3DGS on low-end ARM chips (RK3576) could offer a temporary window for B2B IoT applications.

## Key Concerns (Top 3)
1. **Valuation Bubble & Runway:** 100x P/S is a "pre-2022" metric. With ~$700k monthly burn and <7 months of cash, the company is in a precarious "raise or die" position.
2. **Platform Commoditization:** Meta (Presence Platform) and Qualcomm (Snapdragon Spaces) are making 3DGS a free utility, removing the value of a standalone "engine."
3. **Academic Entanglement:** Potential IP conflicts with USTC/GBU and the risk that founders remain "part-time" researchers rather than full-time operators.

## Verdict
**Recommendation:** **Pass** (Unless valuation is adjusted by >60% and IP is cleared).
**Reasoning:** The project is "priced for perfection" while its core technology is being rapidly commoditized by platform giants. The burn rate vs. revenue trajectory suggests a high likelihood of a down-round or liquidity event within 2 quarters.

## Questions for Founder Meeting
1. **IP Ownership:** Can you provide a formal IP transfer agreement or "Freedom to Operate" letter regarding the AD-NeRF/SadTalker delta?
2. **Revenue Diversification:** How do you transition from $1.2M (likely project-based) revenue to scalable SaaS/SDK revenue in the face of free Meta/Qualcomm tools?
3. **Commitment:** What is the transition plan for Prof. Guo and Prof. Cun to move to 100% FTE status at Spatial Walk?
4. **Moat Definition:** If I can use Snapdragon Spaces for free to render 3DGS, why would I pay Spatial Walk for a license?