Deal Abstract

Smart contact lenses and glasses that deliver high-performance AR/VR experiences

Indie company wants to solve the VR/AR problem with contact lens.

Financials (VRB)

Question Notes
1. Fundraising Target? $15000000
2. Fundraised So Far? $1571832
3. Pre-Money Valuation? $54269000
4. Previous Year's Annual Revenue $0
5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) ~$-1745437

The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Criteria Yes/No
1. A startup that is based in SV? False: Spokane, WA
2. Has at least 2 founders? True: Two
3. Has product in the market? False: No revenue
4. 6 months of continuous user growth or 6 months of revenue? False: Decreased from 2018 to 2019
5. Notable investors? False: No one I recognize
6. Post-funding, will have 18 months of runway? True: If they complete the round

The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)

Question Score Notes
1. Engineering? 3 Engineering first product and business
2. Timing? 2 Unambiguous, Google tried with Google Glass, Microsoft tried with HoloLens, Snap tried with Specs, Magic Leap tried with Leap 1, Facebook tried with Oculus
3. Monopoly? 1 No market presence
4. People? 2 Team seems fine but no unfair advantage in hardware optical product development
5. Distribution? 1 Direct to consumer?
6. Durability? 2 Not convinced they can defend against the big tech giants
7. Secret? 1 Now is the time for an indie tech company to fund a VR headset when other tech companies have failed to do so

What has to go right for the startup to return money on investment:

1. Launch product; 2. Monetize; 3. Figure proprietary moats and applications

What the Risks Are

1. Tons of failure in this space; 2. Hardware despite being cap intensive is also less defensible than software; 3. How to generate revenue

Bonus Muhan's Notes

I'm passionate about this space but need to get more clarity to see if this team can pull it off.


This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

So, did I invest?

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