Everything everyone said. Also, fyi what investors care most about is ARR - annual recurring revenue. They will heavily discount the investment value of perpetual licenses - source: the company I work for went through this when we took on Series A, and it was maybe THE number 1 priority before we secured Series B funding (from the same VCs) to convert basically all perpetual license customers to subscription customers.
Everything everyone said. Also, fyi what investors care most about is ARR - annual recurring revenue. They will heavily discount the investment value of perpetual licenses - source: the company I work for went through this when we took on Series A, and it was maybe THE number 1 priority before we secured Series B funding (from the same VCs) to convert basically all perpetual license customers to subscription customers.