VC Probe | AI-powered screening. Human-led decisions.

From the fictional Kestrel Orbital sample memo

Runway

Deck: 18 months Actuals: 10.2 months

The deck claims 18 months of runway. The accounts show 10.2 months at the current burn.

Cap table

Should total: 100% Allocated: 102%

The share allocations add up to 102%, with unresolved equity from a departed co-founder.

Market

TAM: EUR 14 bn SAM: EUR 0.75 bn

The pitch deck claims a EUR 14 bn market. The addressable market is EUR 0.75 bn.

More opportunities than your team can investigate.

Limited analyst time, incomplete information and a growing pile of pitch decks. Screen applications consistently, then deepen the analysis where your team sees a reason to continue.

One investment workflow. Your decisions at every stage.

1
Screen the opportunity.
Start with the pitch deck, supporting documents and your investment criteria. Review thesis fit, market, business model, risks and missing information.
2
Decide what happens next.
Decline, pause, request more information or move to deeper analysis. Your team chooses how far each opportunity goes.
3
Investigate beyond the deck.
AI interviews with founders and team members, document requests and external research explore execution risks and inconsistencies. Customers are contacted only with your approval.
4
Bring your own judgement.
Add observations, documents and notes from your calls. New evidence highlights contradictions and conclusions to revisit. Your team can steer, pause or stop the analysis.
5
Build the investment case.
Review a structured memo with supported findings, uncertainties, risks and open questions. The analysis informs your decision.

The decision always rests with the fund.

Beyond the pitch deck.

Evidence, not just summaries.

Compare claims with documents, interviews, financial calculations and independent sources. See what is supported, stated or still unverified.

Conversations that reveal what is missing.

Structured AI interviews with founders, team members and, with your approval, customers investigate questions the deck cannot answer.

A process your fund controls.

Challenge conclusions, add your own evidence and choose the next step. Your investment judgement stays at the centre.

See the analysis behind an investment case.

Kestrel Orbital is a fictional startup used to demonstrate VC Probe. This simulated case explores satellite refuelling, financial inconsistencies, team responsibilities and missing evidence.

Get the sample memo First 8 pages, fictional case. Ask us for the full memo.

An initial recommendation for your review.

A preliminary recommendation, with the overall score set against your fund's threshold. Your team makes the decision.

In this case the memo advises the fund to decline: the deck promises more than the documents and the interviews confirm.

Kestrel OrbitalInvestment memo1

Kestrel Orbital

Decline2.9 / 5

What it does: Refuels satellitesgeostationary, already in orbit, up to five more years of life
Stage: Seed roundEUR 6M raise
Traction: EUR 380kpaid feasibility study and 2 LOI (letters of intent)
Next milestone: IOD 2028in-orbit demonstration (IOD) on a rideshare

Financial claims compared with the documents.

Compare the deck's financial claims with the available documents. Distinguish reconciled figures, founder statements and unverified data, with financial calculations performed in code.

Every figure is tagged with its status in the memo: stated for pitch deck claims, recomputed from the documents when verified against the accounts, and not available when evidence is missing.

Kestrel OrbitalInvestment memo4

In the deck18 monthsRunway as stated in the pitch deck.

In the actuals10 monthsRunway as shown by the actuals.

In the cap table102%Shares that add up to more than the whole company.

The market and the competitors the deck does not cite.

The market the company can really address, set next to the size claimed in the deck.

The competitors that matter, including the ones the deck leaves out.

Kestrel OrbitalInvestment memo7

Top-down TAM, as in the deck

EUR 14 bn

Bottom-up SAM (the market the company can truly address)

EUR 0.75 bn

The market claimed in the deck is about 19 times the addressable market.

Northrop Grumman SpaceLogisticsDirect competitorIn the deck
AstroscaleDirect competitorNot in the deck
Starfish SpaceDirect competitorNot in the deck

The risks in the team, spotted before the first call.

Execution gaps, roles nobody owns and advisors who are missing from the documents.

Kestrel OrbitalInvestment memo11

No one is in charge of Financial Control, Operations and Program Management.
Flight licences and finance have no owner.
Renata Holm is cited by three team members as a key technical advisor, but she appears neither in the deck nor in any agreement on intellectual property.

An agenda ready for every call with the founders.

The questions that must be asked come first, followed by the ones worth a deeper look.

Kestrel OrbitalInvestment memo14

Must-askWhich figures do we use for cash and burn rate: the 18 months of runway in the deck or the 10 in the actuals?
Must-askWho is handling the flight licence for the IOD, and on what timeline?
Must-askWhat is Renata Holm's role, and is there an agreement on intellectual property?
Deep-diveWhat are the five extra years of life based on: ground tests or internal simulations?