What we look for
Every company has to fit what this fund was set up to back. We also look at the return its price and terms allow, and whether the evidence fits how far along the company is.
An exceptional team
We look for founders who are honest, know their technology or industry deeply, make good business calls and can hire well. We also want evidence they can steer this particular company as it grows.
A lasting advantage
The company's edge needs to keep earning money over time. That edge might be better technology, owning a step in how customers work, or what the company learns from its machines in the field. It might also be that customers would find it costly to switch away, or that the company controls infrastructure that is hard to come by.
Machines doing one paid job
A valuable job that customers pay for, with room to grow.
We want to measure how reliably the machines work, and what each one earns against what it costs. The company should be able to show it can spread to other tasks and sites, or win more of each customer's budget.
The parts that make machines better
A measurable improvement to a limit that holds machines back.
That limit might be how well machines perform, how reliable they are, or what they cost to run. Customers should come to depend on the improvement, and the company needs a credible way to earn a share of the value it creates.
Platforms that could start a new market
Technical progress that stands up to outside checks.
Milestones should be clear, and reached without spending much. The possible payoff has to be big enough to make up for taking longer. It also has to cover the extra risk that customers are slow to buy, or that money is hard to raise.
We start with your pitch deck and data room, if you have them. Depending on the company and its stage, we may also ask for:
- Financials & cap tableFinancial statements, forecasts, and how the company is funded.
- Technical documentationDemonstrations, test results, and product limitations.
- Customer evidenceContracts, deployment data, and operating metrics.
- IP & legalPatent filings, IP assignments, and relevant legal or regulatory materials.