How It Works
One risk core. Two paths, by stage. We score your risk and value the same way for everyone — then the method forks by where you are in the raise.
A seed founder is positioning a cap; a Series A founder is pricing a round on its economics. Each stage below produces something you can show an investor.
The Seed Path - Positioning A Cap
Capital Reality
Risk Decomposition
Risk Decomposition
Runway, burn, and the capital-optional test. Whether you can walk away sets how firm a price you can hold, so it is the first thing we establish rather than the last.
Risk Decomposition
Risk Decomposition
Risk Decomposition
Twenty milestones across clinical, regulatory, technical, commercial, and capital, weighted by device class and stage. The output is your WRXS and the single risk dimension that dominates how investors read you.
Decision Gate
Risk Decomposition
Decision Gate
Most decisions do not move enterprise value. We isolate the two or three that are irreversible, timing-critical, and consequential across more than one risk area — and set the rest aside.
Value Bridge
Price Construction
Decision Gate
What the company is worth today, and what band it prices into once the next milestone clears. Keyed to device class, regulatory pathway, and milestone stage — not to “companies like us.”
Price Construction
Price Construction
Price Construction
The clearance probability with its evidence build-up, the downside case, and the price your evidence supports for your instrument — cap, pre-money, or conversion terms. Plus what each level costs you in dilution and where your walk-away sits.
Investor Lens
Price Construction
Price Construction
The objections you will face at your stage, the evidence-based answer to each, and whether to raise before or after the decision in front of you.
The Series A Path - Pricing The Round
Market Access & Reimbursement
Market Access & Reimbursement
Market Access & Reimbursement
Whether you get paid, before what you're worth. We derive your reimbursement odds from coverage pathway and evidence, the net price you actually collect across the payer mix, and how fast coverage builds — the inputs a valuation otherwise just assumes.
Forward Valuation (rNPV)
Market Access & Reimbursement
Market Access & Reimbursement
What the company is worth, built forward. Market, the share you can hold, and a strategic-exit multiple — discounted for time and weighted by the odds of clearing the gates ahead. The output is a defensible pre-money range and the few assumptions that move it, not a single figure.
The Round on Your Stack
The Round on Your Stack
The Round on Your Stack
What the round costs you in ownership. We price the pre-money on your existing preferred stack — option-pool top-up, pro-rata, any secondary — and show dilution founder by founder, before and after, whether you're setting the terms or weighing a lead's.
The Exit Waterfall
The Round on Your Stack
The Round on Your Stack
What the terms cost you, not just the price. We run liquidation preference, participation, and seniority through the exit waterfall across a range of outcomes, so you know which terms actually move your payout and which are worth conceding.
Timing and Terms
Written readout within ten business days for a Seed positioning; a Series A engagement runs longer and is scoped up front.
Ninety-minute working session within five business days of delivery.
Payment due half on signature, half on delivery.
Founding-client term: if you do not use the readout in a live financing conversation, the second half is refunded on request.
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