Seed Financing Evidence
IMPORTANT: This file contains comprehensive evidence of seed financing and financial validation for EPIC-X 2026 application (demonstrates market fit requirement - option 2: "raised at least seed financing"). Update placeholders with actual data from Finance team and CDTI grant documentation.
CDTI Sello de Excelencia Grant
Grant Overview
| Field | Value |
|---|---|
| Grantor | CDTI (Centro para el Desarrollo Tecnológico Industrial) |
| Program | Sello de Excelencia a la PYME |
| Grant Type | R&D&I Grant for AI Development and Clinical Validation |
| Total Amount | EUR 2,500,000 |
| Award Date | [UPDATE: Month Day, Year] |
| Project Duration | [UPDATE: Months/Years, e.g., 24 months] |
| Project Start Date | [UPDATE: Month Year] |
| Project End Date | [UPDATE: Month Year] |
| Grant Reference/ID | [UPDATE: Official CDTI project reference number] |
Project Scope
Project Name: [UPDATE: Official CDTI project name]
Objectives: [UPDATE: List main objectives from CDTI grant application]
Example:
- Develop and validate AI models for dermatological diagnosis (239 ICD-11 conditions)
- Create and validate severity assessment algorithms (7 clinical scales)
- Conduct clinical studies in hospital settings (target: 1000+ patients)
- Obtain regulatory certifications (CE MDR Class IIb)
- Expand AI training dataset with diverse patient populations (Fitzpatrick I-VI)
Deliverables: [UPDATE: List deliverables from CDTI grant agreement]
Example:
- AI diagnostic model with ≥85% accuracy across 239 conditions
- 7 validated severity assessment scales (PASI, SCORAD, EASI, etc.)
- Clinical validation reports from 5+ hospital studies
- CE MDR Class IIb certification
- Training dataset with ≥10,000 dermatological images
Disbursement Schedule
| Milestone/Phase | Disbursement Amount | Expected/Actual Date | Status |
|---|---|---|---|
| Initial Advance | EUR [Amount] | [Month Year] | Received |
| Mid-term Payment | EUR [Amount] | [Month Year] | Received / Expected |
| Final Payment | EUR [Amount] | [Month Year] | Expected |
| TOTAL | EUR 2,500,000 |
Use of Funds Allocation
| Category | Amount | % of Total | Key Activities |
|---|---|---|---|
| Personnel (AI/ML Development) | EUR [Amount] | [%] | Medical Data Science team salaries, AI researchers |
| Clinical Studies & Validation | EUR [Amount] | [%] | Hospital partnerships, study coordination, data collection |
| Regulatory & Certification | EUR [Amount] | [%] | CE MDR certification, ISO 13485, regulatory consultants |
| Infrastructure & Technology | EUR [Amount] | [%] | Cloud computing, GPU clusters, data storage |
| Dataset Development & Annotation | EUR [Amount] | [%] | Image collection, dermatologist annotation, quality control |
| Project Management & Administration | EUR [Amount] | [%] | Coordination, reporting, auditing |
| TOTAL | EUR 2,500,000 | 100% |
Grant Status: [UPDATE: On track / Complete / Ongoing with [X%] disbursed]
Private Investment Rounds (If Applicable)
Investment History
Note: Update this section if Legit.Health has raised private equity/venture capital. If not, mark as "Not Applicable - Company funded through CDTI grant and revenue."
Seed Round (If Applicable)
| Field | Value |
|---|---|
| Round Type | [e.g., Seed, Pre-Seed, Friends & Family] |
| Amount Raised | EUR [Amount] |
| Close Date | [Month Year] |
| Lead Investor | [Investor name or "Not Applicable" if no lead] |
| Other Investors | [List other investors or "Self-funded" / "Angels"] |
| Valuation | [Pre-money or Post-money valuation if shareable] |
| Use of Funds | [Primary allocation, e.g., "Product development, initial team"] |
Other Rounds (If Applicable)
[UPDATE: If any other financing rounds, add similar tables for each]
Financing Timeline
Chronological Funding History
| Date | Event | Amount | Source | Purpose/Milestone |
|---|---|---|---|---|
| 2020 | Company Founding | EUR [Amount] | Founders' Capital | Initial incorporation, product concept |
| [Year] | [UPDATE: If applicable - Seed Round] | EUR [Amount] | [Investors] | [Purpose] |
| [Year] | CDTI Sello de Excelencia Grant Awarded | EUR 2,500,000 | CDTI (Spanish Government) | AI development, clinical validation |
| [Year] | CDTI Grant - Initial Disbursement | EUR [Amount] | CDTI | Project initiation |
| [Year] | CDTI Grant - Mid-term Disbursement | EUR [Amount] | CDTI | Mid-project milestone achievement |
| [Projected] | CDTI Grant - Final Disbursement | EUR [Amount] | CDTI | Project completion |
| TOTAL | EUR [Total] |
Total Funding to Date
Cumulative Funding Summary
| Funding Source | Amount | Type | Status |
|---|---|---|---|
| Founders' Capital | EUR [Amount] | Equity / Self-funding | Received |
| CDTI Sello de Excelencia Grant | EUR 2,500,000 | Non-dilutive Grant | [% Received] |
| [UPDATE: Private Investment if any] | EUR [Amount] | Equity | Received |
| TOTAL FUNDING TO DATE | EUR [Total] |
Non-Dilutive Funding %: [Calculate: CDTI grant / Total funding]
Equity Dilution: [UPDATE: % of company diluted from external investment, if applicable, or "No external dilution - founders retain 100%"]
Current Financial Position (December 2024)
| Metric | Value |
|---|---|
| Cash on Hand | EUR [UPDATE: Current cash reserves] |
| Monthly Burn Rate | EUR [UPDATE: Average monthly expenses] |
| Runway (Months) | [Calculate: Cash / Burn Rate] |
| Revenue (2024 Annual) | EUR [UPDATE: From market-fit-evidence.md] |
| Revenue Growth (2023→2024) | [UPDATE: YoY % increase] |
Financial Health: [UPDATE: Assessment, e.g., "Strong cash position with 18+ months runway, positive revenue growth trajectory"]
Planned Fundraising: Series A (2026)
Series A Strategy
| Field | Value / Plan |
|---|---|
| Target Amount | EUR 5,000,000 - EUR 10,000,000 |
| Target Close Date | Q3 2026 |
| Lead Investor Target | [UPDATE: Type, e.g., "European healthcare-focused VC"] |
| Valuation Target | [UPDATE: If shareable, or "To be determined based on traction"] |
| Use of Funds | US market entry (30%), European expansion (25%), Team scaling (20%), FDA regulatory (15%), R&D (10%) |
Investor Outreach Status: [UPDATE: Current status, e.g., "20 investors contacted, 5 meetings scheduled, 2 term sheets expected by Q1 2026"]
EPIC-X Coaching Alignment: EUR 7,000 allocated to Series A fundraising coaching (Module 2) to accelerate investor engagement, pitch refinement, and term sheet negotiation.
Cap Table Evolution (If Applicable)
Shareholding Structure Over Time
At Founding (2020):
| Shareholder | Shares / % | Role |
|---|---|---|
| Andy Aguilar | 33.33% | CEO, Co-Founder |
| [Co-Founder 2] | 33.33% | [Role] |
| [Co-Founder 3] | 33.33% | [Role] |
| TOTAL | 100% |
Current (December 2024):
[UPDATE: If cap table has changed due to investment rounds, list current shareholding]
| Shareholder | Shares / % | Role |
|---|---|---|
| Andy Aguilar | [%] | CEO, Co-Founder |
| [Co-Founder 2] | [%] | [Role] |
| [Co-Founder 3] | [%] | [Role] |
| [Investor if applicable] | [%] | Investor |
| TOTAL | 100% |
Dilution History: [UPDATE: % dilution per investment round, if applicable]
Financial Validation for EPIC-X
Market Fit Requirement Evidence
EPIC-X Eligibility requires either:
- Market-product fit achieved, OR
- At least seed financing raised ✅
Legit.Health Qualifies Via:
✅ Seed Financing: CDTI Sello de Excelencia Grant (EUR 2,500,000) demonstrates:
- Government validation of technology and business model
- Competitive selection process ("Sello de Excelencia" = Seal of Excellence)
- Substantial non-dilutive financing equivalent to seed round
✅ Market-Product Fit (Additional Evidence):
- Hospital contracts with recurring revenue
- Clinical trial partnerships with pharmaceutical companies
- Regulatory clearances (CE MDR Class IIb, ANVISA, MHRA)
- Revenue growth trajectory (YoY increase)
Conclusion: Legit.Health meets EPIC-X market validation requirement through both seed financing (CDTI grant) and demonstrated market fit (revenue, contracts, regulatory clearances).
Next Steps for Data Collection
To complete this file, gather the following from Finance team:
-
CDTI Grant Documentation:
- Exact award date (Month Day, Year)
- Project duration (months/years), start date, end date
- Official CDTI project reference number
- Project name and objectives from grant application
- Deliverables list from grant agreement
- Disbursement schedule: Amounts and dates for initial, mid-term, final payments
- Use of funds allocation: Breakdown by category with EUR amounts and percentages
- Current grant status: % disbursed, on track/complete/ongoing
-
Private Investment (If Applicable):
- If any seed/pre-seed/friends-and-family rounds: Amount, close date, investors, valuation, use of funds
- If no private investment: Confirm "Company funded through CDTI grant and revenue"
-
Financing Timeline:
- Founders' capital at founding (if any EUR amount)
- All financing events chronologically with dates, amounts, sources
-
Current Financial Position:
- Cash on hand (December 2024)
- Monthly burn rate (average)
- Runway calculation
- Revenue (2024 annual) - cross-reference with market-fit-evidence.md
- Revenue growth % (2023→2024)
-
Series A Planning:
- Target amount range
- Target close date (quarter)
- Use of funds allocation (percentages)
- Investor outreach status (number contacted, meetings scheduled, term sheets expected)
-
Cap Table:
- Shareholding structure at founding (2020): Names, percentages, roles
- Current shareholding structure (December 2024): If changed from founding, list current percentages
- Dilution history (if applicable)
-
CDTI Grant Agreement:
- Request copy of official CDTI grant agreement or award letter for reference numbers and exact wording of project scope