Companisto • PIUR IMAGING
Financiación participativa
PIUR IMAGING
Patented, FDA-approved AI ultrasound platform with unique 3D tomographic technology for radiology.
Key project data
Target amount
2,25 MEUR
Valuations
30,0 MEUR
Rendimiento potencial
338%
Año previsto de salida
2030
Would AI invest?
61/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>piur imaging GmbH — Crowdfunding Investor Memo</strong></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>AI-powered 3D tomographic ultrasound — a sensor-plus-software add-on that turns standard 2D ultrasound machines into automated 3D imaging.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Medtech / AI imaging (regulated, deeptech) · <strong>Stage: </strong>Series B2 (Second Closing) · <strong>HQ: </strong>Vienna, Austria · <strong>Raise: </strong>€2.25M crowd goal (within a ~€13M Series B2 program)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real regulatory assets: two verified FDA 510(k) clearances (Infinity K240036; inside K250484), CE MDR Class IIa, and a CPT-I 76377 reimbursement path — rare in vendor-agnostic ultrasound AI.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:28.0pt"><span style="color:black">61 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Genuine but narrow technical moat: 6 patent families, two granted across four regions and embedded in the product; however the AI analysis layer is explicitly not patentable.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⭐ Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial reality lags the story: FY2025 revenue €586k was roughly flat year-on-year, ARR only ~€85k, and the headline >$30M pipeline is concentrated in its lowest-probability (25%) stage.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Weak balance sheet: equity is negative (−€391,867 at 31.12.2025), cash €348k, burn ~€290k/month — roughly 12 months' runway that depends on a larger ~€10M round that has not yet closed.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; width:200px"> <p> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:424px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor-unfriendly instrument: you buy subordinated-debt profit certificates via an SPV (not shares), with a 10% upfront fee, 15% carry above a 6% hurdle, a pre-insolvency enforcement bar and a forced-tender clause.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:192px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:152px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 ~4.4x (338%); 52%/yr</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:133px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ ~3.5 yrs (exit ~2029)</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:192px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — Companisto's experts set 52%/yr, 338% total and a 3.5-year exit; it is a targeted, not expected or guaranteed, return.</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:152px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only if US enterprise sales convert and a strategic exit lands at a high multiple; current flat revenue and a sub-$30M comparable exit make the headline target ambitious.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Companisto states it folded its full due diligence — patented moat, FDA/CE approvals, the CPT-I code, the customer pipeline and scaling potential — into a single €30M pre-money figure and a 3.5-year exit around 2029. No DCF or comparable-multiple workings are shown; the targeted return is described as a subjective expert estimate, not a certain outcome.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exits cited</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deck cites late-stage imaging-AI references (iZ.ai ~$1.2B; others $1.8–2.7B) at 8–15× ARR, implying $1B+ "at scale" — not size-matched to PIUR's current ~€85k ARR.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent check: the nearest real exit — See-mode, the deck's own listed competitor — was acquired by RadNet/DeepHealth in 2025 for ~$28.7M (SEC filing), far below the deck's framing.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones expected</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Close ≥2 Tier-1 US accounts in 2026 (NYU at "final validation," expected Q3 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Onboard ≥1 additional OEM partner beyond GE HealthCare.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Grow ARR beyond US$20M by 2028; EBITDA break-even targeted 2028.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Launch two further clinical indications (vascular 2027 onward).</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">piur imaging GmbH, based in Vienna, develops the "PIUR tUS" platform: a small wireless sensor plus workstation software that lets a clinician capture a full 3D ultrasound volume of an organ in a single ~30-second sweep, then have AI automatically measure, classify and report — rather than relying on operator-selected 2D slices. It sells two versions: Infinity, a vendor-agnostic add-on for almost any ultrasound device, and inside, integrated into select GE HealthCare LOGIQ scanners through GE's third-party "AppAPI" program. The company was founded by Frederik Bender (CEO, ex-Siemens Healthineers and McKinsey) and Robert Bauer (CTO); founding year is given as 2014 in the deck and press but 2015 in the platform analysis. The company reports ~150 customers in Europe and the US and a US commercial team in Cambridge, MA led by an ex-Abbott VP. Its first and only cleared indication is thyroid; vascular, breast, abdominal and prostate/bladder are planned through 2030. The business model is a volume-based US SaaS subscription (monthly base fee plus per-exam fee) enabled by the CPT-I reimbursement code. This crowd round is the Second Closing of a larger ~€13M Series B2 intended to fund US enterprise sales and new indications.</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€30.0M (Series B2 pre-money).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not cleanly defined for the crowd tranche: €30M pre + ~€2.7M first closing + crowd ≈ low-€30Ms, but the larger ~€10M second closing is targeted at a higher ~€45M pre-money, so a single post-money does not apply to this tranche.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profit participation certificates (Genussrechte) — subordinated debt via an SPV, not shares.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed as a model; the platform states all due-diligence inputs were "incorporated" into the €30M figure.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€30M pre-money is ~51× FY2025 revenue (€586k) and ~350× FY2025 ARR (~€85k) — a forward-looking price off the 2026–2030 plan, not current trading. The nearest competitor exit (See-mode, ~$28.7M) sits well below the deck's $1B+ comparables.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10% upfront brokerage fee (only ~90% of capital buys exposure); 15% Companisto carry above a 6%/yr hurdle; senior 1x non-participating liquidation preference at company level; €250 minimum.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are not buying shares. You buy profit participation certificates (Genussrechte) — a form of subordinated debt — issued by a single-purpose company (an SPV: Companisto Trust Service LXIII UG). That SPV is the entity that actually holds Series B2 shares in piur imaging; you hold a contract against the SPV. You have no shareholder or voting rights in either the SPV or piur imaging. Your only say is an internal "pool vote" among certificate-holders on a short list of defined matters — and even a decision to sell the company's stake requires 75% of certificate-holder votes — after which the SPV casts one combined vote on your behalf. In practice your control over company decisions, including if and when to exit, is effectively none. Note: the marketing "Investment Terms" sheet describes this as "equity / indirect shareholder status," which conflicts with the binding terms — you are a creditor of an SPV, not a shareholder.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has clearly stated it intends to raise more money: a ~€10M Series B2 Second Closing at a targeted ~€45M pre-money valuation is planned for Q3/Q4 2026, with active VC/PE talks. As a crowd investor you have no individually exercisable anti-dilution protection; a weighted-average down-round protection exists but operates at the SPV level and lapses if not exercised, and pre-emption rights are held by the SPV, not by you.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example (standard cap-table mechanics, not advice). </strong>If you invest €1,000 at the €30M pre-money valuation, after the ~€2.7M first closing the post-money is roughly €32.7M, so before fees your money represents about 0.0031% of the company (≈ €1,000 ÷ €32.7M). Because ~10% is taken as an upfront fee, only ~€900 actually buys exposure, so your effective stake is closer to 0.0028%. If the company then raises €10M at a €45M pre-money (a successful up-round), the post-money is €55M and your stake is diluted to roughly 0.0022%. If instead the next round is a down-round at, say, €18M pre-money raising €10M (post-money €28M), your stake dilutes further and the implied value of your holding falls sharply — a lower price per share means both more dilution and a lower mark on what you hold, a fall on the order of 35–40% in implied value.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is an employee option pool (VSOP I of €14,879 nominal, already in the fully-diluted count, expanded by a Plan II adding 6,887 virtual shares); its final percentage of fully-diluted capital after this round is left blank, and new grants dilute all holders pro rata. Because pre-emption sits with the SPV, you cannot top up in future rounds to defend your percentage.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference (who gets paid first in a sale or wind-down) is disclosed: Series B2 investors — the tier the SPV/crowd sits in — rank first with a 1x non-participating preference (you get your money back first, but don't then also share pro rata on that same amount), followed by Series B1, then Series A and a bridge convertible, with the remainder shared pro rata; all of it ranks behind repayment of public subsidies. On paper this is the most senior tier and is favourable. The important caveat: this seniority exists only at company level via the SPV — the certificate you hold is itself subordinated debt with a pre-insolvency enforcement bar, so company-level seniority does not make you a senior creditor of the SPV.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along (the right of a majority to force everyone to sell on the same terms) is tiered: before three years it needs ≥75% of capital including an investor majority, or a €100M-for-100% offer with ≥50.1%; after three years, ≥50.1% plus investor-majority consent — with a €50M minimum valuation floor. You (via the SPV) can be dragged into a sale you did not choose. Tag-along (the right to join a sale on the same terms as a selling shareholder) is standard and on equal terms.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat this as illiquid for a long time. The certificates have an indefinite term with ordinary termination only possible from the end of FY2041; before that, you typically only get liquidity through a company sale or IPO. There is no guaranteed platform secondary market, and any transfer suspends your voting until the new holder is verified — so plan to hold until a strategic exit, which the company itself frames as ~3.5 years out but which is not guaranteed.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You hold subordinated-debt certificates in an SPV, not shares — no shareholder or voting rights, and no direct claim on piur imaging.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A pre-insolvency enforcement bar means that in distress your claim can be unenforceable if enforcing it would itself push the SPV into insolvency — more severe than ordinary subordination.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A forced-tender clause lets Companisto Holding compel you to surrender your certificates on target insolvency/liquidation at a price set at its discretion — generally only a nominal sum, capping your recovery.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fee and carry drag: a 10% upfront brokerage fee plus 15% carry above a 6%/yr hurdle materially reduce your net return versus the headline 338%.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution and pre-emption are held at the SPV level and not individually exercisable by you; unexercised down-round protection lapses, so dilution can fall on the crowd pool.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not provided in the binding pack; absence of disclosure means you cannot assess them before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The binding post-round cap table (SHA Exhibit J is blank) and the crowd/SPV's resulting ownership percentage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The final VSOP option-pool percentage of fully-diluted capital after this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The split and amounts of the Series B2 First Closing in the binding documents, so the exact dilution from the institutional tranche cannot be computed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A reconciled share-capital figure (the documents give both €162,398 and €217,656) and a reconciled Series B1 valuation (€12M vs €18M).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full terms of the targeted ~€10M Second Closing (only an early draft term sheet is referenced).</span></span></li> </ul> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & execution</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Experienced founders (ex-Siemens, McKinsey) and an ex-Abbott US lead; no CFO named and team is small (~32).</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product, technology & IP / moat</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">78</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate-strong</span></strong><span style="color:black"> — 6 patent families with two granted and in-product; but the AI analysis layer is explicitly not patentable.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Regulatory & reimbursement</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">76</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate-strong</span></strong><span style="color:black"> — Dual FDA 510(k) + CE + CPT-I verified; single cleared indication (thyroid) and 76377 is a general, policy-sensitive code.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market & competition</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">66</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Large, fast-growing ultrasound-AI market; incumbents/OEMs and the See-mode exit signal commoditisation pressure.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & commercial pipeline</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">48</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — FY2025 revenue flat YoY and ARR ~€85k; >$30M pipeline is concentrated in the 25%-probability stage.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financials, burn & runway</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">40</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Negative equity, €348k cash, ~€290k/month burn — ~12 months' runway contingent on an unclosed ~€10M round.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:207px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Deal structure & investor terms</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">42</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:271px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Senior 1x preference, but subordinated-debt SPV with fee+carry drag, enforcement bar and forced-tender clause.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a Series B2 (Series A+) regulated-deeptech medtech deal, so the default seed weights were adjusted: traction is weighted highest (20%) because at this stage commercial proof should be visible, and team is reduced (12%) since the business is past formation. Product/IP/moat is weighted high (18%) reflecting the deeptech, patent-dependent nature of the company, and a regulatory/reimbursement category (14%) is added because FDA/CE/CPT-I status is decisive in this market. Market, financials and deal structure each carry 12%. Weights sum to exactly 100; no category was scored N/A, so no redistribution was needed. Three categories are capped at 70 because their underlying dossier data quality is LIMITED (traction rests on a flat-revenue year and a probability-skewed pipeline; financials on preliminary, negative-equity accounts; deal terms on a partly-blank binding pack).</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a founding team in place for roughly a decade — Frederik Bender (CEO, ex-Siemens Healthineers and McKinsey) and Robert Bauer (CTO, computer vision/medical imaging) — plus a US general manager, Luc Ruysen, with 30+ years and a VP role at Abbott. Functional heads come from Siemens, GE, Exias and MedAustron, and the advisory bench includes a former B.Braun CFO. Headcount is about 32, with five in US sales.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders with relevant big-medtech and consulting backgrounds, together ~10 years.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Experienced US commercial lead (ex-Abbott VP) for the key growth market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Domain-credible functional heads and medtech advisors (incl. ex-B.Braun CFO).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No CFO named; finance is run via an external tax firm on preliminary accounts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Small team (~32) relative to a multi-indication, multi-geography plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Limited independent validation of execution beyond the company's own materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product, technology & IP / moat</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core product turns any 2D ultrasound probe into a 3D tomographic scanner using an "inside-out" sensor that needs no external reference — the differentiator versus navigation-style systems. The company reports six patent families across the US, EU, Australia, China and Canada; public FDA records confirm the two central tracking patents (US12039741, US11534138) underpin the cleared device. Notably, the AI/neural-network analysis layer is stated to be not patentable, so that part of the moat rests on trade secrets and data rather than IP.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two highest-priority patent families granted in four regions and embedded in the shipping product.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Verified, FDA-cited patents tie the IP to the actual cleared device.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Vendor-agnostic add-on lowers customer adoption friction (no new scanner needed).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The AI analysis layer is explicitly not patentable — a key value driver is unprotected by IP.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large OEMs (GE, Siemens, Philips) could build native 3D/AI and compress the niche.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Moat is narrow: it holds within the specific "vendor-agnostic 3D + FDA + CPT-I" intersection, not broadly.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory & reimbursement</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent FDA records confirm two 510(k) clearances — Infinity (K240036) and inside (K250484) — alongside CE MDR Class IIa and ISO 13485. The company positions CPT-I code 76377 as roughly $110 of additional reimbursement per exam, which underpins its US subscription pricing. Thyroid is the only cleared indication today.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two FDA clearances and CE marking independently verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CPT-I (76377) is a higher, more established reimbursement tier than competitors' CPT-III.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ISO 13485 quality system in place.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only one cleared indication (thyroid); the rest of the platform is roadmap.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">76377 is a general 3D-postprocessing code, not PIUR-specific; coverage/levels can change (company's own risk list).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Each new indication needs fresh regulatory clearance and spend.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company addresses the AI-ultrasound layer of a large market (ultrasound-AI cited at ~$1.82B in 2025 growing to ~$13.56B by 2033; US SAM ~$2.3B; thyroid-alone US potential ~$400M), with a genuine structural driver: exam volumes are growing faster than the sonographer workforce. Competition is funded and active — Koios, See-mode (now RadNet/DeepHealth) and Amcad work on 2D slices, and the company claims to be the only vendor-agnostic 3D player with FDA+CE+CPT-I.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large, structurally growing market with a real workforce-shortage tailwind.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Narrow-but-defensible position within vendor-agnostic 3D + reimbursed status.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear clinical/economic pitch (time savings plus per-exam reimbursement).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A direct competitor (See-mode) already exited cheaply (~$28.7M), signalling commoditisation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ultrasound OEMs could internalise AI and bypass add-on vendors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competitors are funded (Koios ~$38M raised) and entrenched in 2D-AI workflows.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & commercial pipeline</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports ~150 customers and a >$30M ARR sales pipeline anchored by Tier-1 US systems (NYU at "final validation," close expected Q3 2026). However, the audited-basis numbers are early: FY2025 revenue was €586k — essentially flat on €587k in 2024 — with ARR around €85k and ~15–22 active licenses. The pipeline is heavily weighted to its lowest-probability stage.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recognisable reference logos (Columbia, Northwell, Sarasota; NYU in late-stage).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A structured, staged pipeline with a flagship Tier-1 account near close.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">US commercial entity and team established.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FY2025 revenue was flat year-on-year; growth is entirely in the forward plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ARR is only ~€85k; the >$30M pipeline is concentrated in the 25%-probability stage (probability-weighted ≈ ~$10.5M).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Long Tier-1 sales cycles (9–18 months) make near-term conversion uncertain.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials, burn & runway</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preliminary consolidated FY2025 accounts show revenue €586k, a net loss of €2.83m, an accumulated deficit of €12.78m and — importantly — negative equity of −€391,867 at 31 December 2025. Cash was €348k and the company reports burn of ~€290k per month. The ~€2.7M first closing is described as ~12 months of runway, explicitly contingent on completing the larger ~€10M second closing.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">High gross margins reported and rising (61% in 2025, plan to 90%+ at scale).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~€12.7M raised to date from credible medtech investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear, milestone-linked use of proceeds.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Negative equity and a €12.78m accumulated deficit at year-end 2025.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only ~€348k cash against ~€290k/month burn — roughly 12 months, dependent on an unclosed round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue flat YoY, so the steep plan is unproven; figures are preliminary, not audited.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deal structure & investor terms</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On paper the crowd sits in the most senior company-level liquidation tier (Series B2, 1x non-participating). In practice you hold subordinated-debt certificates via an SPV, with a 10% upfront fee, 15% carry above a 6% hurdle, a pre-insolvency enforcement bar, and a forced-tender clause that can cap recovery at a nominal sum in distress. The instrument is also marketed as "equity," which conflicts with the binding terms.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Senior 1x non-participating preference at company level (favourable ranking on paper).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Strong information rights flow through (annual/quarterly/monthly reporting).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Higher-priced next round (~€45M pre) is intended, which would soften that tranche's dilution if it closes.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Subordinated-debt SPV structure with a pre-insolvency enforcement bar and forced-tender clause.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~10% upfront fee plus 15% carry materially reduce net returns versus the 338% headline.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Marketing-vs-binding mismatch: described as "equity / shareholder status" but you are an SPV creditor with no shares or votes.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The binding pack leaves the post-round cap table (Exhibit J), the Series B2 first-closing amounts, and the final VSOP percentage blank — so exact dilution and resulting ownership cannot be computed from the binding documents.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Series B1 pre-money stated as both €12M and €18M; share capital given as both €162,398 and €217,656 (the latter ties to the audited 2025 balance sheet); founding year 2014 vs 2015.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — The deck frames a $1B+ "8–15× ARR" exit, but the nearest comparable exit — See-mode, a listed competitor — sold to RadNet for ~$28.7M (SEC filing). The GE relationship is publicly an AppAPI integration without committed minimum volumes, not a guaranteed-revenue OEM lock-in.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — None found in public registries or news searches; FDA clearances, the GE collaboration and the funding history are corroborated and positive or neutral.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Series A €4.9M (2023, led by Ascend); a €5.6M growth round (2025, led by Aescuvest); ~€12.7M total to date. Consistent with the €12.17M capital reserves on the FY2025 balance sheet. FDA clearance and US entity were achieved between rounds, indicating milestones were broadly met.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €30M pre-money is ~51× FY2025 revenue and ~350× ARR — priced off the forward plan, not current trading. It is ~2.5x the €12M Series A mark over ~3 years, and sits above the only directly comparable exit (~$28.7M). Ambitious but not unprecedented for regulated medtech with FDA/reimbursement assets.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all seven categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality (capped at 70): </strong>Traction & commercial pipeline (flat-revenue year; probability-skewed pipeline); Financials, burn & runway (preliminary, negative-equity accounts; runway depends on an unclosed round); Deal structure & investor terms (partly-blank binding pack, unresolved valuation/share-capital inconsistencies).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The binding post-round cap table and the crowd/SPV's resulting ownership percentage (Exhibit J).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited (not preliminary) FY2025 accounts with an auditor / going-concern opinion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmed terms and likelihood of the ~€10M Second Closing on which the runway depends.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Signed customer contracts behind the >$30M pipeline (to test the 25%-stage conversion assumption).</span></span></li> </ul> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></p>
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Platform offering this project
Companisto DE
Risk Level
Alto
Risk Return Level
Mediano
Return Level
Alto
Inversión mínima
EUR 250
Financiado
EUR 228,78M
