---
title: "MedTech Funding Round Quiz - What Each Stage Buys"
description: "Test what milestone each funding stage actually buys in MedTech. Adaptive scenario quiz with device-category tailored explanations for pre-seed through Series C."
lang: en
json-ld:
---

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# Funding round quiz

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.

[See the stage primers and term sheets behind these answers](/pulse#funding)

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.

Software (SaMD)AI/ML diagnosticImplant / Class IIIWearable / Class IIDiagnostics / IVDCapital equipment

1.  Q1 · Pre-Seed
    
    #### What milestone is a Pre-Seed round actually buying?
    
    Two clinician-founders, working bench prototype, no IP filed, raising $750K.
    
    A FDA 510(k) clearance 
    
    B Provisional patent + signed letters of intent from KOLs 
    
    C First $1M in ARR 
    
    D Pivotal IDE trial enrollment complete 
    
2.  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.
    
    A Full FDA submission and clearance 
    
    B FDA Pre-Sub meeting held + draft submission package 
    
    C Hiring a 10-person commercial sales team 
    
    D Acquiring a competitor's predicate device 
    
3.  Q3 · Series A
    
    #### Your Series A lead wants to see one specific deliverable in the data room. What is it?
    
    A 510(k) / De Novo submission filed via eSTAR with cyber package complete 
    
    B $5M in pre-clearance revenue 
    
    C EU CE Mark only, no US filing yet 
    
    D Crossover-fund LOI for a pre-IPO round 
    
4.  Q4 · Series B
    
    #### FDA clearance is in hand. What's the Series B failure mode that scares investors most?
    
    A Cleared but uncoded - no CPT, no predictable reimbursement 
    
    B Failing to file a second 510(k) within 6 months 
    
    C Not yet IPO-ready 
    
    D Holding too much non-dilutive grant funding 
    
5.  Q5 · Series C+
    
    #### What metric do crossover and growth investors scrutinize most at Series C+?
    
    A Burn multiple (cash burned ÷ net new ARR) 
    
    B Number of patents filed in the last 12 months 
    
    C Founder ownership percentage 
    
    D Pre-Sub feedback letters from FDA 
    

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