Back better companies.

Auryn researches every deal, models the return and keeps the books, around the clock. Your team covers more ground and makes every call on better evidence.

Book a demoSee how it works

30 minutes, on a real deal.

A third of decks arrive after hours.

On Auryn, 37% of applications land in the evening or at the weekend. Each one is picked up the minute it arrives. This is what a night looks like.

  1. 21:47

    A deck comes in through your application form.

    Corvia Diagnostics, raising a €1.2M seed round.

  2. 21:48

    Auryn reads the deck, finds the founders and starts the research.

    Six research missions on the market and the business, a background check on the founders and their claims, and a review of the deck itself, all at once.

  3. 21:56

    Nine minutes later, the screen is written up.

    47 sources behind it, every claim checked and linked to where it came from, scored against your own criteria.

    Medians across applications screened on Auryn in the last 90 days.
  4. 22:05

    The analysis is drafted, with questions for the founders.

    Where the deck is thin, Auryn writes the question. You approve it before it goes out, or put Auryn on autopilot and it sends right away.

    Waits in your Auryn inbox. No push.
  5. 02:14

    A founder working late answers last week's questions.

    That starts the next stage: exit research, scenarios and funding rounds. Thirteen minutes later the return model and diligence checklist are ready.

  6. 03:12

    A founder in New York replies to one of Scout's emails.

    Scout found the company against your thesis last week. The conversation is handed to you.

    Waits in your Auryn inbox. No push.
  7. 06:10

    A portfolio company reports its third quarter.

    Runway is recalculated. Lastra Cycles now has to start raising by March.

  8. 07:40

    Over coffee, three updates are ready for your review.

    The rest waits in Auryn until you open it. You choose which events reach your phone.

Fifty-one agents, each with one job.

Each one starts when something happens, works from the same record of the deal and shows its sources. When a decision is needed, it stops and asks you.

  1. 21:47:12Deck reader18 slides read. Seed round of €1.2M.
  2. 21:47:31People finderThree founders and one board member.
  3. 21:47:58Background checkNothing to flag.
  4. 21:48:02ResearchSix research missions sent out.
  5. 21:53:40Market mission9 sources on lab diagnostics spending.
  6. 21:54:16Competition missionFour found, two recently funded.
  7. 21:55:05Criteria judges7 of your 8 criteria met.
  8. 21:56:21Write-upDone, with 47 sources cited.
  9. 21:56:22Your callTake it further?

The groundwork is done. The judgement is yours.

Everything Auryn concludes comes with its reasons, so you can check it, argue with it and change it. Deal after deal, that’s how a team’s judgement gets sharper.

Research

Every claim shows where it came from.

Point at a sentence in the write-up and Auryn shows the source: the page in the deck, or the article it found.

Corvia DiagnosticsScreenAnalyseQuantifyVerifyDecide

Write-up

Corvia has run paid pilots with two Nordic hospital groups since March, and the founders expect both to sign annual contracts this year7.

The lab diagnostics market it sells into is growing by about 9% a year, though two larger players already sell to the same labs13.

The founders have built and sold a company before. The CTO ran the assay platform at a listed medtech firm for six years.

The deck gives no churn or contract length, and the €1.2M budget assumes CE marking by Q2 next year2. Both are worth asking about.

Score 72Fit StrongSources 47Research 5 of 6 areas covered well
Analysis

The shape of a company, at a glance.

Team, market, product and economics, rated question by question. If you disagree with a rating, change it.

Corvia DiagnosticsScreenAnalyseQuantifyVerifyDecide
ProductMarketTeamEconomics
Team
4.4
Product
3.8
Market
3.5
Economics
2.8
Waiting on the founders

Four questions sent on Tuesday, marked on the chart. Team and Economics update when they answer.

Comparables

What companies like it actually sold for.

Auryn finds comparable exits, sorts them into outcomes and shows each one: who bought it, when, and for how much. Remove one you don’t trust and the model follows.

Corvia DiagnosticsScreenAnalyseQuantifyVerifyDecide
Exit values peaked in 2021 and are recovering.27 comparable exits in lab diagnostics. The median fell from €850M to €245M and is back at €440M.
Comparable exits
CompanyYearAcquirerValue
Pellix Assays2016Varde Health€190M
Fennic Labs2018IPO€290M
Tessin Labs2020Ameris Diagnostics€620M
Mira Assays2025Varde Health€380M
Model

What the deal can return, and why.

The milestones the company has to reach, the odds of each, and where it could end up. Change the odds and the return moves with them.

Corvia DiagnosticsScreenAnalyseQuantifyVerifyDecide
pwMOIC
13.1×
target 10×
Reach exit
39.4%
product of 4 gates
Dilution to exit
20%
Series A 2027
Fails here: 14.0%
Fails here: 33.5%
Fails here: 3.1%
Fails here: 9.9%
39.4% exit
Small59%23.3%
Mid32%12.6%
Big7%2.8%
Unicorn2%0.8%
Fails a gate60.6%
Σ every path100%

Pick a milestone and drag its odds

61%
Price

The most you can pay and still hit your target.

Auryn works out the post-money at which the deal still returns what you need. Worth knowing before the term sheet.

Corvia DiagnosticsScreenAnalyseQuantifyVerifyDecide
pwMOIC at each post-money

10× holds up to €6.5M post-money. Corvia is asking €5M.

0×8×16×24×32×24681012post-money, €Mtarget 10×asking 513.1×6.5investable zone

See this on one of your own deals.

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The memo, drafted when you need it.

Everything Auryn learned about the deal goes into the memo: what the research turned up, what the founders answered, what similar companies sold for and what the deal could return.

Then you make it yours, before it goes to the investment committee.

Investment memo

Corvia Diagnostics

Lab diagnostics · Seed · €1.2M at €5M post-money
Conditional proceedProceed if both hospital pilots convert to annual contracts before close.

Investment thesis

Hospital labs are short of staff, and Corvia’s assay cuts a four-hour test to forty minutes. Two paying pilots suggest the buyer exists.

Bear case

Procurement in Nordic healthcare takes 12 to 18 months. If the pilots stall, the company needs a bridge before its Series A.

Return

ScenarioShareExitMOIC
Small59%€50M8×
Mid32%€190M30×
Big7%€750M120×
Unicorn2%€3.3B520×

39% of paths reach an exit. pwMOIC 13.1× against a 10× target, holding up to €6.5M post-money.

Corvia Diagnostics · Investment memo1 of 6

The follow-up runs without a back office.

Portfolio follow-up, reporting and the books stay up to date, whether you run a fund or invest from a family office. Your time goes to founders and decisions.

Portfolio

Know who needs to raise before they call you.

Founders report the KPIs you track into Auryn each quarter. You see runway, the date each company has to start raising, and what it will ask of you.

Cash and runway5 companies

Should be raising now

Mirelle Bio ApSSeries B planned after zero cashOct 2026raise-by passed

Raise within 6 months

Lastra Cycles ABDefault aliveRaise by March 2027Sep 202712 months
Tessaly EventsDefault deadRaise by December 2026Jun 202711.4 months

No raise due

Ostra Vision ABRaise by November 2027May 202822.1 months
Vandel RoboticsRaise by September 2029Mar 203044.4 months
Lastra Cycles ABQ3 2026 report
Cash and burn

Burn up 8% on last quarter.

Runway

Zero cash Sep 2027. Raise by March.

Revenue against burn

Revenue covers burn by mid 2027.

Fund

LP statements and the books, from the same records.

Notices and statements come straight from what you have already recorded, and the books export to your accounting system. Nobody rebuilds the numbers in a spreadsheet.

200 MSEK

The funding gap Auryn found before the founders mentioned it.

Auryn concluded that an additional 200 MSEK was needed on top of the ongoing round to take the analyzed company through the final phase. When we spoke with the founders it turned out to be exactly the amount that was missing.”
MathiasFamily office
We are very impressed by Auryn. It is easy to use and intuitive, with a clear interface.”
AndreasVC fund
We have cancelled our previous tool after starting to use Auryn.”
LudwigFamily office
After reviewing Auryn’s analysis of our company I can clearly see what we need to focus on going forward, and I agree with every single point.”
Founder of an analyzed company

See it on a real deal.

Thirty minutes. We take a real deal from the first deck to the memo, show how Auryn keeps watch over your portfolio, and look at where it would extend your team.

  1. 1Time
  2. 2Your details
Does Auryn make the investment decision?

No. It does the reading, the research and the arithmetic, and shows its sources. You can change any rating or number, and the decision is yours.

Which stages is Auryn for?

Every stage. The research, the return model and the portfolio follow-up work the same whatever the round. Auryn shines in the early stages, where little is proven and uncertainty is high.

Does Auryn replace our analysts?

No, it makes them better investors. Auryn takes the reading, the research and the arithmetic off their desk, so they cover more deals and spend their time on founders and judgement. Every conclusion shows how it was reached, so your team learns from each analysis and gets sharper with every deal.

Where do the numbers come from?

From the founder’s own material, web research, our own exit research data and the investment knowledge built into Auryn. Every figure links to its source, and you can open and edit the comparable exits behind the exit values. We keep adding data that helps you make better decisions.

Who can see our deal flow?

Only people in your organisation. Your data is kept strictly separate from every other firm’s, and founders only see what you share with them.

What do our portfolio companies have to do?

Nothing, unless you want them to. Reporting is optional and set per company: you choose which companies report and which KPIs they send. Those that do report through their own login, and runway and raise-by dates update from there.

What does it cost?

It depends on how you invest, from a single angel or family office to a team running several funds. We go through it on the call.

The hard questions, before the raise.

Founders and investors can run a single deck through the same analysis, reviewed by an Auryn analyst and back in three to five business days.

Get a Preflight reportFrom €295 excl. VAT

The deal that makes your portfolio is somewhere in the pile.

Auryn reads all of it. Book thirty minutes and see how.

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