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AI due diligence for venture capital

Investment memos you can audit in seconds.

You get a few minutes per deck. Tracer reads the whole data room and hands you an evaluation you can trust, with every statement linked to its source and every gap in the founder's story flagged.

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Read the video transcript

Every deal starts with a pile of reading.

Today, AI can summarize it in seconds.

But which lines can you actually trust?

This is Tracer.

Tracer ties every fact to its source, quoted word for word, and checks the quote really exists.

Every source is graded. Five articles repeating one press release count as one voice.

When sources disagree, Tracer doesn't pick a side. Both stay on the record until you resolve it.

If a key question has no evidence, the score is capped. Optimism can't fill the gap.

Then your fund's own rules make the call: Proceed, Watch, or Pass.

The result: an investment memo you can check, line by line.

Tracer. Every statement traces back to its evidence.

The problem

AI memos read fluently. Fluency tells you nothing about grounding.

101 deals reviewed for every one a fund closes.

Most get a few minutes, and that's where outliers slip through.

Gompers et al., 2020

“Is that from the deck?”

What partners ask in every IC meeting. Tracer shows whether each statement rests on the founder's word or outside evidence.

Often, one source stands behind a headline claim.

The founder's own deck. Most memos don't tell you that.

Kirsch, Goldfarb & Gera, 2009

How it works

From data room to decision in five fixed steps.

Upload everything. Tracer runs the same pipeline on every deal, under the same fund configuration.

  1. 01

    First look

    Drop in everything you have on the startup. Tracer answers your fund's screening questions so you know in minutes if the deal is worth a closer look.

    Output

    Go / no-go memo
  2. 02

    Gather evidence

    Tracer reads every document, searches the web for more, and marks which sources are the founder's and which are independent.

    Output

    Every source, rated
  3. 03

    Check every fact

    Each fact gets pulled out with the exact sentence it came from. Where the deck and the press disagree, you see both.

    Output

    Facts and contradictions
  4. 04

    Stress-test

    Tracer builds the strongest case against investing and lists what nobody has answered yet.

    Output

    Risks & open questions
  5. 05

    Score the deal

    The deal is rated against your fund's investment thesis, using criteria you set, like team, market and moat. Every score shows its evidence.

    Output

    Recommendation
Product

Every sentence shows its proof.

Tracer doesn't write a memo and add sources afterwards. It builds the memo from sourced facts, so nothing unbacked slips in.

Click any sentence, see its source

Every statement links to the exact passage in the deck, interview or article it came from.

Thesis Card · Nordwind

Nordwind sells routing software to mid-market logistics fleets. It already has 12 paying customers C4 and its data improves with every fleet it serves.

Deck, slide 7Founder
“We currently serve 12 paying customers across DACH and the Nordics.”
Outputs

Three documents your IC can actually check.

01 · One page

Thesis Card

A testable thesis with scenarios, moat, entry wedge, falsifiers and scores, every line cited.

  • Thesis
  • Base / Upside / Failure
  • Falsifiers
  • Scores

02 · Verification layer

Evidence Pack

Every table behind the Thesis Card. Follow any statement to its source excerpt in one click.

  • Sources
  • Claims
  • Conflicts
  • Uncertainties

03 · Recommendation

Decision Snapshot

Proceed, Watch or Pass, with the strongest arguments, primary risks, and a re-evaluation trigger.

  • Classification
  • Counter-case
  • Research agenda
For funds

Your thesis, configured once. Applied to every deal.

Set your dimensions (the criteria every deal is scored on, like team or moat), score anchors, collection prompts, source tiers and confidence rules. Every evaluation records the config version it ran under, so two analysts' memos are comparable.

Evaluation dimensions
10
Collection prompts
9
Source tiers
Primary · Secondary · Tertiary
Confidence rules
High · Medium · Low
Score anchors
0–5

Config v3 · locked for 5 active deals

Tracer doesn't decide what's true.It makes checking take seconds.

The model extracts claims and places links. The excerpt sits right next to every claim, so verifying a statement means reading one short passage, not re-reading the data room.

Run your next deal through Tracer.

Create your fund account, set your thesis once, and screen your first deal today.