Setcoin for Venture
Institutional-grade diligence on every company in your book.
Screen pipeline companies before the term sheet, confirm before investment committee, and review your portfolio against the round each company will raise next — eight specialist reads, one published standard, every claim checked against the public record.
Every engagement runs under NDA. Not investment advice.
Out of every 100 headline claims in a venture dataroom
Checked against registers, filings, accounts and the company's own documents. Tap a category.
Only about 2 in 10 held up in full. About 1 in 10 were contradicted outright — by a share allotment, an audited account, an award register or the company's own model.
What the files show
Decks are written to raise. Diligence is written to decide.
Patterns from the venture rounds Setcoin has diligenced — Series A to late-stage, Europe, the US and Asia-Pacific, across 9 deep-tech sectors.
The round label runs ahead of the evidence
Most rounds we see are priced one or two stages ahead of what the evidence clears. The label sets the price; the evidence should.
Headline numbers are not register numbers
Converted notes counted as new cash, a loan inside "capital raised", grant income shown as revenue, support quoted at several times what the registers show obligated.
The round itself is the weakest gate
What the money actually buys, what sits ahead of it, and whether the plan in the model is even funded by the round being raised.
A critical issue the deck does not mention
Cash that runs out before the round closes, a plan that needs twice the raise, a board that does not match the register.
Gates met in full
Strong companies still arrive with partial evidence. The value is in naming exactly what closes each gap — and who owes it.
The best evidence sits outside the room
Audited accounts filed months after the deck, signed government contracts, share allotments — the public record often corrects the data room, in both directions.
Where rounds sit: readiness against stage gap
Each dot is a company we diligenced, anonymised. Right of centre = raising ahead of its evidence. Tap a dot.
See the sector, the readiness band and how the eight specialist lenses rated it.
Which gates the evidence clears
Share of companies where each gate was met in full, partly, or not at all.
Round terms and commercial traction fail most. Technology is rarely the first thing that breaks a deal.
The expert panel
Eight specialists read every company. Each one can stop the deal.
A single score hides the one specialist who would say no. The panel rates each lens from its own evidence — and names the outside expert the next stage needs, only when the evidence triggers it.
Technology & engineering
- What is the lowest critical-path readiness on evidence, and in what environment was it shown?
- Is the incumbent compared at its best current product?
- What test data exists that the company did not produce itself?
When: trl critical min < 6 or any technology finding major or worse
Try it — 60 seconds
Does the evidence support the round?
Answer for one pipeline or portfolio company. The check runs the same stage ladder our engine uses — on your answers, in your browser. Nothing is sent until you choose to.
The institutional dataroom
Where rooms fall short.
We hold every company to the same 14-item dataroom. The gaps are predictable — and so is what closes them. Every report ends with a request list: what is missing, who owes it, and which gate it closes.
Median coverage: about a third of the standard room. Insurance, risk registers, term sheets, grant conditions and licences are missing most often.
Share of companies missing each item entirely
From gaps to an institutional round
Finding the gaps is half the job. Closing them is the other half.
Every gap in a Setcoin report comes with its owner and its fix. Most can be closed by Setcoin's own engines from the public record and the room; the rest are briefed to the company or to a specialist we scope and check. Re-scored on the same standard, this is what the work is worth.
Readiness score, typical company
Median across the companies we diligenced, rounded. Same rubric, same arithmetic, three states.
Documents lift readiness; only events fix critical facts. Nearly 8 in 10 companies still carry one — cash that runs out, an unfunded plan — and the programme names the event that clears it: a close, a re-scoped round, signed contracts.
Who closes the gaps
Every open gate and dataroom item, by owner.
Setcoin builds most of an institutional room itself: cap table from the register, re-based model, costed use of funds, grant and patent registers, risk register, serviceable market, integrity profile.
Pick a gate — see how it closes
Technology readiness (critical path)
Setcoin writes the evidence plan for the next readiness rung — which test, in which environment, proves it — prices the milestone against reference classes, and benchmarks the claim against the literature. The company runs the test; an independent technical adviser signs it off.
The room Setcoin builds
From the public record, the room and our engines — you review and sign.
- Fully diluted cap table and option poolRebuilt share-for-share from filed allotments and confirmation statements; company adds the option pool. · ~2 wk
- Financial model with unit economics, burn and runwaySetcoin re-bases the model on filed accounts and evidenced assumptions. · ~3 wk
- Use of funds with milestone costing and scheduleEach use-of-funds line costed against benchmarks by Setcoin's cost screen. · ~2 wk
- Grant and contract register with values, conditions and clawbackGrant and award register rebuilt from public award registers (US, UK, EU). · ~2 wk
- IP register with numbers, owners, status; FTO opinionPatent register rebuilt from the patent offices; FTO by counsel. · ~3 wk
- Licences, conditions and regulatory correspondenceSetcoin maps the licences and pulls public registers; the company supplies correspondence. · ~4 wk
- Risk register and mitigationsSetcoin drafts the risk register from the findings; management owns and signs it. · ~2 wk
What only you can provide
We tell you exactly which, why it matters, and what it closes.
- Articles, shareholders' agreement, prior-round documentsArticles and shareholder agreements from the company's counsel.
- Term sheet for the current round (instrument, price, lead, commitments)Negotiated between the company and the lead; Setcoin supplies the waterfall and checklist.
- Statutory accounts (last three years) and management accounts to latest monthStatutory accounts from the auditor; Setcoin pulls every filed year and reconciles.
- Customer contracts, purchase orders and priced pipelineSigned contracts and POs from the company; Setcoin builds the demand ledger.
- Technical evidence: test reports, flight data, characterisation of product samplesTest reports by the company or an independent lab; Setcoin writes the test plan.
- Org chart, key contracts, vesting and leaver termsOrg chart, key contracts and leaver terms from the company.
- Insurance schedules and claims historyInsurance schedules from the company's broker.
Full read on the standard: gates, panel, claims ledger, public-record sweep, request list.
Setcoin builds what it can: register cap table, re-based model, costed use of funds, grant and IP registers, risk register, serviceable market.
Setcoin scopes, briefs and checks the outside work: technical adviser, patent and export counsel, customer references.
Round sized to its milestones, waterfall, co-investor shortlist, room QA before investors see it; Venture Watch after close.
Investor matching
Who funds this round — by strategy, sector, stage and cheque.
Every report ends with the capital that fits the round as raised: leads whose cheque covers it, co-investors, corporate and industrial strategics, public and sovereign capital, and — for factory and plant rounds — the infrastructure money behind the capex. Screened on stated criteria; try it on the anonymised profiles behind our Capital Map.
Capital that fits, by role
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Cross-sector analysis
Your companies are each other's suppliers, customers and co-developers.
Setcoin maps every diligenced company's technologies, buyers and needs against the others and against the industrial groups, vendors and projects on its maps — business development, supply chain and joint IP that no single deck shows. Below, the links found between the sectors we have diligenced. Tap a sector or a line.
- Pick a sector or a lineSee which companies supply, sell with or co-develop with which — by technology.
Industrial groups are part of the map. Each report lists the corporates already on the cap table and the strategic groups whose stated focus fits — the route to qualification, supply agreements and the next round's lead.
How it works
From deck to IC memo, on the record.
Sweep the record
Registers, filings, awards, grants, export-control and sanctions lists, literature — before anyone reads the deck.
Ledger every claim
Each headline claim marked supported, partial, contradicted or unevidenced, with its source.
Grade readiness
TRL, MRL and commercial readiness per critical-path subsystem; the stage the evidence actually clears.
Convene the panel
Eight specialist lenses rated from their own evidence; outside experts only where triggered.
Write the decision
Verdict, conditions precedent, request list, waterfall and co-investor match — IC-ready.
Two ways in
Your pipeline and your portfolio, on the same standard.
Before the term sheet, before IC
From the deck and whatever room you have: does the evidence support the round, the price and the use of funds?
- Pipeline Screen · From $3kA call on the fileStage fit, claims ledger, register sweep, runway, dataroom gaps — advance, advance with questions, or hold.
- Institutional DD · From $18,000An IC-ready DD reportAll gates, the eight-lens panel, cap table from the register, re-based model, waterfall, conditions precedent.
- IncludedCo-investor and syndicate matchWho else fits the round on stage, cheque and thesis — and who holds a competitor.
The whole book, ranked by what needs you
Every holding re-tested against the round it will raise next, with runway, information rights and register events.
- Portfolio Review · From $4,000A quarterly book reviewEach company banded act now / review this quarter / routine; exposure by currency; reporting gaps.
- Venture Watch · $1,200What changed on the recordShare allotments, new charges, director changes, accounts filed, awards — dated, cited, graded.
- Readiness Programme · From $15,000Prepare a company for its roundDiagnose, build the institutional room, close gaps with specialists, size the raise and line up co-investors.
- On requestFollow-on and bridge DDBefore the next cheque: the same DD, against what was promised last round.
A screen call on one pipeline company, with the questions to ask.
Full report with verdict, expert panel, conditions precedent and request list.
- 1–5 companiesFrom $4,000
- 6–20 companiesFrom $12,000
- 21–50 companiesFrom $28,000
Close the gaps before the round: Setcoin builds the room, briefs the specialists and sizes the raise.
Monthly register and award changes on each watched company.
Indicative, in USD, until a signed order form.
What you receive
Built to be read by an investment committee.
IC memo & verdict
Invest · invest with conditions · track · decline — with the reasons and the conditions precedent.
Expert panel
Eight specialist reads, each rated blocker / concern / watch / clear, with the outside expert each one triggers.
Claims ledger
Every headline claim marked supported, partial, contradicted or unevidenced — with the source.
Public-record sweep
Registers, filings, awards, export-control and sanctions screens, literature — with what could not be reached.
Readiness by subsystem
TRL, MRL and commercial readiness on the critical path; the weakest link governs.
Round & runway
Cap table from the register, what sits ahead of new money, months of cash left, whether the round buys its milestones.
Request list
The documents still owed, who owes them, and what each one closes.
Co-investor match
Ranked against 35+ venture and deep-tech investor profiles on stage, cheque, thesis and conflicts.
Start with one company
Send us a deck. We will tell you what it proves.
A pipeline company close to a term sheet, or a portfolio company raising next. We start from the public record and come back with the call, the reasons and what is still missing.
- The deck and any dataroom link — nothing more to begin
- Under NDA from the first message
- No company or investor named outside your engagement
Setcoin for Venture
About venture DD with Setcoin
What does Setcoin for Venture do?
It runs institutional-grade due diligence on venture companies for the investors who back them: a screen before the term sheet, confirmatory DD before the investment committee, and a portfolio review that tests every company against the round it will raise next. Every company is assessed on the same 9 gates, a 14-item institutional dataroom and an eight-lens expert panel, and every claim is checked against the public record.
Is this for pipeline companies or portfolio companies?
Both. Pipeline companies get a screen call (advance, advance with questions, or hold) and, if they advance, confirmatory DD. Portfolio companies are reviewed as one book — runway, readiness for the next round, information rights and register events — ranked by what needs a partner first.
Which sectors do you cover?
Capital-intensive and hardware-heavy venture where technology readiness and capex decide the round: ai semiconductors, energy storage, advanced materials, quantum, advanced manufacturing, defence & dual-use, climate & water, space, fusion & superconductors.
What do you need from us?
The deck and whatever dataroom access you have. We start from the public record — company registers, securities filings, award and grant registers, export-control lists, patents and literature — and tell you which documents are still missing and who owes them.
How much does it cost?
A Pipeline Screen is From $3k per company, Institutional DD From $18,000 per company, a Portfolio Review From $4,000 for up to five companies, and Venture Watch $1,200 a month per company. Indicative until a signed order form.
Is this investment advice?
No. Setcoin reports what the evidence shows against a published standard and names the gaps. The investment decision stays with you.