Cellula capitale • Aspivix
Equity crowdfunding
Aspivix
Aspivix is modernizing gynecology with carevix®, the only clinically proven, non-traumatic alternative to the cervical tenaculum used during intrauterine device (IUD) procedures.
Key project data
Target amount
0,68 MEUR
Equità
2.48%
Valuations
26,32 MEUR
Rendimenti potenziali
x7
Anno di uscita previsto
2029
Would AI invest?
65/100
1
100
Panoramica generata dall'intelligenza artificiale
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Aspivix SA — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A suction-based, non-traumatic cervical stabilizer (carevix®) that replaces the tenaculum during IUD and other transcervical procedures.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Medical devices (femtech) · <strong>Stage: </strong>Series B2 (first closing) · <strong>HQ: </strong>Epalinges / Vaud, Switzerland · <strong>Raise: </strong>€675,545 target (max €3,999,998)</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; vertical-align:top; width:227px"> <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:1px solid #cccccc; vertical-align:top; width:397px"> <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; vertical-align:top; width:227px"> <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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independently verified regulatory base: FDA clearance, CE Mark under MDR, plus UK, Switzerland and Brazil authorizations, and TIME Best Inventions 2024.</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; vertical-align:top; width:227px"> <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">65 / 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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">RCT-backed clinical results (pain reduced up to 73%, bleeding up to 83%) with real-world evidence across ~9 countries and two 2025 peer-reviewed publications.</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; vertical-align:top; width:227px"> <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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Early commercial traction is small: ~USD 330k revenue in 2025 against a USD 1.5M 2026 target; ~10% Switzerland penetration and 21% repeat rate in one pilot market.</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; vertical-align:top; width:227px"> <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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deal economics are weak on disclosure: liquidation-preference multiple, anti-dilution/ratchet type, share class and cap table are stated only as labels, not parameters.</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; vertical-align:top; width:227px"> <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:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €26.3M pre-money is materially above the ~$5M 2022 Series A+ and ~€2.6M 2024–25 B1, with no valuation bridge or methodology disclosed.</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:127px"> <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:127px"> <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:185px"> <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:185px"> <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:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 4x–7x (headline x7)</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:127px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">⏱ ~2–3+ yrs (by 2027–2029)</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:185px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — the company set its own 4x–7x exit multiple and 2029 exit window, citing comparable transactions and its positioning.</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:185px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only on a successful trade sale to a strategic acquirer; current revenue (~USD 330k) is far below the scale such multiples normally require, so execution risk is high.</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">The company targets a trade sale to a strategic acquirer in women’s health and projects a 4x–7x exit multiple “based on comparable transactions and the company’s positioning.” No comparables table, exit-value model, or probability weighting was disclosed.</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">Not disclosed in provided materials. Named potential acquirers only: Bayer, CooperSurgical, Organon, Hologic.</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">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">Reach ~USD 1.5M annual revenue (2026 target).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Establish reference sites and strengthen strategic partnerships (e.g. Bayer).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Enrol first patients in fertility-related studies (Hyfosy & IUI).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FDA submission/clearance of next-generation carevix evo (expected 2027–2028).</span></span></li> </ul> </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">Aspivix SA is a Swiss femtech company based in canton Vaud, developing carevix®, a single-use vacuum/suction device that stabilizes the cervix without the sharp hooks of the traditional tenaculum, aiming to reduce pain and bleeding during IUD insertion and other transcervical procedures. Third-party databases report the company was founded in 2015 by Julien Elie Finci and Mathieu Horras (the KIIS lists a 2018 registration year and names only CEO Mathieu Horras among responsible persons). The company reports RCT-demonstrated reductions in pain of up to 73% and bleeding of up to 83%, real-world evidence across roughly nine countries, and recognition in TIME’s Best Inventions of 2024. The company reports commercialization in the US and 13 countries, ~10% market penetration and 21% repeat customers in Switzerland, an 88% US gross margin, and revenue of nearly USD 330k in 2025 against a USD 1.5M target for 2026. Its business model is single-use consumables sold through direct operations and distribution partners, with a collaboration with Bayer in Switzerland (and stated in two countries). This Series B2 first closing targets €2M–€4M overall; the Capital Cell crowdfunding tranche carries a €675,545 target and will fund commercial expansion in Europe and the US plus development of the next-generation carevix evo platform (supported by a €2.3M Swiss innovation grant through 2027).</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€26.3M (€26,318,641.92)</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated as a single figure; first closing of Series B2 targets €2M–€4M, implying a post-money of roughly €28.3M–€30.3M at full first closing (analyst arithmetic on the stated pre-money + round size, shown alongside the company figures, not substituted).</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — newly created shares at €0.873 (capital + premium). Share class not named. Held directly (via notarial power of attorney) or via the SPV (Capital Cell Stichting Administratiekantoor).</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials. The campaign attributes the valuation qualitatively to clinical validation, market adoption and partnerships.</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Third-party databases report cumulative prior funding of ~$7.0M–$7.55M, the largest single round a ~$5M Series A+ (Nov 2022); the 2024–25 Series B1 raised ~€2.6M at an undisclosed valuation. No third-party current pre-money figure was located, so the €26.3M step-up cannot be independently benchmarked.</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:187px"> <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:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First-closing investors are offered a downside-protection “ratchet”; investment does NOT qualify for tax incentives; platform fees are 7% carried interest on profit and a 6% secondary-market fee on the seller. Subscription settles in CHF at prevailing FX.</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 own newly issued equity shares in Aspivix, subscribed at €0.873 per share (capital plus premium). The share class is not disclosed in provided materials — you cannot tell before investing whether these are ordinary or preferred shares, which matters for payout priority in an exit. You may hold the shares directly (by signing a notarial power of attorney in favour of Capital Cell) or, if you do not provide that power before the round closes, via a nominee vehicle, the SPV “Capital Cell Stichting Administratiekantoor” in Amsterdam, with equal rights to other SPV investors. The KIIS records a right to attend the shareholder meeting, but in practice voting is exercised through Capital Cell / the SPV rather than by you individually, so your direct influence over company decisions — including the decision to sell — is minimal. Exit decisions will be driven by the founders, the board and the larger investors, with crowdfund holders carried along via drag-along provisions (explained below).</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">“Dilution” means your ownership percentage shrinks when the company issues new shares to raise more money. The company has clearly stated it will raise more: this Series B2 is structured in two phases (first closing €2M–€4M), and management expects to pursue either a further major financing round or an acquisition thereafter. The KIIS marks an “anti-dilution right: Yes,” but the type is not specified, and a separate downside-protection ratchet is described only for first-closing investors; whether ordinary crowdfund investors get meaningful protection cannot be assessed.</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 roughly a €27M post-money valuation (the €26.3M pre-money plus a small first tranche), you own approximately 0.0037% of the company — about €1,000 ÷ €27,000,000. If the company then raises €4M at a €40M pre-money valuation (a successful up-round), the new money is about 9% of the post-money, so your stake is diluted to approximately 0.0034%. If instead the next round is a down-round at €18M pre-money raising €4M, the new money is about 18% of the post-money, your stake is diluted to approximately 0.0030%, and because the price per share is lower the implied value of your holding falls by roughly 30–35%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No ESOP (employee option pool) existence, size, or planned expansion is disclosed — if a pool is created or expanded before the next round, existing investors are diluted further. On pre-emption (the right to invest more in future rounds to keep your percentage), the materials note that pre-emptive rights may be waived or excluded when the capital increase is implemented, so you should not assume you can defend your percentage in later rounds.</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">“Liquidation preference” sets who gets paid first if the company is sold or wound down. The KIIS records liquidation rights for investors and for other shareholders and the campaign lists “preferential liquidation rights,” but the multiple (1x, 2x, etc.), whether it is participating or non-participating, and the seniority order between share classes are not disclosed. Without that disclosure you cannot assess whether earlier investors or founders rank ahead of crowdfund investors in a sale — which matters most in a low- or mid-value exit, where preferences can absorb most of the proceeds before ordinary holders receive anything.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Drag-along” means a defined majority of shareholders can force everyone else — including you — to sell on the same terms; the threshold that triggers it is not disclosed here, so you cannot tell how much consensus is needed to compel your sale. “Tag-along” works in your favour: if a major shareholder sells, you have the right to join the sale on the same terms. Both rights are confirmed as present in the KIIS.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fixed lock-up period is disclosed. A secondary market exists only conditionally: Capital Cell “may” provide a bulletin board subject to prior promoter approval, and transfers are otherwise restricted; a 6% fee applies to the seller. You should treat this investment as illiquid — realistically for five to seven years or longer — until a trade sale or other liquidity event occurs, which the company itself frames around 2027–2029.</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">Effectively no direct vote — voting runs through Capital Cell / the SPV, so you cannot influence company decisions, including whether and when to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation-preference parameters undisclosed — in a sale at or below the current €26.3M valuation, you cannot tell whether founders or earlier investors are paid ahead of you.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution is labelled “Yes” but unspecified, and the named ratchet protects only first-closing investors — ordinary crowdfund investors may bear dilution disproportionately in a down-round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along is present with an undisclosed threshold — a majority can compel you to sell on terms you did not choose.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fixed lock-up and only a conditional, approval-gated secondary market — assume you are locked in until a strategic exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Currency timing — shares priced in EUR but settled in CHF at prevailing FX, with USD revenue; FX moves can affect your effective entry price and returns.</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"><em>Absence of disclosure means you cannot assess these before investing:</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple (1x/2x, participating vs non-participating).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold (what percentage can force a sale).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share class designation (ordinary vs preferred).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution / ratchet type and which classes it covers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed numeric cap table (current and post-round) — link only.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ESOP existence, size and any planned expansion.</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:204px"> <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:273px"> <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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clinical & regulatory status</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">20%</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:273px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strong</span></strong><span style="color:black"> — FDA clearance, CE Mark under MDR, UK/CH/Brazil approvals, RCT data and two 2025 peer-reviewed RWE publications, all independently corroborated.</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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</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">15%</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:273px"> <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"> — experienced women’s-health board (ex-J&J, ex-Bayer), offset by a founder-listing discrepancy and a board member who leads a listed competitor.</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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & 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">70</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:273px"> <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"> — differentiated ‘plug-and-play’ suction device with 5 stated patents, but IP defense and next-gen approval are pending risks.</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:204px"> <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">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">13%</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:273px"> <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 contraception market and a clear pain barrier addressed, but addressable-market figures are inconsistent ($4B vs $3.5B) and named competitors exist.</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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & business model</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">58</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">22%</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:273px"> <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"> — high-margin recurring model and early repeat rate, but 2025 revenue is only ~USD 330k versus a USD 1.5M 2026 target.</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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms</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">45</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:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:273px"> <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"> — €26.3M pre-money with no disclosed methodology or bridge from prior rounds, and core investor-economics terms disclosed only as labels.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a Series A+/B-stage commercial company, so commercial traction carries the highest weight (22%) — at this stage proof of revenue and adoption matters more than team potential. Clinical & regulatory status is weighted second (20%) because, for a regulated medical device, approvals and clinical evidence are the foundation of everything else. Valuation & deal terms is weighted heavily (18%) given the unbridged step-up and undisclosed terms. Team (15%), Market (13%) and Product/IP (12%) round out the rest. No category was scored N/A, so no weight redistribution was needed. MODERATE overall data quality caps most categories at 85 and the LIMITED deal-terms disclosure constrains the valuation category.</span></span></h2> <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">Clinical & regulatory status</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">carevix® holds FDA clearance, CE Mark under MDR, and UK, Switzerland and Brazil authorizations; clinical benefits were demonstrated in a randomized controlled trial and supported by real-world evidence. These claims are corroborated by independent public sources.</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">FDA clearance, CE Mark (MDR) and UK/CH/Brazil approvals confirmed independently.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">RCT-demonstrated pain reduction up to 73% and bleeding up to 83%.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two 2025 peer-reviewed RWE publications (BMJ SRH; Int. J. Gynecology & Obstetrics).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">TIME Best Inventions 2024 recognition.</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">Bleeding-reduction figure varies across sources (83% vs an earlier 78%).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Procedure counts cited inconsistently (>1,300 vs surpassing 10,000).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Next-gen carevix evo still requires FDA submission/clearance.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & business model</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a high-margin, single-use recurring-revenue model with early adoption in Switzerland and a US launch underway. Revenue remains small relative to the 2026 target.</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">Company reports 88% US gross margin and a recurring consumable model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~10% Switzerland market penetration and 21% repeat customers reported.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercialized in the US and 13 countries via direct and distribution channels.</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">2025 revenue only ~USD 330k against a ~USD 1.5M 2026 target (≈ 4.5x jump needed).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction concentrated in Switzerland and the Netherlands.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Adoption requires displacing an entrenched, low-cost tenaculum and securing reimbursement.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Supply chain in Malaysia with stated US tariff exposure.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The board carries senior women’s-health, regulatory and corporate-finance experience, including former executives of Johnson & Johnson and Bayer. There is a discrepancy in founder listing and a potential competitor overlap on the board.</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">Board includes ex-J&J (Dr. Nicholson, chair) and ex-Bayer Chief Digital Officer (J. Federer).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Investor representatives from 4FOX Ventures and K30 AG; founder-director with prior MedTech exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lead investor K30 Ventures (former HEMEX) reports €3.49M invested since the second round.</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">KIIS names only CEO Mathieu Horras; co-founder Julien Finci (per databases) is absent from the list.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent director Keren Leshem leads OCON, listed by databases as a competitor — potential conflict.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting and leaver terms not disclosed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & competition</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company addresses a clear, well-documented pain barrier in a large contraception market, but market-size figures are stated inconsistently and named competitors exist.</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">✅ Advantages</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 market: global contraception >USD 20B; ~121M unintended pregnancies annually.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear barrier addressed: >30% of women avoid IUDs due to fear of pain.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recent CDC/ACOG guidance favouring pain reduction supports timing.</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">Addressable-market figure inconsistent across materials ($4B vs $3.5B).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named competitors include Daré Bioscience, OCON Medical and Femasys.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market education and behaviour change required to displace a 200-year-old tool.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & technology / IP</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">carevix® is a differentiated suction-based stabilizer described as plug-and-play, requiring no new capital equipment or change in physician technique, backed by a stated patent portfolio.</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">⚠️ 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">Differentiated vacuum technology replacing the tenaculum with no workflow change.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Stated portfolio of 5 patents.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Next-gen carevix evo aims for lower cost and sustainability, with a €2.3M grant through 2027.</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">Long-term exclusivity depends on successful defense of designs.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">carevix evo timeline (2027–2028) and FDA approval are unproven.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single-product dependence until evo ships.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €26.3M pre-money is set without disclosed methodology and sits well above prior rounds, while core investor-economics terms are disclosed only as labels rather than parameters.</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">Downside-protection ratchet offered to first-closing investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tag-along, drag-along and liquidation rights are all present.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quarterly reporting plus a monthly newsletter to shareholders.</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">€26.3M pre-money vs ~$5M 2022 Series A+ and ~€2.6M 2024–25 B1, with no bridge or methodology.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation multiple, anti-dilution type, share class and cap table undisclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fixed lock-up; secondary market only conditional; 6% seller fee.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowdfunding target figures differ (€675,545 vs €400k–800k narrative).</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</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: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> — Numeric cap table (link only), share class, liquidation-preference multiple, anti-dilution type, ESOP, founder vesting and lock-up are all undisclosed; full financial statements referenced but not provided.</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> — Crowdfunding target €675,545 vs €400k–800k narrative; bleeding reduction 83% vs 78%; procedure counts “>1,300” vs “>10,000”; addressable market $4B vs $3.5B.</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> — KIIS gives 2018 registration and names only Mathieu Horras; third-party databases give 2015 founding by Julien Finci and Mathieu Horras, with co-founder Finci absent from the KIIS list.</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> — <em>None found in public registries or news searches</em>; note board member Keren Leshem leads OCON, listed as a competitor, recorded as a potential conflict.</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> — ~$5M Series A+ (Nov 2022, led by HEMEX); CHF 500k FIT loan (2024); 2024–25 Series B1 on Capital Cell raised ~€2.6M (315 investors). Transition from clinical validation to early commercial traction is corroborated; specific prior-round milestone targets were not disclosed for verification.</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> — The €26.3M pre-money is materially above the ~$5M 2022 round and ~€2.6M 2024–25 B1. No third-party current valuation was located and no methodology or bridge was disclosed, so the step-up cannot be independently justified; relative to ~USD 330k revenue it implies a high revenue multiple.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <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"><strong>Categories scored N/A: </strong>None.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Valuation & deal terms — core investor-economics parameters are disclosed only as labels, capping confidence in this category.</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">Liquidation-preference multiple, participation and inter-class seniority.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Numeric cap table and share class, plus anti-dilution/ratchet type.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A valuation bridge or methodology justifying the €26.3M pre-money step-up.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited financial statements and the basis for the USD 1.5M 2026 revenue target.</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
Cellula capitale ES
Risk Level
Alta
Return Level
Molto alta
Risk Return Level
Good
Investimento minimo
EUR 100
Finanziato
EUR 144,0M
