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When pitching to investors, one of the first things they’ll ask for is your financial projections. Why? Because investors want to see where your company is headed, how fast it can grow, and how capital will be used.

But financial forecasting isn’t just about impressing VCs. It’s about building a roadmap for your business. A solid financial model helps you set revenue targets, plan hiring, and make better decisions.

So how do you create projections that are realistic, compelling, and investor-ready? Let’s break it down.

1. What are startup financial projections?

Financial projections are data-driven forecasts that estimate a startup’s revenue, expenses, profitability, and cash flow over time.

A typical startup financial model includes:

• Revenue Projections: How much money you expect to make.
• Cost Structure: Fixed and variable costs (salaries, marketing, etc.).
• Profitability Timeline: When your startup reaches breakeven and turns profitable.
• Cash Flow Forecast: How much cash you need to survive and grow.
• Funding Needs: How much capital is required and how it will be deployed.

💡 Best Practice: Most startups create 3-5 years of projections. While Year 1 should be detailed, later years should reflect scalable assumptions rather than guesswork.

2. Why do financial projections matter?

🚀 For Investors: They use projections to evaluate if your business is scalable and worth funding.

📈 For Founders: Financial models help you plan growth, avoid cash shortfalls, and set hiring budgets.

💰 For Lenders & Partners: Banks and strategic partners may require financial forecasts before extending credit or partnerships.

What investors look for:

• A logical and defendable growth trajectory.
• Understanding of unit economics (costs vs. revenue per customer).
• Cash flow management to avoid premature fundraising.

Learn more in Carta’s Guide to Financial Reporting.

3. How to build a startup financial model (step-by-step guide)

Step 1: Define your revenue model

• How does your startup make money? (SaaS subscriptions, e-commerce sales, transaction fees, etc.)
• What are your key revenue drivers? (Number of customers, average order value, churn rate, etc.)
• What’s your pricing strategy?

💡 Example (SaaS Startup Revenue Model):

• Start with monthly recurring revenue (MRR).
• Estimate customer acquisition rate.
• Factor in churn (customer cancellations per month).

Step 2: Estimate operating expenses

Identify fixed vs. variable costs:

• Fixed Costs: Salaries, rent, software subscriptions.
• Variable Costs: Marketing, customer acquisition, cloud computing.

💡 Rule of thumb: Early-stage startups should prioritize lean operations and focus spending on growth-driving activities (e.g., product development and marketing).

Step 3: Forecast cash flow

• How long will your current cash last?
• When will you need to raise your next round?
• How much do you need to hit key milestones?

💡 Investor tip: Many startups fail not because of bad products, but because they run out of cash. Your projections should show a clear runway to profitability or the next funding round.

Further reading: Silicon Valley Bank's Financial Forecasting for Startups.

Step 4: Model growth scenarios

Build multiple scenarios to show investors that you’re prepared for different market conditions. Investors want to see that you’ve thought about risk mitigation and can adjust if needed.

1. Base Case (most likely). Realistic growth assumptions based on historical data or industry benchmarks.
2. Best Case (optimistic). Aggressive but achievable revenue and funding goals.
3. Worst Case (conservative). Slow customer growth, economic downturns, or higher-than-expected expenses.

4. Financial Projection Benchmarks by Stage

Pre-seed startups:

• Revenue: Likely pre-revenue, but should have a clear monetization strategy.
• Burn Rate: $30K–$100K/month, depending on team size.
• Runway: At least 12–18 months post-funding.
• Growth Metrics: Early traction indicators (waitlists, beta users, LOIs).

Seed startups:

• Revenue: $250K–$1M ARR (Annual Recurring Revenue) for SaaS; high-growth user engagement for other models.
• Burn Rate: $75K–$200K/month.
• Runway: 18–24 months post-funding.
• Growth Metrics: Early customer adoption, engagement, and retention rates.

Series A startups:

• Revenue: $2M–$5M ARR for SaaS; strong GMV (Gross Merchandise Value) for marketplaces.
• Burn Rate: $150K–$500K/month.
• Runway: 18–24 months post-funding.
• Growth Metrics: Efficient customer acquisition, high retention, scalability proof points.

📊 Investor expectations: They don’t just look at revenue. They analyze unit economics, customer retention, and how efficiently you’re growing.

5. Common financial projection mistakes (and how to avoid them)

🚩 Being overly optimistic: Unrealistic hockey-stick growth projections raise red flags. Keep estimates grounded in market data.

🚩 Ignoring churn & retention: Investors want to see how you’ll retain customers, not just acquire them.

🚩 Not accounting for seasonality: If your business has fluctuating demand (e.g., holiday spikes), model revenue accordingly.

🚩 Underestimating burn rate: Many startups burn through cash faster than expected. Plan for at least 12-18 months of runway.

Final thoughts: plan for growth, not just funding

Creating solid financial projections isn’t just about fundraising—it’s about making smarter business decisions. When done right, a financial model serves as a strategic blueprint that helps you:

✅ Plan funding rounds intelligently (without running out of cash).
✅ Scale operations sustainably (without overspending).
✅ Prove to investors that your startup is a high-growth opportunity.

🚀 Want more insights on startup fundraising? Explore the latest strategies on Capwave.ai!

FAQs

1. How detailed should my financial projections be?
Your first 12-18 months should be detailed, while Years 2-5 can use assumptions based on industry benchmarks.

2. What’s the most important metric in financial projections?
Investors focus on cash flow runway, burn rate, and revenue growth.

3. Do pre-seed startups need financial projections?
Yes! Even if you don’t have revenue yet, investors expect to see a roadmap for monetization.

4. What if my actual financials don’t match projections?
That’s normal! Investors care more about your ability to adjust and manage growth effectively.

📢 Need expert guidance on startup fundraising? Capwave AI offers AI powered pitch deck analysis and advanced AI investor matching (60,000 angel and VC investors!) to help you scale your business.

Why intellectual property protection matters

For startups, intellectual property (IP) is often a key competitive advantage. Whether it’s an innovative product, a proprietary algorithm, a recognizable brand name, or creative content, securing your IP prevents competitors from benefiting unfairly from your work.

Investors also take IP protection seriously. A weak IP strategy can raise red flags, signaling potential risks that could impact valuation and long-term success.

A strong IP strategy helps startups:

• Maintain ownership of their innovations.
• Prevent competitors from copying their work.
• Increase company valuation for fundraising and acquisitions.
• Attract investors who value defensibility.

💡 Startups that fail to protect their IP early risk losing control over their innovations and missing out on long-term value.

Types of intellectual property and how to protect them

Understanding the different types of IP helps founders choose the right protection strategy.

1. Patents: Protecting inventions and technology

A patent grants exclusive rights to an invention, preventing others from making, using, or selling it without permission. Patents are critical for deep-tech, AI, biotech, and hardware startups where innovation is a competitive differentiator.

How to secure a patent:

• Conduct a patent search to ensure originality.
• File a provisional patent to establish priority (valid for 12 months).
• Submit a non-provisional patent application to the U.S. Patent and Trademark Office (USPTO).
• Work with a patent attorney to navigate filings and claims.

📌 Further reading: USPTO Patent Process Guide

💡 Investor insight: Startups with strong patent portfolios often command higher valuations and face less competition.

2. Trademarks: Protecting brand identity

A trademark protects brand elements such as company names, logos, and slogans, preventing competitors from using similar branding that could confuse customers.

How to secure a trademark:

• Conduct a trademark search to check availability.
• File a trademark application with the USPTO.
• Monitor and enforce your trademark to prevent infringement.

📌 Further reading: USPTO Trademark Basics

💡 Key insight: A registered trademark strengthens brand recognition and customer trust.

3. Copyrights: Protecting original content

Copyright protects original written, visual, and digital works such as software code, website content, videos, and music. Unlike patents, copyrights are automatically granted upon creation, but registration strengthens enforcement.

How to secure copyright protection:

• Document creation dates and authorship.
• Register with the U.S. Copyright Office for additional legal protection.
• Use copyright notices (e.g., © 2024 YourCompany) to deter infringement.

📌 Further reading: U.S. Copyright Office Registration Guide

💡 Why it matters: Copyright protection is essential for SaaS, media, and content-driven startups.

4. Trade secrets: Protecting confidential business information

A trade secret is confidential information that gives a company a competitive advantage, such as:

• Proprietary formulas (e.g., Coca-Cola’s recipe).
• Customer lists and internal business strategies.
• Unique manufacturing or operational processes.

Unlike patents, trade secrets do not require registration but must be actively protected to remain legally enforceable.

How to protect trade secrets:

• Use non-disclosure agreements (NDAs) with employees and partners.
• Restrict access to sensitive information.
• Implement security measures (encryption, restricted databases, legal policies).

📌 Further reading: World Intellectual Property Organization on Trade Secrets

💡 Key insight: Trade secrets require ongoing protection. Once leaked, they cannot be reclaimed.

Best practices for protecting intellectual property

Startups often make the mistake of delaying IP protection until it’s too late. Here’s how to stay proactive:

1. Secure proper legal documentation

Without legal agreements, your IP may be at risk. Use:

• NDAs for contractors, investors, and employees.
• Employment contracts that clarify IP ownership.
• Licensing agreements if sharing technology with partners.

📌 Further reading: YC’s Guide to Startup Legal Docs

2. Register your IP early

Applying for patents, trademarks, and copyrights as soon as possible prevents disputes and ensures priority.

• File provisional patents before publicly disclosing innovations.
• Register trademarks early to prevent brand conflicts.
• Secure copyright protections for critical content and software.

💡 Founder tip: First to file wins. Delaying IP protection can lead to legal battles.

3. Monitor and enforce your IP rights

Registering a patent or trademark is only the first step: active enforcement is required.

• Monitor competitors for potential infringement.
• Send cease-and-desist letters when necessary.
• Take legal action if violations persist.

💡 Letting IP violations slide weakens enforcement, so set a precedent early.

4. Educate employees and stakeholders

Many IP breaches happen internally due to a lack of awareness. Train your team on:

• Proper handling of confidential information.
• What NDAs and IP agreements cover.
• The importance of avoiding accidental disclosure.

📌 Further reading: WIPO’s Guide to Employee IP Policies

5. Work with legal professionals

IP law is complex. A specialized IP attorney can help:

• Draft patent claims to maximize protection.
• Register trademarks with global coverage.
• Navigate licensing agreements to generate revenue.

Recommended startup law firms:

• Cooley LLP – Startup and venture-focused legal services.
• Fenwick & West – Experts in tech and biotech IP law.
• Wilson Sonsini – Frequently used by high-growth startups.

Final thoughts: protecting your startup’s future

Your intellectual property is one of your most valuable assets. Whether it’s patents, trademarks, copyrights, or trade secrets, protecting your IP early ensures long-term competitive advantage and increases your startup’s value.

• Register your IP before disclosing it publicly.
• Use contracts and NDAs to secure ownership.
• Monitor and enforce your rights aggressively.

🚀 Need help raising capital? Capwave.ai leverages AI to connect your startup with our bank of 60,000 angel and VC investors so that you can raise in weeks, not months. Plus, we protect your IP by avoiding investor matches who have a direct competitor in their portfolio. 

Sign up to raise smarter and faster today!

FAQs

1. Do I need a patent before fundraising?
Not always, but having a provisional patent can help establish priority and increase investor confidence.

2. How much does it cost to file a patent or trademark?
A U.S. patent can cost $5,000–$15,000, while a trademark is typically $250–$400 per class.

3. Can I protect software with a patent?
Yes, but software patents are tricky. Often, a combination of patents and copyrights is best.

4. What happens if someone copies my startup’s idea?
If you have IP protection in place, you can take legal action. Otherwise, proving ownership becomes much harder.

📢 Ready to raise capital? Capwave AI helps founders navigate the fundraising and growth process.

One of the most crucial moments in a startup’s fundraising journey is signing a term sheet: a document that outlines the key terms of an investment. While not legally binding, a term sheet sets the foundation for your funding round and dictates how much control, equity, and decision-making power you’ll retain.

So, how do you evaluate a term sheet like an experienced founder? Let’s break it down.

1. What is a term sheet & why does it matter?

A term sheet is a non-binding agreement that defines the high-level terms of an investment before a formal contract is signed. It helps both founders and investors align on valuation, ownership, governance, and exit terms before getting into legal paperwork.

While not legally binding, certain clauses (like exclusivity and confidentiality) can be enforceable, making it critical for founders to understand what they’re agreeing to.

Key reasons term sheets matter for founders:

• Equity & Ownership: Defines how much of your startup you’ll own after the round.
• Investor Control: Determines how much say investors will have in company decisions.
• Fundraising Terms: Sets expectations for future financing rounds and exits.
• Risk Protection: Poorly structured term sheets can lead to unnecessary dilution or loss of control.

For more on the fundraising process, check out Capwave AI’s Guide to Raising Capital.

2. Breaking down the term sheet: key sections you can’t ignore

Not all term sheets are equal. Some terms favor investors, while others protect founders. Here’s what to watch for:

Valuation & investment amount

• Pre-Money Valuation: Your startup’s value before investment.
• Post-Money Valuation: Your value after adding new investment.
• Investment Size: How much the investor is putting in and what % equity they receive in return.

💡 Example: If your pre-money valuation is $10M and you raise $2M, your post-money valuation is $12M. If an investor contributes $2M, they own 16.7% ($2M/$12M).

Equity & dilution

• Investors will take a percentage of your company in exchange for their investment.
• Future fundraising rounds will further dilute founder ownership.
• A well-structured cap table prepares you for future rounds without over-diluting.

👉 Learn more about dilution here: How much equity should startup founders give away?

Liquidation preferences: what happens in an exit?

Liquidation preference determines who gets paid first when your startup is sold.

• 1x liquidation preference (standard): Investors get back what they put in before common shareholders (you, employees) get paid.
• Participating preferred (less founder-friendly): Investors get their money back AND take a share of the remaining proceeds.
• Non-participating (founder-friendly): Investors must choose between taking their money back or converting to common shares.

💡 Example:

• Your company sells for $20M.
• Investor A invested $5M for 25% equity.
• Under 1x liquidation preference, they get their $5M back, and the remaining $15M is split among common shareholders.
• Under participating preferred, they get $5M back + 25% of the remaining $15M—totaling $8.75M (leaving founders with only $11.25M).

Board seats & investor control

• Investors often request board seats to oversee company decisions.
• Some investors push for a majority board, which can take control away from founders.
• Push for a balanced board where founders retain majority control early on.

💡 Tip: If giving up a board seat, ensure it’s to a value-add investor, not just anyone writing a check.

👉 See How Startup Boards Work for best practices.

Anti-dilution protection

Investors use anti-dilution clauses to prevent their stake from shrinking if you raise a down round (lower valuation).

• Weighted Average (Standard): Investors get slight protection against dilution.
• Full Ratchet (Aggressive): Investors keep their % stake, forcing founders to absorb dilution.

💡 Best Practice: Push for weighted average and avoid full ratchet, as it can hurt you in future rounds.

3. Common mistakes founders make with term sheets

🚩 Focusing only on valuation. A high valuation with bad terms (like participating liquidation or board control) can backfire.

🚩 Ignoring liquidation preferences. Even with 30% ownership, you could walk away with $0 if preferences aren’t structured well.

🚩 Overlooking future dilution. Retaining control matters not just today but through Series A, B, and beyond.

🚩 Not negotiating. Many founders assume term sheets are final. They’re not. Investors expect some negotiation.

4. Negotiating like a pro: key tips for founders

✅ Get multiple term sheets. Competitive tension gives you leverage.

✅ Negotiate non-economic terms. Valuation is important, but board control, liquidation prefs, and voting rights matter more.

✅ Hire a startup lawyer. A good lawyer can save you millions in the long run.

✅ Understand the market. See what’s standard for your industry and funding stage.

👉 Check out Carta’s Startup Funding Benchmarks here.

Final thoughts: play the long game

A well-negotiated term sheet protects your ownership, company vision, and long-term success. While raising capital is exciting, the wrong terms can hurt you more than a low valuation.

Be strategic, get legal advice, and remember: a great investor isn’t just about money. They’re a partner in your success.

💡 Need help modeling your equity distribution? Capwave AI offers tools and insights to help founders navigate fundraising and dilution effectively.

FAQs

1. Are term sheets legally binding?
Mostly non-binding, except for clauses like exclusivity and confidentiality.

2. Can I negotiate a term sheet?
Absolutely. Most investors expect some negotiation.

3. What’s the most important term to watch?
Liquidation preference and board control impact founders the most.

4. What happens after signing a term sheet?
Due diligence starts, and lawyers draft final agreements before the deal closes.

🚀 Stay ahead in your fundraising journey and get the latest startup insights from Capwave AI!

A capitalization table (cap table) is a document that outlines the ownership structure of a company. It details who owns what percentage of equity, including:

• Founders
• Investors (angel investors, VCs, etc.)
• Employees with stock options
• Convertible note or SAFE holders

As your startup grows, your cap table evolves through funding rounds, option grants, and equity-related transactions. Keeping it organized and accurate is crucial for maintaining transparency and making strategic decisions.

Why is a cap table important?

A well-maintained cap table impacts fundraising, investor relations, and equity management. Here’s why it matters:

1. Investor transparency

Investors rely on cap tables to understand:
✔ Their ownership stake
✔ Potential dilution in future rounds
✔ How equity is distributed across stakeholders

2. Fundraising strategy

A clear cap table helps founders:
✔ Determine how much equity to offer new investors
✔ Structure rounds without over-diluting existing shareholders
✔ Maintain control over decision-making

3. Employee compensation & retention

Startups use stock options to attract and retain top talent. A well-managed cap table ensures:
✔ Fair allocation of equity grants
✔ Transparency in vesting schedules
✔ Compliance with option pool limits

4. Exit planning (acquisition or IPO)

When a startup is acquired or goes public, a clean cap table simplifies:
✔ Valuation discussions
✔ Payout structures for all shareholders
✔ Negotiations with potential acquirers

Key components of a cap table

A comprehensive cap table includes:

1. Founder equity

The shares owned by the founding team, typically issued at incorporation.

2. Investor equity

Shares issued to angel investors, venture capital firms, or strategic partners during fundraising rounds.

3. Employee stock options

Equity granted to employees as part of a stock option plan (ESOP), which includes:
✔ Vesting schedules (e.g., 4-year vesting with a 1-year cliff)
✔ Exercise price and expiration terms

4. Convertible securities

SAFE notes, convertible debt, or other instruments that convert into equity during future funding rounds.

5. Ownership percentages

The breakdown of equity across all stakeholders, showing each party’s stake in the company.

6. Dilution effects

The impact of future funding rounds on existing ownership percentages, ensuring founders and investors understand potential dilution.

How to manage your cap table effectively

1. Use cap table management software

Tracking your cap table manually in spreadsheets can lead to costly errors. Instead, use cap table management platforms such as:

• Carta – Popular for VC-backed startups
• J.P. Morgan – Cap table management with integrated equity tracking and investor reporting for startups.
• Pulley – Designed for early-stage companies
• Capshare – Equity management for startups

💡 Pro tip: Most investors expect cap tables to be maintained in software rather than a basic Excel spreadsheet.

2. Keep your cap table up-to-date

Your cap table should be updated whenever there is an equity-related transaction, including:

• New fundraising rounds
• Stock option grants or vesting milestones
• Employee terminations (which may involve stock buybacks)
• SAFE or convertible note conversions into equity

💡 Pro Tip: Investors will always review your cap table before making an investment decision. Keep it clean and organized.

3. Model future dilution scenarios

Before raising capital or granting stock options, model different scenarios to understand potential dilution.

Scenario modeling helps founders:

• Plan how much equity they can afford to offer investors
• Assess post-money valuation impact
• See how future funding rounds affect ownership

Most cap table management tools (e.g., Carta, Pulley) offer built-in scenario modeling to help with planning.

4. Understand equity dilution

Every time a startup issues new shares, existing shareholders’ ownership percentage decreases.

💡 Example of dilution:

• A founder owns 40% equity before a funding round.
• After raising a $3M seed round in exchange for 20% equity, the founder’s stake reduces to 32%.

🚀 How to minimize unwanted dilution:

• Set realistic valuation expectations before fundraising.
• Maintain a healthy option pool without excessive dilution.
• Carefully negotiate SAFE & convertible note terms.

5. Consult legal and financial experts

Cap table management involves complex financial and legal structures. Mistakes can lead to ownership disputes or compliance issues.

When to seek expert advice:

• Structuring funding rounds & term sheets
• Managing stock option grants & vesting schedules
• Converting SAFEs & convertible notes

💡 Pro Tip: Many founders miscalculate dilution when raising capital. Having an expert review your cap table ensures long-term equity strategy.

Final thoughts: your cap table is more than a spreadsheet

Your cap table is one of the most important financial documents in your startup. It impacts:

✔ How much equity you own as a founder
✔ How investors evaluate your company
✔ Your ability to raise future capital without excessive dilution

By using cap table management tools, staying organized, and modeling dilution, you can ensure your fundraising strategy aligns with long-term growth goals.

🚀 Need help managing your fundraising process? Capwave.ai provides AI-driven investor matching with over 60,000 angel and VCs. Plus, get 24/7 pitch deck insights to help your startup scale efficiently. Sign up today!

FAQs

1. What’s the best way to manage a cap table?

Use cap table software like Carta or Pulley instead of spreadsheets to avoid costly errors.

2. How often should I update my cap table?

Whenever you:
✔ Raise a new funding round
✔ Grant or vest employee stock options
✔ Convert SAFE or convertible notes

3. What’s the biggest mistake founders make with cap tables?

Not modeling dilution before fundraising. This can lead to unexpected loss of ownership.

4. Do early-stage startups need a cap table?

Yes! Even if you have only a few shareholders, it’s crucial to track ownership and dilution from the start.

📢 Get AI-charged fundraising support with Capwave.ai!

We’re thrilled to share that Capwave AI has been featured in CanvasRebel! In this exclusive feature, our founder and CEO, Charlotte Ketelaar, discusses the challenges founders face when raising capital, how her background in investment banking and startup mentorship shaped her approach, and why she built Capwave.ai to revolutionize the fundraising process.

Inside the CanvasRebel feature:

In the article, Charlotte shares:

• The biggest hurdles early-stage founders encounter when trying to secure funding.
• Why traditional fundraising methods are inefficient and time-consuming - and how AI can change that.
• How Capwave AI is helping founders connect with the right investors faster using AI-driven tools.

What is Capwave AI?

Capwave AI is designed to help founders streamline fundraising, save time, and increase investor engagement. Our platform includes:

• AI-driven investor matching to connect founders with aligned investors based on industry, traction, and stage.
• AI-powered pitch deck analysis, providing real-time feedback to strengthen investor presentations.
• Masterclass and fundraising resources, equipping founders with expert guidance on refining their fundraising approach.
• Exclusive access to a Slack fundraising community, connecting founders with peers raising in the same stage.

Read the full feature

A huge thank you to CanvasRebel for highlighting our mission! This feature showcases how Capwave AI is reshaping the fundraising landscape and empowering founders with smarter, more strategic investor connections.

📖 Read the full article on CanvasRebel

Series A funding is a pivotal milestone for startups. At this stage, investors are looking for strong product-market fit, scalable business models, and early traction in the market.

This month, 15 Series A startups successfully raised funding, securing capital to scale operations, expand teams, and drive innovation. From AI and robotics to quantum computing, fintech, and biotech, these companies are shaping the future of their industries.

1. Apptronik: $350M to revolutionize human-centered robotics

Apptronik designs and builds advanced robotics systems to enhance human-machine collaboration in industrial environments.

• Industry: Artificial Intelligence, Robotics, Industrial Automation
• Location: Austin, TX
• Lead Investors: B Capital, Capital Factory
• Other Investors: Google, Scrum Ventures, Trajectory Ventures
• Website: apptronik.com

‍

2. QuEra Computing: $230M for next-gen quantum computing

QuEra Computing is developing neutral-atoms-based quantum computing solutions to tackle complex computational challenges.

• Industry: Quantum Computing
• Location: Boston, MA
• Lead Investor: SoftBank Vision Fund
• Other Investors: Alphabet, Google, QVT Financial, Safar Partners, Valor Equity Partners
• Website: quera.com

3. Newleos Therapeutics: $93.5M for neuroscience drug development

Newleos Therapeutics is a biotech startup dedicated to producing safer and more effective neuroscience medicines.

• Industry: Biotechnology, Neuroscience
• Location: Boston, MA
• Lead Investor: Goldman Sachs Alternatives
• Other Investors: Arkin Bio Ventures, DCVC Bio, Longwood Fund, Novo Holdings
• Website: newleos.com

‍

4. Music AI: $40M to transform music technology with AI

Music AI develops artificial intelligence solutions for music and audio technology, enhancing content creation and production.

• Industry: Artificial Intelligence, Music Tech
• Location: Salt Lake City, UT
• Lead Investors: Connect Ventures, monashees
• Other Investors: New Enterprise Associates, Samsung NEXT, Steve Aoki, Toba Capital
• Website: music.ai

‍

5. Castelion: $70M to advance defense tech innovation

Castelion applies modern hardware development and manufacturing processes to address national security challenges.

• Industry: Aerospace, Defense Tech, Manufacturing
• Location: El Segundo, CA
• Lead Investor: Lightspeed Venture Partners
• Other Investors: Andreessen Horowitz, BlueYard Capital, Cantos, First In, Silent Ventures
• Website: castelion.com

‍

6. TrueFoundry: $19M to streamline enterprise AI deployment

TrueFoundry is an enterprise platform that helps teams build, deploy, and manage large language models at scale.

• Industry: Artificial Intelligence, Machine Learning, DevOps
• Location: San Francisco, CA
• Lead Investor: Intel Capital
• Other Investors: Eniac Ventures, Jump Capital, Peak XV Partners, Trajectory Ventures
• Website: truefoundry.com

‍

7. ConverzAI: $16M to automate recruitment with AI-powered virtual recruiters

ConverzAI provides AI-driven virtual recruiters that streamline hiring, improving efficiency for HR teams.

• Industry: AI, HR Tech, Recruiting
• Location: Seattle, WA
• Lead Investor: Menlo Ventures
• Other Investors: Afore Capital, Foundation Capital, Left Lane Capital
• Website: converzai.com

‍

8. Beamable: $13.5M to decentralize gaming infrastructure

Beamable is building decentralized infrastructure to enhance gaming experiences with social, commerce, and content management features.

• Industry: Gaming, Developer Tools
• Location: Boston, MA
• Lead Investor: BITKRAFT Ventures
• Other Investors: Solana Foundation, Polygon Ventures, Defy.vc
• Website: beamable.com

‍

9. Posterity Health: $13M to improve male fertility care

Posterity Health is a male fertility clinic offering comprehensive assessments, hormone treatments, and vasectomy services.

• Industry: Health Tech, Fertility
• Location: Parker, CO
• Lead Investor: Georgetown Equity Partners
• Other Investors: FCA Venture Partners, SteelSky Ventures, Distributed Ventures
• Website: posterityhealth.com

10. ScorePlay: $13M for AI-powered sports media management

ScorePlay is an AI-driven digital asset management system for sports-specific media workflows.

• Industry: Sports, Media Tech
• Location: New York, NY
• Lead Investor: The Twenty Minute VC
• Other Investors: Seven Seven Six, FIBA, Nico Rosberg, Trybe Ventures
• Website: scoreplay.io

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11. Superlogic: $13.7M to enhance experiential rewards with AI

Superlogic offers an AI-powered personalization and rewards platform, integrating blockchain and brand marketing.

• Industry: AI, Blockchain, Marketing Tech
• Location: Miami, FL
• Lead Investor: Power Ledger
• Other Investors: American Express, Dispersion Capital, Galaxy Interactive, Liquid 2 Ventures
• Website: superlogic.com

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12. Atomicwork: $25M to modernize IT service management

Atomicwork provides conversational AI-driven IT service management (ITSM) software for enterprise teams.

• Industry: IT, SaaS, Human Resources
• Location: San Francisco, CA
• Lead Investors: Khosla Ventures, Z47
• Other Investors: Battery Ventures, Blume Ventures, Storm Ventures
• Website: atomicwork.com

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13. Suger: $15M for AI-driven marketplace automation

Suger is an AI-powered marketplace platform that manages product listings, contracts, metering, and billing.

• Industry: SaaS, B2B Software
• Location: Daly City, CA
• Lead Investor: Threshold
• Other Investors: Craft Ventures, Intel Capital, Y Combinator, Pioneer Fund
• Website: suger.io

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14. Lynx: $27M to integrate fintech and healthcare payments

Lynx provides an API-driven platform for businesses to integrate financial services, banking, and healthcare payments.

• Industry: FinTech, Health Tech
• Location: Boston, MA
• Lead Investor: Flare Capital Partners
• Other Investors: CVS Health Ventures, McKesson Ventures, Obvious Ventures
• Website: lynx-fh.com

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15. SGNL.AI: $30M for dynamic access management solutions

SGNL.AI is an AI-powered security platform that offers context-based identity management for enterprises.

• Industry: Cloud Infrastructure, Identity Management
• Location: Palo Alto, CA
• Lead Investor: Brightmind Partners
• Other Investors: Cisco Investments, Costanoa Ventures, M12 - Microsoft's Venture Fund
• Website: sgnl.ai

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