An FDA-cleared clinical AI platform with roughly USD 11m raised across earlier rounds, opening a Series A extension. The clinical validation was real and the regulatory position was strong.
The finance function hadn't kept pace with the science. Accounting needed cleanup before any serious investor would get through diligence, and there was no data room in a state that could survive a term sheet.
There was a second, less obvious problem: the company was treating the round as a purely dilutive event when part of the requirement — working capital against contracted revenue — was better served by debt.
Accounting cleanup to a diligence-ready standard.
The data room, structured and indexed for institutional review.
The financial model, built around the regulatory and commercial milestones investors actually price.
Investor introductions into the relevant strategic and financial universe.
A parallel venture debt and non-dilutive financing workstream, run alongside the equity process rather than after it.
The round is in market with the diligence pack complete and the debt workstream running in parallel.
Running the debt conversation in parallel with the equity round changes the equity negotiation. Run sequentially, it changes nothing, because by then the round is priced.
Last reviewed August 2026
Consolidating a cross-jurisdiction group ahead of a pilot plant equity raise
Equity raise financial model and group financial preparation for a pilot coated spherical graphite processing plant with associated upstream mining operations
Resizing a seed round from the roadmap to the milestone
103-item diligence tracker, data room build, and a resized seed raise following indication prioritisation
Finding the cash wall the growth model concealed
Pre-raise financial review — identified a projected cash shortfall in the out-year driven by regulatory spend, receivables build and instrument capex stacking in one period
Tell us the transaction and the timetable. If it is not something we should run, we will say so.