Deal Abstract

https://www.seedinvest.com/vasognosis/seed

SaaS platform that wants to become the big data decision engine for doctors diagnosing aneurysms and making big medical decisions. Very early with no obvious product trying to launch in a heavily regulated, anti-innovation industry. Reminds me of Monogram in that it’s a highly speculative business model, but less scammy-vibes, more naivety and startup ignorance.

Decision

Pass

Why Investing/Passing

  1. Buzzwords I hate, especially together: AI, Biotech, and “zero competition.”
  2. Team and investors seem to lack people with business and startup experience.
  3. Underestimating the amount of capital they’ll need to run this ship.

The 6 Calacanis Characteristics (91 161 18)

CheckPass/Fail
1. A startup that is based in SVFail: Midwest U.S. (Source)
2. Has at least 2 founders Pass (4)
3. Has product in the market Pass
4. 6 months of continuous user growth or 6 months of revenue.Pass (sort of): Firm was founded in Feb 2019 and revenue was $72k. No reports for 2020.
5. Notable investors?Fail: Mostly rich medical professionals, which is not a bad thing, but no notable VC’s who’ve made big biotech money.
6. Post-funding, will have 18 months of runway Pass: Raised $70k so far, 2019 burn was $12k, targeting $600k, so would have 50 months of runway at maximum round.

The 7 Thiel Questions (ETMPDDS)

  1. The Engineering question:
    • Maybe: Interesting that the CTO is not the programmer, and rather that’s the COO. Curious what this means as to what Vasognosis thinks their core technology is (which I guess is the prediction algorithm?)
  2. The Timing question
    • Bad: Not convinced that 2020 is the time to build a prediction platform for aneurisms.
  3. The monopoly question
    • Yes: If they could build


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