A diagnostics business with a placed-instrument model: analysers deployed into clinics generating recurring test-kit revenue. Revenue was growing convincingly — roughly USD 1.5m the prior year, with a several-fold increase projected. The company was preparing to raise.
The growth curve was real. The cash line was not survivable. Modelled forward, the projections put cash negative in the out-year, driven by three things stacking in the same period: a one-time regulatory application expense of approximately USD 2m, a receivables build tracking the revenue ramp, and capex on placed instruments that had to be funded ahead of the revenue they generate.
There was a structural issue underneath it too — the entity was an LLC taxed as a partnership, carrying negative book equity and an accumulated deficit. That combination changes both the instrument and the investor universe, and it is not something to discover mid-process.
A full scrub of the historical P&L and balance sheet against the projections.
A cash-based reforecast isolating the timing of the regulatory expense, the working capital build, and the instrument capex cycle.
Identification of the funding gap, its size, and its timing — before the raise launched rather than during it.
A structuring assessment of the entity and capital position ahead of investor conversations.
A revenue model and a cash model answer different questions. Companies raise on the first and run out of money on the second.
Last reviewed August 2026
USD 45,000,000
pre-money valuation
Rebuilding the finance function underneath a Series A extension
Equity round with a parallel non-dilutive debt workstream
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
Tell us the transaction and the timetable. If it is not something we should run, we will say so.