Due diligence for venture funds
1,880 pages before lunch. Every one of them quoted. Nothing made up.
Not a person. A satellite part.
Reads everything.
Quotes everything.
Invents nothing.
Is the cap table fully diluted and reconciled?
Not fully. The table reconciles to 12,485,000 shares, but records two outstanding SAFEs outside the count.
“12,485,000 shares fully diluted as of 31 January 2026. Two SAFEs remain outstanding.”
cap-table.xlsx · sheet 1 · read 14:02:11
The same characters, lit on the source page.
A satellite spins to stay stable. Its antenna cannot.
The antenna sits on a despun platform. A motor holds it still while the rest turns, so it stays pointed at the ground.
Every data room spins.
Despun holds still.
DESPUN, adj. Past participle of despin. Already done.
A summary is an opinion. A quote is a fact.
Drop the room in.
PDFs, decks, spreadsheets, scans. Every page, charts included.
Pick the questions.
Answers come from the room. Nothing else.
Every answer is checked.
Quoted character for character, or thrown out.
Gaps become the interview.
What the room cannot prove becomes a question for the founder. Written before the call.
“The Company has no outstanding convertible instruments.”
shareholders-agreement-v7.pdf · p. 22 · disagrees with cap-table.xlsx sheet 1
Is there key-person cover on the founding team, and who holds the policy?
Drafted question · People · 0 of 1,880 pages match
Know what the other funds don't.
The room, read. Not the deck.
Readiness on one scale
Eight categories, one scale. Established, Partial, Unproven.
Answers that cite
Verbatim, checked against the source.
Red flags that mean it
A missing document is a gap. Two documents that disagree is an alarm.
The interview, drafted
Every gap becomes a question. Copy the list.
Ask the room
It reads the room. It cannot write to it.
Every read on the record
Who read what, and when.
Security has two gaps. Both are drafted for the interview.
Correct, or silent.
Know your room before they do.
“We don't have it yet” is an answer. Say it once. The chasing stops.
Is key-person insurance in place?
People · Gap
Which SAFEs remain unconverted?
Corporate · Declared
“Two SAFEs, both on YC post-money terms, converting at the Series A.”
Recorded on your word. 2026-09-17 14:31:07
Enforced by code, not by policy.
One door to every file.
One authorisation check. No side doors. Every pass logged.
Injection flagged at the door.
A document that tries to instruct the reader is held for a human. Never quoted.
Reads the room. Cannot write to it.
The room leaves as it arrived.
In private beta.
A handful of funds, by introduction. Pilot rooms are free, and pricing lands with general availability.