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Checklist

Fundraising Checklist for AI Startups

By Milton Arch, Halemont Capital

Technical Positioning Prep

Before your first investor meeting, prepare:

- Model architecture summary (1 page, non-technical language for investors) - Defensibility thesis: What do you have that competitors can't easily replicate? Proprietary data, specialized architecture, domain expertise, regulatory advantage - Benchmark data: How does your model perform relative to alternatives? Be specific and honest — overstating performance destroys credibility - Technical roadmap: What improvements are planned and what resources they require - Team credentials: AI investors evaluate technical talent heavily — highlight publications, prior companies, relevant expertise

Financial Model Requirements

AI-specific financial modeling that investors expect:

- Compute cost projections: Training costs, fine-tuning costs, inference costs at scale. Include GPU/TPU pricing assumptions and efficiency improvements over time - Unit economics: Revenue per customer minus compute, support, and infrastructure costs. Show that unit economics improve with scale - R&D vs. revenue timeline: When does the company transition from R&D-heavy to revenue-generating? Be realistic — investors have seen too many AI companies promise revenue in 6 months and deliver it in 24 - Hiring plan: AI talent is expensive. Model realistic compensation for ML engineers, researchers, and data scientists - Infrastructure spend: Cloud costs, data storage, tooling subscriptions

Investor Targeting for AI

Build your target list with AI-specific filters:

- AI-specialized funds: Radical Ventures, AIX Ventures, Conviction Partners - Generalist VCs with AI thesis: a16z, Sequoia, Greylock — but target the partner who covers AI specifically - Corporate VCs with AI interest: Google Ventures, Microsoft's M12, NVIDIA's NVentures, Salesforce Ventures - Check portfolio for conflicts: Does the fund already have a company doing something similar? If yes, remove from list - Vertical fit: Application-layer AI companies should target SaaS investors who understand AI. Infrastructure companies should target deep tech investors

Demo and Materials Prep

AI investors expect:

- Live demo: Show the product working with real or realistic data. Don't use cherry-picked examples — sophisticated investors will ask to try their own inputs - Technical appendix: Detailed architecture, training methodology, and evaluation metrics for investors who want to go deep (usually 1-2 per fund) - Data strategy document: Where does your training data come from? Is it licensed, proprietary, public? What are the risks? - Competitive landscape: Position against both AI competitors and non-AI alternatives. The question isn't just 'are we better than other AI companies' — it's 'are we better than the existing solution, which may not use AI at all?' - IP documentation: Patents filed, trade secrets, licensing agreements for foundational technology

Ready to Position Before You Pitch?

The Strategic Capital Review is a 30-minute call to assess your raise readiness and determine whether access to our investor network is relevant to your situation.

Schedule Your Review

Ready to Position Before You Pitch?

The Strategic Capital Review is a 30-minute call where we assess your raise readiness, identify positioning gaps, and determine whether access to our investor network is relevant to your situation.

Schedule Your Strategic Capital Review

No cost. No obligation.

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