Five scenarios that check whether you know what each round is actually buying: regulatory milestone, clinical evidence, or commercial proof. Miss one and it drills into that stage. Pick your device category to tailor the explanations.
Quiz · what is each round actually buying?0/5 answered · 0 correct
Five short scenarios - one per stage. Pick the answer you'd give a lead investor; miss one and the quiz drills into that stage with two follow-up questions before moving on.
Tailor to your device category
Pick one and every explanation below adds a category-specific milestone note. Change anytime.
Q1 · Pre-Seed
What milestone is a Pre-Seed round actually buying?
Two clinician-founders, working bench prototype, no IP filed, raising $750K.
Q2 · Seed
A Seed lead asks: 'What does this $3M unlock?' What's the strongest answer?
Class II software-as-a-medical-device, predicate already identified.
Q3 · Series A
Your Series A lead wants to see one specific deliverable in the data room. What is it?
Q4 · Series B
FDA clearance is in hand. What's the Series B failure mode that scares investors most?
Q5 · Series C+
What metric do crossover and growth investors scrutinize most at Series C+?