Sample Report
This is a real example of what you receive after a full analysis. Every section below — scores, red flags, VC questions, path to 10/10 — is generated for your own deck.
IQ Pitch · Investor Brief
Lumen Health
AI copilot that turns ICU vitals into early-warning alerts for nursing teams.
Investor Verdict
Strong clinical thesis with a credible founding team and one lighthouse hospital deployment. The product is differentiated, but financial assumptions and go-to-market math need tightening before a Series A conversation. A focused 90-day plan on payer economics and a second design partner would move this from 'interesting' to 'fundable'.
Bull Thesis
Lumen sits at the intersection of two durable tailwinds: chronic ICU nurse shortages and rapidly maturing clinical LLMs. The team has rare insider access (two ex-ICU clinicians + an ex-Epic engineer), a working FDA pre-submission, and a signed paid pilot at a top-20 US hospital system. If the second pilot lands and readmission deltas hold at >12%, this is a category-defining seed.
Bear Case
Healthcare AI is a graveyard of great demos. The sales cycle is 9–14 months, procurement is brutal, and EHR integration eats 30–40% of engineering for the first two years. Competing incumbents (Epic, Bayesian Health) can ship a 'good enough' module bundled into existing contracts. If Lumen cannot prove a hard-dollar ROI within the first pilot's 6-month review, the second sale gets dramatically harder.
Dimensional Radar
Score Matrix
Problem
9.0/10Pinpoints a high-acuity, high-frequency problem with documented mortality and cost impact. Pain is felt by both clinicians and CFOs.
Strengths
- Cites peer-reviewed data on delayed deterioration response
- Quantifies cost of a single missed sepsis event ($28k average)
- Founders lived the problem on the floor
Weaknesses
- Problem framing leans clinical; CFO-facing ROI story is thinner
Path to 10
- Add a one-slide hard-dollar ROI model per 100 ICU beds
- Include a quote from a Chief Nursing Officer, not just an MD
Market
7.0/10TAM is credible bottom-up ($2.1B US ICU software). Wedge into mid-sized health systems is well chosen, but expansion math is hand-wavy.
Strengths
- Bottom-up TAM with named segments
- Clear beachhead: 200–400 bed community hospitals
Weaknesses
- International expansion slide is generic
- No view on payer-driven reimbursement tailwinds (CMS TEAM model)
Path to 10
- Replace top-down $40B chart with a stage-gated SAM expansion path
- Map 3 reimbursement codes that unlock buyer urgency in 2026
Product
8.0/10Differentiated UX built around the nurse, not the EHR. Live in one ICU with measurable engagement (78% daily active nurses in pilot).
Strengths
- Nurse-first interface is genuinely novel vs. Epic modules
- Works offline on the bedside tablet — rare
- Clear FDA pre-sub pathway documented
Weaknesses
- Model evaluation methodology underspecified
- No screenshots of the physician escalation flow
Path to 10
- Publish sensitivity/specificity vs. MEWS baseline
- Add a 15-second product video to the data room
Traction
6.0/10One paid pilot ($120k) and a signed LOI. Engagement metrics are strong, but commercial traction is still single-customer.
Strengths
- Paid pilot, not a free POC — meaningful signal
- 78% DAU and 12% readmission reduction at 90 days
Weaknesses
- No second paying customer yet
- Pilot-to-contract conversion not yet demonstrated
Path to 10
- Close design partner #2 before the raise
- Convert the LOI into a signed MSA at any ACV
Team
9.0/10Rare combination of clinical authority and shipping engineering velocity. Advisory bench is investor-grade.
Strengths
- Two ex-ICU clinicians + ex-Epic staff engineer
- Advisor: former CMIO of a top-10 health system
- Have shipped together for 14 months
Weaknesses
- No commercial/health-system sales leader yet
Path to 10
- Name a Head of Health Systems hire on the org chart slide
Moat
6.0/10Data network effects are plausible but not yet earned. Workflow lock-in is the strongest near-term moat.
Strengths
- Bedside workflow integration is sticky once adopted
- Proprietary nurse-annotated event dataset growing weekly
Weaknesses
- Epic could ship a 'good enough' competitor
- No defensible IP filed
Path to 10
- File 2 method patents on the alerting pipeline
- Articulate the data flywheel in one diagram
GTM
6.0/10Founder-led sales is working at one account. The motion to repeatable mid-market sales is unproven.
Strengths
- CEO has personal relationships with 6 target CMIOs
- Pilot playbook is documented
Weaknesses
- No CAC/payback model in the deck
- Channel strategy (GPOs, consortiums) absent
Path to 10
- Add a CAC payback slide with pilot-to-contract assumptions
- Identify one GPO or IDN consortium relationship to pursue
Financials
6.0/10Top-line growth curve is aggressive but defensible if pilot 2 lands. Burn and runway plan needs a downside case.
Strengths
- Clear use-of-funds tied to milestones
- Gross margin assumption (78%) is realistic for SaaS
Weaknesses
- No scenario for delayed second pilot
- Hiring plan front-loads engineering before sales
Path to 10
- Add a downside case (pilot 2 slips 6 months)
- Reorder hiring plan to add a clinical sales lead in Q1
Red Flags
- Single-customer revenue concentration — second design partner is a must before Series A
- No documented sensitivity/specificity benchmark vs. MEWS or NEWS2
- Hiring plan adds 4 engineers before the first commercial hire
- International TAM slide overstates near-term addressable revenue
Missing Slides
- Competitive landscape vs. Epic Deterioration Index and Bayesian Health
- CAC / payback model with pilot-to-contract assumptions
- Regulatory roadmap beyond FDA pre-submission
- Org chart with the next 3 critical hires named
Hardest VC Questions
- 01What is your committed second design partner, and what is the trigger to close them?
- 02How do you defend against Epic bundling a 'good enough' deterioration module into existing contracts?
- 03What is your pilot-to-paid conversion assumption, and what data backs it?
- 04Who owns the model performance benchmark, and when does it get published?
- 05What does the company look like if the second pilot slips by 6 months?
- 06Why hire 4 engineers before a Head of Health Systems?
Next 30 Days
- 01Sign design partner #2 in the next 60 days
- 02Publish sensitivity/specificity vs. MEWS baseline in a one-pager
- 03Add CAC payback + downside scenario to the financial model
- 04Recruit a Head of Health Systems with mid-market IDN relationships
- 05File two method patents on the alerting pipeline