Back in the day—just twelve months ago—this would've easily pulled a $100M valuation. No question. The market was different. Money was flowing. Anything with decent traction could hit eight figures without breaking a sweat.

Now? The landscape's shifted hard. What used to be a guaranteed runner barely gets a second look. Valuations compressed. Investors got selective. The easy money phase is over.

It's wild how fast sentiment changes in this space. A year feels like a decade when market conditions flip this dramatically.