What is Dark Matter

The problem

Ownership in private markets runs on documents. A single secondary transfer in a Series C SPV costs $30–50K in legal fees and takes 6–8 weeks, because each transaction rebuilds ownership state from documents instead of querying a system of record.

There is no standardized registry for private ownership, no digital standard for transfer, and no programmatic lifecycle management. (Market context and positioning live in the venture overview.)

What Dark Matter does

Dark Matter extracts ownership state from documents, cap tables, side letters, and admin files into a canonical object — the DMTR Position Object — and makes ownership transitions executable.

DMTR provides:

• DMTR Registry — authoritative record of beneficial ownership, units, and visible encumbrances
• Rights Engine — executable transfer, consent, eligibility, and waterfall logic
• Identity Graph — KYC, AML, accreditation, jurisdictional constraints, and participant pre-clearance
• Workflow Surfaces — API, partner integrations, reporting, audit trail, servicing console, and intent capture

The Position Object

Every private position is a legal wrapper encoding rights, restrictions, obligations, marks, and carry. The DMTR Position Object is the canonical, machine-readable representation of that state:

{
  "entity_id": "meg-2026-047",
  "status": "active",
  "owner": "part-allocator-001",
  "asset": { "issuer": { "name": "Acme Corp DOIV LLC" }, "vehicle_class": "doiv_membership_interest" },
  "economic_rights": { "preference": "pari_passu" },
  "transfer": { "transferable": true, "restrictions": [] },
  "compliance": { "kyc_status": "cleared", "aml_status": "cleared" },
  "valuation": { "current_mark": { "value": "5000000", "currency": "USD", "as_of": "2026-03-01" } },
  "tokenization": { "status": "not_tokenized" }
}

Key shift: ownership stops being a document bundle and becomes an executable state object.

System Status

All subsystems below are implemented and tested. External production access is planned for Q3 2026.

For the full feature roadmap, see Roadmap.