VerticalAI Inc — too early, no PMF signal
Revisit if they show 5+ paying logos.
Wrapper Co — LLM thin wrapper
Revisit if they pivot into substrate ownership.
AnalyticsCo — too late stage for our check size
Series B; we lead seed. Re-engage if they raise an extension at our stage.
TooEarlyCo — pre-product
Concept-stage. Re-engage in 6 months when they have prototype + 5 design partners.
WrongDomainCo — outside our thesis
Hard pass. Crypto-adjacent; we don't invest in crypto-native.