4.1
Lean Pass
Tessera Health — Seed extension
Evaluated by Toviya Slager · August 11, 2026
Analytical 4.07/10
Gut feel 4.12/10
⚠️1 red flag triggered
criticalHas any principal, sponsor, or GP been involved in fraud, SEC violations, or criminal charges? (2/10)
📊 Deal metrics
Annual Recurring Revenue (ARR)
$400,000
Month-over-Month Revenue Growth
5%
Monthly Cash Burn
$220,000
Cash Runway (Months)
11
LTV / CAC Ratio
1.6x
Net Revenue Retention
96%
Gross Margin
52%
Pre-Money Valuation
$18,000,000
Valuation / Revenue Multiple
45x
Target Ownership %
3.5%
Projected IRR
30%
Projected MOIC
5x
Section breakdown
3
Founder's domain expertise and track record
Supported by the data room; see folder 3.
5
Team completeness and complementary skills
4
Founder resilience and coachability
4
Ability to recruit and retain top talent
Third-party report pending.
3
Relevant industry network and relationships
4
Founder commitment and skin in the game
4
Storytelling and fundraising ability
Consistent with the T-12.
5
Integrity and transparency in due diligence
4
Speed of execution — how fast do they ship?
3
Total addressable market (TAM) size
Our own estimate; sponsor disagrees.
2
Market growth rate
5
Macro tailwinds and timing
2
Market readiness for disruption
Consistent with the T-12.
6
Timing — not too early, not too late
4
Winner-take-most dynamics
5
Regulatory and policy environment
Our own estimate; sponsor disagrees.
2
International expansion potential
6
Product-market fit evidence
6
Differentiation vs. alternatives
Our own estimate; sponsor disagrees.
4
Technical defensibility (IP, moat, network effects)
5
Scalability of the tech architecture
4
Product roadmap clarity and vision
Better than the deck suggests.
4
User/customer NPS and satisfaction
3
Switching costs once adopted
2
Platform vs. point solution potential
Consistent with the T-12.
3
Revenue or user growth rate
4
Retention and engagement (NDR, DAU/MAU)
6
CAC payback and LTV/CAC ratio
Consistent with the T-12.
5
Unit economics and gross margins
2
Notable customers or partnerships
6
Sales pipeline and conversion rates
Benchmarked against two comparable deals we closed.
2
Viral or organic growth component
5
Month-over-month momentum trajectory
3
Valuation relative to stage and traction
Benchmarked against two comparable deals we closed.
5
Deal structure and terms
6
Financial projections realism
6
Burn rate vs. runway
Confirmed on the call with the sponsor.
6
Cap table health
3
Our specific terms (pro rata, board, info rights)
4
Use of proceeds clarity
Third-party report pending.
3
Follow-on funding likelihood
6
Position vs. direct competitors
4
Barriers to entry for new competitors
Better than the deck suggests.
5
Big-tech / incumbent risk
6
Sustainable advantage over 3-5 years
6
Competitor funding and momentum
Consistent with the T-12.
3
Clarity of path to liquidity event
3
Number and quality of potential acquirers
6
Realistic return potential (target MOIC)
Consistent with the T-12.
3
Time horizon to exit
3
Secondary market liquidity
3
Regulatory or legal risk
Our own estimate; sponsor disagrees.
2
Key-person dependency
2
Downturn resilience
4
Technology and execution risk
Weak spot; flagged for diligence.
3
Customer concentration risk
3
Ethical / reputational risk
4
Capital efficiency risk
Consistent with the T-12.
4
Geopolitical or supply chain risk
3
Quality of data room and disclosure
5
Legal structure cleanliness
Confirmed on the call with the sponsor.
3
IP ownership and assignment
2
Background and reference checks
3
Tax structure and efficiency
Confirmed on the call with the sponsor.
5
Overall excitement about this deal
6
Trust in the people across the table
5
Would this be your only investment this year?
Consistent with the T-12.
2
Portfolio fit and strategic alignment
4
LP/partner explainability
3
Too-good-to-be-true meter
Consistent with the T-12.
4
Timing and urgency — is the window right?
6
Differentiation vs. other opportunities
2
Sleep-at-night factor
Third-party report pending.
5
Regret minimization — would you regret passing?
3
Information quality — do you know enough?
Full analysis
DEAL EVALUATION ANALYSIS: Tessera Health — Seed extension
Type: Venture Capital | Overall Score: 4.08/10 | Recommendation: Lean Pass
======================================================================
!!! RED FLAGS TRIGGERED: 1 !!!
[CRITICAL] Has any principal, sponsor, or GP been involved in fraud, SEC violations, or criminal charges? — scored 2/10
KEY METRICS:
Vc Arr: 400,000
Vc Mrr Growth: 5
Vc Burn Rate: 220,000
Vc Runway: 11
Vc Ltv Cac: 1.6
Vc Nrr: 96
Vc Gross Margin: 52
Vc Valuation: 18,000,000
Vc Rev Multiple: 45
Vc Target Ownership: 3.5
Vc Projected Irr: 30
Vc Moic: 5
KEY CONCERNS:
- Key Risks & Red Flags: 2.98/10
- Due Diligence & Legal: 3.2/10
- Market Opportunity: 3.58/10
- Exit Potential: 3.75/10
- Founding Team & Leadership: 3.98/10
- Traction & Metrics: 4.12/10
MODERATE AREAS:
~ Competitive Landscape: 5.4/10
~ Product & Technology: 4.58/10
~ Financials & Valuation: 4.52/10
GUT FEELING SCORE: 4.12/10
LOW SCORES (<=3):
!! Founder's domain expertise and track record: 3/10
Note: Supported by the data room; see folder 3.
!! Relevant industry network and relationships: 3/10
!! Total addressable market (TAM) size: 3/10
Note: Our own estimate; sponsor disagrees.
!! Market growth rate: 2/10
!! Market readiness for disruption: 2/10
Note: Consistent with the T-12.
!! International expansion potential: 2/10
!! Switching costs once adopted: 3/10
!! Platform vs. point solution potential: 2/10
Note: Consistent with the T-12.
!! Revenue or user growth rate: 3/10
!! Notable customers or partnerships: 2/10
!! Viral or organic growth component: 2/10
!! Valuation relative to stage and traction: 3/10
Note: Benchmarked against two comparable deals we closed.
!! Our specific terms (pro rata, board, info rights): 3/10
!! Follow-on funding likelihood: 3/10
!! Clarity of path to liquidity event: 3/10
!! Number and quality of potential acquirers: 3/10
!! Time horizon to exit: 3/10
!! Secondary market liquidity: 3/10
!! Regulatory or legal risk: 3/10
Note: Our own estimate; sponsor disagrees.
!! Key-person dependency: 2/10
!! Downturn resilience: 2/10
!! Customer concentration risk: 3/10
!! Ethical / reputational risk: 3/10
!! Quality of data room and disclosure: 3/10
!! IP ownership and assignment: 3/10
!! Background and reference checks: 2/10
!! Tax structure and efficiency: 3/10
Note: Confirmed on the call with the sponsor.
!! Portfolio fit and strategic alignment: 2/10
!! Too-good-to-be-true meter: 3/10
Note: Consistent with the T-12.
!! Sleep-at-night factor: 2/10
Note: Third-party report pending.
!! Information quality — do you know enough?: 3/10
======================================================================
SUMMARY:
WARNING: 1 critical red flag(s) detected. These represent potential
dealbreaker issues that must be resolved before any investment decision.
This deal has significant concerns that outweigh the positives. Recommend passing
unless the key weaknesses can be materially addressed or mitigated.Evaluator notes
Passed after this evaluation.