VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

HEA3

In diligence

IN MOTIONMunicipal records

Heath Room

If you read one Municipal records company this quarter, make it this one.

The window is a few days. After that Heath Room archives. Diligence does not reopen as a live conversation.

Heath Room — Permissioned infrastructure sold to firms that already operate in this market. The chain is a method. The customer is an institution. A public token sale is not the business.

In a 14-day diligence sprint (day 7). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Civic ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/6

Sprint

Our cut

Of any proceeds

Plate Ledger · 7165

HEA3

The plate

Ledger. Edition 7165.

A unique plate for Heath Room. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

HEA3 · Montreal · Municipal records

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

Montreal

Named institutional customers in a named geography

Sells

Annual

Annual software

Markets

Montreal

Years

Founded 2024

Surfaces

Civic ledger

Complete

File readiness

The wedge

Annual software

A crowd sale dressed as infrastructure is the thing this pad declines.

Why the desk took it

A real job, not a ticker.

They described a job, not a ticker.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Montreal. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 76/100. Sprint day 7 of 14. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

One paying customer.

A public token as the product is the wrong pad. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Someone in Montreal already renewed a slower vendor this year. Heath Room is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Heath Room is the version that survives counsel. It is on a clock.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the founder

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

The next Municipal records company on this board will not have this waitlist, this HQ, or this counsel posture.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 17
Counsel hours on file: 31
Asks / week: 25
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Kofi Costa, Chief executive

This company

Heath Room

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

The bet

Why this company exists.

A crowd sale dressed as infrastructure is the thing this pad declines.

Boards will fund replacement of a known ops cost. They will not fund a crowd sale dressed as infrastructure.

The customer’s existing ops budget is the TAM that matters.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Montreal being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01A job the customer already does is moved onto a shared record
02Access is permissioned
03Revenue is software or a service fee
04No public allocation on this pad
05A named counterparty verifies; Heath Room does not attest to its own facts.

In the same conversation as

Incumbent ops vendors
Internal builds
Public tokens (the thing to avoid)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
34%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
18%
A counsel memo that can survive a later reader.
Certifications & adapters
15%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
33%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Annual software
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A named institutional customer, even if redacted.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A public token as the product is the wrong pad.
Why we listed it: They described a job, not a ticker.

Next twelve months

What has to be true.

One paying customer.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Civic ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Montreal is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product75
Customers62
Legal path62
Tech maturity63
Demand46
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

No customer

A lab without a named buyer is a paper.

Token as business model

If the only revenue is a token, this is the wrong pad.

Path

Counsel has to name how this is offered, or it stays not-offering.

Geography

Retail and unnamed markets are off until someone writes them on.

No customer

A lab without a named buyer is a paper. Heath Room has to show one.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Heath Room has to be cheaper or faster before that happens.

Ask these next

01What happens if a founder later wants a public token?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Who is the first named paying customer — not a letter of intent?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Is the waitlist demand for a product, or a queue for a coin?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Heath Room Ltd
Path on file: Not offering — locked
Posture: No public sale
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Montrealnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Kofi CostaChief executive
Lars OkoyeChief executive

Stack

Civic ledger
Municipal records
Approval trail
Takedown SLA

Named with them

Helix Audit
Meridian Tax

Who can decide

Kofi Costa came in named. The team is not a handle. Heath Room Ltd exists, founded 2024, headquartered in Montreal. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Heath Room is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Heath Room does not sell a token to the public on this pad	Posture lock	live
The product is municipal records sold to institutions	Architecture + customer type	live
Civic ledger is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Montreal	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 15:49
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.