Verixa Seed Fundraising — Step-by-Step Flow

$2M seed at $8M pre-money · Navira Regulatory Technologies · Strategy locked 2026-06-12 (LOI-first, dual-lane)

Artifact exists in workspace Artifact to create External / counsel-dependent Decision gate

PHASE 0Foundation & Structure LockWeeks 1–2 · Jun 2026

Goal: answer "which entity, what instrument" in one sentence. Nothing investor-facing leaves before this.

Engage cross-border counsel: confirm US Inc ↔ India Pvt Ltd relationship (subsidiary / flip needed?), FEMA-ODI/FDI route
Decide instrument: SAFE (US convention) vs priced CCPS (India convention) vs priced Delaware preferred
Finalize cap table + ESOP pool plan; resolve US entity-name inconsistency (memo vs deck)
Build 18-month operating budget tied to the 45/20/20/5/10 use-of-funds split
Pull Phase-1 scope-lock matrix forward from Q3 milestone — it is also a diligence document

Materials & artifacts

Entity structure opinion (counsel) Instrument decision memo (counsel) Tax review — cross-border (CA/tax) Cap table + ESOP plan 18-mo budget / financial model (xlsx) Scope-lock matrix (live / gated / future) Fundraising strategy doc ✓

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GATE 1 — Structure locked?

If counsel finds a flip is required: pause all outreach until complete. Raising into a broken structure is worse than delay.

PHASE 1LOI Sprint + Parallel TracksWeeks 1–8 · Jun–Aug 2026

Goal: 2–4 signed design-partner LOIs (2 per lane). LOIs are the valuation defense for $8M pre.

Lane A (US emerging biotech/ATMP/cell & gene + small specialty CDMO): 10–15 warm conversations into buyable accounts (Forge, Nuvation, Quotient, LGM, Aragen + Tier-2), reached via the clinical-quality network as warm intros only — former employers (BMS, Genentech, Alumis, Arcellx) are intro/reference, not targets
Lane B (India CDMO): work the 14 First Wave accounts — Schedule M + USFDA pressure as the opener
Demo leads with the differentiator: controlled AI refusal in regulated paths
Convert interest → Phase-0 Evidence Mapping Sprint ($5–10K / ₹6–8L) or straight LOI

∥ Co-founder search (CEO/commercial)

YC Co-Founder Matching · EF Bangalore · Antler India
EIR intros from Blume / Lightspeed / HealthQuad
4–8 week working trial mandatory · sign before close

∥ YC application

Cite lane precedent: Entvin AI, Ritivel (pharma reg AI)
Pairs with co-founder matching platform

Materials & artifacts

LOI template (counsel-reviewed) Design-partner one-pager / pilot proposal First Wave account list + outreach tracker Demo script (the "refusal" demo) Co-founder profile spec + equity framework YC application draft Design Partner Deck v3.3 (US + IN) ✓ Pricing deck (2026-06-04) ✓ Investor NDA templates (IP pack) ✓

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GATE 2 — ≥2 LOIs by 30 Sep 2026?

No → pivot to fallback: YC + $300–500K operator-angel bridge (domain angels > networks; BioAngels / IAN / 1Crowd as channels; single SPV; no pitch fees); revisit $8M pre. <20% meeting→second-meeting conversion → fix narrative before continuing.

PHASE 2Soft Circle — Narrative TestWeeks 6–8 · Aug 2026

Goal: pressure-test the story with friendly capital before the formal ask. Advice-not-money meetings.

5–7 advice meetings: Lightspeed, NewVale, Blume, HealthQuad, Vertex
Test the four-sentence pitch; log every objection verbatim
Refine deck against objections (solo founder, Annex 22 draft status, why-not-Ketryx, services margin)
Time the formal process so partner meetings land while EU AI Act Aug 2 application is live news

Materials & artifacts

Main Deck + Appendix — current draft (2026-06-21) ✓ Investor memo v2 ✓ Objection / FAQ doc (living) Investor CRM tracker (pipeline of 40–60) Email + intro-request templates

PHASE 3Formal Process — Batched Partner MeetingsWeeks 9–16 · Sep–Oct 2026

Goal: term sheet from a lead. Batch all first meetings into a 2–3 week window to create parallel momentum.

Open data room to engaged firms only (after partner meeting, not before)
Lead candidates: Lightspeed or Blume/HealthQuad · Fill: NewVale, Vertex, Chiratae tier, angels
Angel fill (after lead secured, 10–20% of round max): domain operator angels first (CDMO promoters, ex-Veeva/IQVIA execs), then BioAngels / IAN / 1Crowd — single SPV line only, never pay to pitch
Relationship-only meetings (no ask): Transformation Capital, Bessemer, OrbiMed, a16z — Series A seeds
Run diligence Q&A log; same answer to every firm, in writing
Drive to term sheet; use parallel interest for terms, not price escalation

Materials & artifacts — DATA ROOM

Main Deck + Appendix (current draft) ✓ Research dossier ✓ Competitive landscape xlsx ✓ 3-Year Plan investor memo (docx) ✓ IP narrative — data room (docx) ✓ Data room index URS + traceability summary (from repo) Validation plan (CSA / GAMP 5 Cat 4) Signed LOIs (from Phase 1) Diligence Q&A log Cap table (counsel-verified) Entity docs: US Inc + India Pvt Ltd

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GATE 3 — Co-founder signed before close?

Yes → reposition Vimal as Founder & CPO at signing. No → close solo with named senior bench (VP Eng / fractional CTO named); CRO hire post-seed; exec-search CEO deferred to Series A/B. Never take a marginal co-founder under raise pressure.

PHASE 4Term Sheet → CloseWeeks 16–24 · Nov 2026–Jan 2027

Goal: money in bank, clean docs, 18-month runway clock starts.

Term sheet comparison: valuation, board seat, liquidation pref (target 1x non-participating), founder vesting (negotiate schedule, not principle), pro-rata, India-specific CCPS terms
Confirmatory diligence: legal, financial, IP assignment, employment
Definitive docs: SHA/SSA or SAFE + side letters; disclosure schedules
India leg if applicable: FEMA filings, valuation certificate, RBI reporting (counsel executes)
First close → announce only after money wires

Materials & artifacts

Term sheet comparison matrix Definitive documents (counsel) Disclosure schedules (counsel) FEMA / RBI filings + valuation cert (CA) IP assignment confirmations Closing checklist

PHASE 5Post-Close — Execute to Series A Story2027 · 18-month runway

Goal: convert seed into the 8 validation milestones → 5–10 paying customers, validation proof, dual-market signal.

Hire: VP Engineering, Head of Validation, Head of GTM India, 2–3 senior engineers (CRO if no co-founder)
Monthly investor updates — same memo to investors AND the Series A relationship list (Transformation, Bessemer, OrbiMed, a16z)
Milestone cadence: scope-lock + traceability review (Q3'26 done) → LOIs → validation package (Q1'27) → advisory board → 3–5 paid pilots (Q2'27) → first inspection outcome (Q3–Q4'27)

Materials & artifacts

Monthly investor update template Milestone / KPI tracker Series A relationship plan Published validation package (Q1 2027)