WHO WE SERVE · FOUNDERS RAISING A ROUND

Will your round survive diligence?

For Series A and B founders, and the CFO preparing the round. We run the diligence your investors will run, with the same Lensential Venture agents, on your own data room and before the first partner meeting. You fix what can be fixed. Then your investors receive the report, with your fixes already in it.

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ENGAGEMENT FILE · THORNLARK DIAGNOSTICSSPECIMEN

Route: Full diligence, commissioned by the company

1 · Triageskipped for a single company
✓○2 · ScreenDeal screen · Overall B-
✓○3 · ProfileCompany profile · 34 claims labeled
✓○4 · Verify
1. ✓○OpenDocument provenance
2. ✓○DateRegistry chronology
3. ✓○TestData room forensics
4. ✓○TestTraction verificationREFUTEDUSD 240,000 ARR
5. ✓○TestProduct verification
6. ✓○TestBuild assessment
7. ✓○TestCompetitive position
8. ✓○PeopleFounder verification
9. ✓○PeopleCap table verification
✓○5 · LandDiligence report, investor questions, exit model at your price
6 · Decideskipped: your investors decide
7 · Shareskipped: the report goes to investors as issued

The engagement file is updated after every agent. You see every finding before any investor does.

WHY BEFORE

Your investors will ask anyway.

The questions arrive either way.

Every Series A and B investor runs diligence. A gap investors find costs time, price or the round; one you find is a correction.

A correction reads better than a discovery.

The corrections register shows investors what changed, when and why. A claim withdrawn before the round is a different conversation from a claim refuted in it.

Investors start further along.

An investor who can check our report starts from it, and spends the confirmatory work on the questions that remain.

HOW IT WORKS

Three steps, and the investors see the last one.

1
We run it on you first. You send the data room you plan to open to investors, the deck, the model and the cap table. The Lensential Venture agents run in their fixed order: the documents, the dates, the numbers and the product, then the people, the cap table and the exit arithmetic at the price you plan to ask.
2
You see it before anyone else. The findings go to the company alone, with the questions investors will ask and the documents that settle them. You correct what is wrong, answer what can be answered and withdraw what does not hold.
3
Investors receive the report as issued. Every finding, your answers and the corrections register, with the earlier readings kept. An investor can ask us to confirm that the copy they hold is the one we issued.

BEFORE THE ROUND · THORNLARK DIAGNOSTICSSPECIMEN

Five findings, before any investor saw them

Ref	Finding	What the company did	In the issued report
F-07	USD 240,000 ARR is one USD 18,000 invoice, grossed up and multiplied by twelve	Withdrew the figure from the deck	The finding, the withdrawal and its date
F-01	The 2025 SAFE is converted on a pre-money basis in the cap table	Restated the table: the SAFE converts to 6.85% of the post-close table	The finding and the restated table
F-04	No Section 83(b) election on file for one of the two founders	Produced the IRS receipt	Moved from MISSING to VERIFIED, with the earlier reading kept
F-11	Eleven stated full-time employees reconcile to six W-2 employees	Restated the deck: six employees and five full-time contractors	The finding and the restated count
F-10	Recomputed runway after the round is 11.8 months, against 18 in the model	Answered that the study can be scoped down and hiring slowed	Stands, with the company's answer beside it

A specimen on a fictional seed-stage company. The agents and the report are the same at Series A and B. Four findings were fixed before the round; the fifth stands, and investors see it.

WHAT YOU GET

The investor's file, on your company.

Before the round, for the company

YOU SEND

The data room you plan to open, the deck, the model with its formulas, the cap table with every instrument, and the round you plan to raise: the amount, the price and the terms.

YOU GET

The findings register, the claim check of your deck, and the questions investors will ask, each with the documents that would settle it.

PDFEXCELWORD

DELIVERY

Within five business days of data-room access.

Your price, from the investor's side

YOU SEND

The price and the terms you plan to ask, and the rounds the company still needs.

YOU GET

The Exit Brief and the live workbook: the exit your investors need for 3x after the later rounds, set against what buyers have paid for comparable companies.

PDFEXCEL

DELIVERY

Within five business days.

For the investors you name

YOU SEND

Your answers and corrections, and the names of the investors you will send the report to.

YOU GET

The diligence report as issued, with every finding, your answers and the corrections register, and its registers in Excel.

PDFEXCEL

DELIVERY

The full report within ten business days of data-room access, reissued as you answer.

WHAT RUNS

Deal screenCompany profileDocument provenanceRegistry chronologyData room forensicsTraction verificationProduct verificationBuild assessmentCompetitive positionFounder verificationCap table verificationExit modelDiligence reportFounder questions

Investors engage us to run these agents, in this order, to this standard.

The questions your investors will ask.

QUESTIONS FOR THE COMPANYSPECIMEN

Q-01
Will you run ten unselected consecutive patient samples on a reader at a site we nominate, with our observer present and the acceptance protocol written down beforehand?
From: finding F-23
Resolves: the only differentiating claim in the file, and the 22.6% cartridge fault rate the run log implies.
Q-04
Has the 2025 SAFE investor agreed to convert on the basis shown in your cap table, and does any further convertible instrument, note or side arrangement exist that could trigger its most-favored-nation clause?
From: finding F-01
Resolves: about 145 basis points of the post-close table, and whether the cap table circulated to investors is the table that will close.
Q-06
Under what agreement were the 1,240 training samples obtained, and does it permit commercial use of a model trained on them?
From: finding F-25
Resolves: whether the classifier is an asset the company can sell.
Q-10
Is the USD 240,000 ARR figure being withdrawn from the deck, and what figure replaces it?
From: finding F-07
Resolves: how the company handles a number of its own that does not survive examination.

Four of the specimen's ten priority-one questions. Each cites the finding behind it and says what an answer would settle.

THE RULES

Four rules that make the report worth sending.

1
The company pays for the work, not the result.
The fee is fixed before we start. It does not depend on what we find or on whether the round closes.
2
Nothing adverse is removed.
You can correct a fact, answer a finding or withdraw a claim. Each change goes into the corrections register, with the earlier reading kept.
3
Investors can check the copy.
The report names who commissioned it and the principal who signed it, and any investor can ask us to confirm that their copy is the one we issued.
4
We stay on one side of the round.
We do not introduce investors or negotiate terms, and we do not run separate diligence on your company for an investor in the same round.

The full clause is in our disclosures.

WHAT IT DOES NOT DO

Our limits.

We do not write the deck, coach the pitch or find investors.
The report states findings. It does not recommend an investment, and it does not replace an investor's own diligence.
The exit arithmetic is screening arithmetic at your price. It is not a valuation opinion.
We give no legal, tax or accounting advice, and the report is not an audit.
Not finding a public record does not make a claim false. We say where we looked.

WHERE THOSE QUESTIONS GO

Area	The question	Routed to	Needed by
Accounting	Should the USD 18,000 placement be booked as revenue at all, and in which period?	Your accountant	Before the deck goes out
Legal	Under what agreement were the 1,240 training samples obtained, and does it permit commercial use of a model trained on them?	Your counsel	Before the data room opens
Intellectual property	A competitor's pending patent application claims the range the cartridge sits in. Would the cartridge have freedom to operate if it is granted?	Your IP counsel	Before the first investor meeting

Three items from the specimen's questions register. We flag each question and route it; the advice is your adviser's. Thornlark Diagnostics is a fictional company.

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