Diligence: Powerhouse Innovation mapped the competitive landscape across startups and incumbents, evaluated relevant hardware and software solutions, and helped Mitsui quantify the near-term market opportunity for modular edge compute infrastructure providers. Powerhouse Innovation then provided in-depth technical and commercial diligence on the startup Armada, a San Francisco-based provider of full-stack AI infrastructure solutions for remote and industrial sites. Armada's integrated hardware and software platform combines modular data centers with connectivity and operations software to enable real-time AI processing at oil and gas fields, mining operations, defense, manufacturing facilities, and public infrastructure sites. Our investment memo assessed the market opportunity for modular edge compute infrastructure; evaluated Armada's full-stack hardware and software platform; analyzed the competitive landscape; and reviewed the executive team's capabilities and track record.