Companisto • IRUBIS
Financement participatif (equity crowdfunding)
IRUBIS
TU Munich BioTech on course for US Expansion: Millions in savings thanks to patented real-time monitoring in drug manufacturing.
Key project data
Target amount
0,85 MEUR
Valuations
14,0 MEUR
Rendements potentiels
438%
Année de sortie prévue
2030
Would AI invest?
66/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IRUBIS GmbH — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Real-time mid-infrared monitoring to bring biopharmaceutical drugs to market faster.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: Medtech / bioprocess analytics (PAT) · Stage: Series A · HQ: Munich, Germany · Raise: €800K (of a larger Series A round)</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 style="text-align:center"> </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">Credible team: CEO Matthias Eggers led m2p-labs through its Beckman Coulter / Danaher acquisition — a directly relevant exit, independently verified.</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">66 / 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">Real product with external proof: 20 Monipa units in the field, a published AGC Biologics case study, and an independent ReciBioPharm testimonial.</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">But traction is still thin (a “manageable number” of reference customers, artisanal production) and the financial plan implies a ~40x revenue ramp by 2030 that is unvalidated.</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"> </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">The retail instrument is investor-unfriendly: a profit participation certificate via an SPV with no voting rights, ~20% upfront fees, a 15% carry, and no ordinary exit before FY2041.</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> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</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:113px"> <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:113px"> <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:199px"> <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:199px"> <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:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 ~5.4x (438.84% total; 52.36%/yr)</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:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">⏱ ~4 years</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:199px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — the 52.36%/yr target was set by Companisto’s VC experts, labelled a target (not expected) 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:199px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only on a clean trade-sale at a high multiple; the target carries no disclosed exit valuation or multiple, and ~20% fees plus a 15% carry erode investor net proceeds before any of it is reached.</span></span></p> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h3> <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 the target return reflects a strategic trade sale in ~4 years, valued on IP, product maturity, installed base, team and strategic fit rather than current revenue. No exit valuation, multiple, or discounted-cash-flow bridge is shown, so the 52.36%/yr figure cannot be reproduced from the materials.</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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">m2p-labs → Beckman Coulter / Danaher (2020) — the prior company of IRUBIS’s current CEO; a direct strategic-proximity precedent. </span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repligen’s PAT/TFF acquisitions (FlowVPX, Daylight QCL-IR) cited as buyer-behaviour evidence.</span></span></p> </td> </tr> <tr> <td rowspan="4" 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"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2026: international sales build-out (USA, Asia); ~€750k one-off external-project revenue.</span></span></p> </td> </tr> <tr> <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">Q2 2027: single-use filter flow-cell launch.</span></span></p> </td> </tr> <tr> <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">2027: GMP production access.</span></span></p> </td> </tr> <tr> <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">2028: stated exit readiness; plan turns EBITDA-positive 2029.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IRUBIS GmbH is a Munich-based medtech company and TU Munich spin-off, founded in September 2017 by Lorenz Sykora-Mirle, Alexander Geißler and Anja Müller. It sells Monipa, a compact mid-infrared (MIR) spectroscopy instrument that monitors biopharmaceutical manufacturing in real time, using a patented single-use “flow cell” (the disposable part that touches the process fluid) to avoid cleaning and cross-contamination. The company reports that real-time monitoring helps drugmakers avoid losing entire production batches worth millions and shortens development timelines. As of the materials, the company reports 20 Monipa units in customer use, a published AGC Biologics case study, and more than €6m raised to date from HTGF, Verve Ventures, Ventura BioMed, EIC and BioProcess360. The business model combines one-off hardware sales (~€75k–100k per unit) with recurring consumables (~€8k/yr per unit) and software (up to ~€10k/yr). Matthias Eggers, who previously led m2p-labs to a Beckman Coulter acquisition, joined as CEO in mid-2025 to drive international scale-up. The company reports the round will fund US/Asia sales expansion and close a roughly €1.7m annual funding gap.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</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">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">€14.0M (stated fully diluted; appears bracketed/draft in the shareholders’ agreement).</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">~€14.8M if the full €800K Companisto round closes — but this is one slice of a larger Series A corporate round.</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 certificate (Genussrecht) issued by a Frankfurt SPV that holds IRUBIS Series A preferred shares — not direct equity.</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 — no multiple, comparable set, or model is shown.</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">None provided in the materials.</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">~20% upfront fees (10% admin + 10% brokerage) on paid-in capital; 15% carry to Companisto above a 6%/yr hurdle; no ordinary investor exit before end of FY2041.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not buy shares in IRUBIS directly. You buy a profit participation certificate (a Genussrecht — a contractual right to a share of profits and exit proceeds, not a shareholding) issued by a special-purpose vehicle (SPV), Companisto Trust Service LXIV UG in Frankfurt. That SPV owns Series A preferred shares in IRUBIS; you own a certificate over the SPV. This means there are two layers between you and the company. You have no voting rights in IRUBIS and no shareholder/membership rights; the SPV votes its shares as a single pooled block based on a prior online vote of certificate-holders, and most exit decisions are made at the shareholder level where you are not present. Certificate-holders have only narrow consent rights (for example, a sale of the SPV’s IRUBIS stake needs 75% of certificate votes).</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This round is itself the Series A, and the company has authorised capital allowing it to issue further Series A preferred shares to new or existing investors. Crowdfund investors have no direct anti-dilution protection: the weighted-average anti-dilution clause in the shareholders’ agreement protects Series A holders (and so the SPV) only, and only in a down-round. “Dilution” simply means your slice of the company shrinks when new shares are issued.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice). If you invest €1,000 today at the ~€14.8M post-money valuation, you own approximately 0.0068% of the company on paper (and note ~€200 of your €1,000 is consumed by fees before it is even invested). If the company then raises €5M at a €30M pre-money valuation — a successful up-round — your stake is diluted to approximately 0.0058%, but the implied value of your holding rises to roughly €2,030 because the company is worth more. If instead the next round is a down-round at €9M pre-money, your stake is diluted to approximately 0.0043% and the implied value of your €1,000 falls to roughly €610, a drop of about 39%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A virtual employee option pool (VSOP) of up to ~10% of share capital exists and dilutes all shareholders as it is granted (the cap table shows it at ~3.28% today, with room to grow). You have no direct pre-emption right — the contractual right to put more money into a future round to defend your percentage sits with the SPV, not with you individually — so you cannot easily protect your stake from dilution.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If IRUBIS is sold or wound down, payouts at the company level follow a stacked 1x non-participating liquidation preference: Series A preferred is repaid first, then Seed preferred, then common (founder) shares share the rest pro-rata (“non-participating” means a preference-holder takes either its 1x money back or its pro-rata share, not both). You sit behind this stack, reached only through the SPV’s Series A position. More importantly, your certificate is deeply subordinated: its claims rank behind all other (non-subordinated) creditors of the SPV and cannot be enforced if doing so would push the SPV into insolvency — the document itself states your risk may exceed that of a shareholder, and total loss is possible.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A drag-along right (shareholders’ agreement §9) lets a qualified majority including the investor majority force every shareholder to sell on the same terms — so a sale can happen without your consent, and the SPV can be dragged along with you inside it. A tag-along right (§8) is the mirror protection: if a major holder sells, others can join the sale on the same terms, with stronger protection if the buyer is a competitor or would cross 50% ownership.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat this as a long-term, illiquid investment. There is no ordinary right to exit before the end of financial year 2041, and even then only if holders of at least 25% of certificate capital terminate unanimously. Certificates are technically transferable via Clearstream, but no Companisto secondary market is described — so realistically your money is locked until a strategic sale of IRUBIS occurs.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights and a pooled SPV structure — you cannot influence company decisions, including the decision to sell; the SPV votes as one block.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~20% of your capital is consumed by fees (10% admin + 10% brokerage) before it reaches the investment, and Companisto takes a further 15% carry on gains above a 6%/yr hurdle.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep subordination plus a pre-insolvency enforcement bar — in a bad outcome you rank behind the SPV’s other creditors and the document warns your risk can exceed a shareholder’s.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection is held by earlier preferred investors and the SPV, not by you — in a down-round, dilution falls on you without offset.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Effectively no exit before FY2041 and no described secondary market — this is a multi-year illiquid commitment whose timing you do not control.</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following terms are not filled in or not provided in the materials, which 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 Series A per-share price and the total size of the Series A corporate round (left blank in the draft agreements).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The final post-money cap table including the exact Companisto allocation (template still preliminary).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company-level use of proceeds (only the SPV-level fee waterfall is shown).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The exit valuation or multiple underpinning the 52.36%/yr target return.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited financial statements (only a provisional 2025 P&L and a forward plan are provided).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current cash balance and runway in months (a funding-gap figure is given, but not cash on hand).</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</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:180px"> <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:297px"> <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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & validation</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"><span style="color:black">55</span></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">24%</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:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Caution — 20 units live with an external case study, but a thin reference base and artisanal production.</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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></p> </td> <td style="background-color:#d9ebc2; 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"><span style="color:black">82</span></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:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Strong — CEO with a directly relevant, verified exit (m2p-labs → Beckman Coulter).</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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & IP</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"><span style="color:black">72</span></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:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate — patented single-use MIR system; patent specifics and independent benchmarking are limited.</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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</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"><span style="color:black">74</span></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:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate — sizeable, growing biopharma-PAT market with credible third-party sizing, but strong incumbents.</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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & plan</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"><span style="color:black">48</span></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:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Caution — provisional, unaudited accounts and an unvalidated ~40x revenue ramp to 2030.</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:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit landscape</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"><span style="color:black">68</span></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:297px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Moderate — broad, named strategic-buyer pool with a direct precedent, but no disclosed exit valuation.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Why these weights? This is a Series A medtech raise, so Traction is weighted highest (24%) — at this stage real customer adoption matters more than promise. Team (18%) and Technology (18%) are weighted next because the company is deep-tech and its CEO’s exit track record is a core part of the thesis; the deep-tech/regulated nature is why Technology carries a higher weight than the default. Market (14%) and Financials (14%) follow, and Exit landscape (12%) is included because a trade sale is the entire return thesis. No category was unevaluable, so no redistribution was needed. Scores are capped by data quality: Financials is capped at 70 (LIMITED — provisional, unaudited), and the three MODERATE-quality categories are capped at 85.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h2> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & validation</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports 20 Monipa units in customer use and a published AGC Biologics case study (mAb, UF/DF) reporting roughly 5% deviation versus a reference method, plus an independent testimonial from ReciBioPharm in mRNA/IVT. The unit plan ramps from 5 sales in 2025 to a planned 70 in 2030. However, the company itself concedes a “manageable number” of reliable reference customers and production that is still artisanal rather than mass-scale.</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">20 units live with paying customers as of the materials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An independently published AGC Biologics case study and a named ReciBioPharm testimonial provide external validation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring consumables/software revenue per unit supports a durable model if adoption grows.</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 company concedes only a “manageable number” of reliable reference customers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Production is described as artisanal, not yet mass-scale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Novo Nordisk and Moderna are listed only as “pipeline,” not confirmed paying customers, and are unverified.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & execution</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CEO Matthias Eggers joined in mid-2025; his role as Managing Director of m2p-labs through its acquisition by Beckman Coulter / Danaher is independently confirmed, making the “exit experience” claim credible and directly relevant. Co-founders Lorenz Sykora-Mirle (CTO, who developed the core silicon ATR crystals) and Alexander Geißler (CCO) have been with the company since 2017. The bench is roughly 13–15 staff with an advisory board including EIC and HTGF representatives.</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">CEO’s prior exit (m2p-labs → Beckman Coulter) is verified and in an adjacent field.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technical co-founder is the inventor of the core technology, retaining know-how in-house.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Experienced institutional backers sit on the advisory board.</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 CEO is recent (mid-2025), so this management team has a short track record together.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A small team (~13–15) must simultaneously scale production, sales, and a US subsidiary.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting terms are referenced but the substantive schedule is left as a draft placeholder.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & IP</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Monipa combines mid-infrared spectroscopy, a patented single-use ATR flow cell, and interpretation software, in a compact 6.6kg unit with automation interfaces. The company reports CE certification of an earlier generation via an EIC/H2020 project and states a patent is approved for the flow cell. Its competitive comparison versus Raman, NIR, UV-Vis and QCL is a company self-assessment rather than independent benchmarking.</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">Single-use flow cell is a genuine differentiator that removes cleaning/calibration validation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Mid-IR offers higher chemical specificity than NIR for multi-component measurement, per the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring consumable creates a defensible razor/razor-blade dynamic.</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">Specific patent numbers and claim scope are not provided in the materials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The head-to-head superiority table is self-scored, not third-party validated.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Established players (Repligen, Endress+Hauser) are active in adjacent PAT technologies.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent sources cited in the dossier size the global PAT market at ~USD 7.53bn (2023) rising to ~10.91bn (2030), with the biopharma-PAT sub-segment at ~USD 1.98bn (2024) growing ~9.8% annually; IRUBIS’s served niche is ~USD 1.1bn. Regulatory tailwinds (FDA PAT / Quality-by-Design) support adoption, but buyers are conservative and incumbents are well-resourced.</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">Market sizing is from independent third parties (Grand View, Research and Markets), not just the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory direction (real-time release, QbD) favours the category.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A ~USD 1.1bn served niche is large relative to the company’s scale.</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">Buyers are conservative and process changes carry regulatory consequences, lengthening sales cycles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Incumbents (Repligen, Endress+Hauser, Sartorius) have scale and channel advantages.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Defensibility depends on building customer proofs faster than larger rivals.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & plan</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The provisional 2025 P&L (DATEV BWA, explicitly unaudited) shows revenue of ~€496k against ~€1.84m of costs and a full-year loss of roughly €1.56m — closely matching the company’s own 2025 plan. The forward plan plots revenue from €0.5m (2025) to €19.8m (2030) with EBITDA turning positive in 2029, and a ~€1.7m annual funding gap to be partly closed by this round. Gross margin is planned at ~75%.</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">2025 provisional revenue (~€496k) closely matches the company’s plan (~€485k), suggesting realistic near-term forecasting.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Planned ~75% gross margin is attractive for a hardware-plus-consumables model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Costs are stated to be scalable down if revenue grows more slowly.</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">Accounts are provisional and unaudited — year-end adjustments may change them.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan implies a ~40x revenue increase by 2030 with no independent validation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current cash balance and runway in months are not disclosed, only a funding-gap figure.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit landscape</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The dossier names a broad strategic-buyer pool — Sartorius, Danaher (Beckman/Cytiva/Pall), Thermo Fisher, Repligen, Endress+Hauser and others — and notes Repligen’s PAT acquisitions and Danaher’s prior purchase of the CEO’s former company as precedent. The exit thesis rests on IP, installed base and strategic fit rather than near-term revenue, which is reasonable for this asset class but unquantified.</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">A genuinely broad and named set of credible strategic acquirers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A direct precedent: Danaher/Beckman already bought the CEO’s prior company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Industry trend (real-time process control, single-use) aligns with buyer priorities.</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 exit valuation or multiple is disclosed, so the 5.4x target is unanchored.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A trade sale is the only realistic route; there is no IPO or secondary-market path.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Acquirer interest depends on IRUBIS first growing its installed base materially.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — Core economic terms are blank in the draft contracts: the Series A per-share price, the total Series A raise size, and the final cap table. The exit valuation behind the 52.36%/yr return is also not shown.</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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Two cap tables are provided on different bases (a pre-round share-count table and a post-round percentage table) and cannot be reconciled from the materials; the percentage table is explicitly preliminary.</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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — None found. Funding history, the CEO’s m2p-labs/Beckman exit, and market-size figures all triangulate cleanly against independent public sources.</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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches.</em></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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Consistent and well-documented: €1.3m EIC grant (2020), €0.5m EIC convertible (2022), €2.8m Seed (Oct 2022), and a pre-Series-A (Aug 2024, size undisclosed); >€6m raised to date. The undisclosed pre-Series-A size is a minor gap.</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:40px"> <p style="text-align:center"><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:584px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — The €14.0M pre-money is presented with no methodology, multiple, or external benchmark, and sits on a ~40x revenue plan; it cannot be independently verified, and ~20% fees plus a 15% carry further reduce investor net value.</span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Categories scored N/A: None. All six categories had at least LIMITED data quality and were evaluated.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Categories with LIMITED data quality: Financials & plan — accounts are provisional and unaudited, and the forward plan is unvalidated; this category was capped at 70.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Most material missing items that would change the evaluation if obtained:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The executed (non-draft) shareholders’ agreement and articles with the Series A price, total raise, and final cap table filled in.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The published Companisto Key Information Document and the company-level use of proceeds.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited financial statements and current cash/runway, plus any contracted (not pipeline) revenue confirming the 2026 ramp.</span></span></li> </ul> <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
Élevé
Risk Return Level
Moyen
Return Level
Élevé
Investissement minimum
EUR 250
Financé
EUR 228,78M
