FIN 500W Washington University Venture Capital Method Class Discussion

Required Readings 1. Redpoint Due Diligence Process![Preview the document]( by Tomasz Tunguz | Redpoint Ventures 2. Late Stage Due Diligence Post Termsheet![Preview the document]( by Nick Hammerschlag | Openview Partners 3. The Truth about Due Diligence![Preview the document]( by Connie Loizos | Techcrunch | 19 May 2016 Case Materials Carna Robotics Business Plan![Preview the document]( _Please read pages 1-21 until reaching the heading “Research and Development” Please skim pages 34-40 Please review the financial summary on page 41 The remainder of the business plan is provided for completeness and future reference._ Throughout the class we will have several assignments and case discussions relating to a particular case, Carna Robotics. This case is based on publicly available information on a venture-stage business. Key identifying information has been stripped from the case materials. Still, in the course of your research you may identify a substantially similar company with a different name. Please note the following: a) For purposes of your analysis, you should assume that this particular company does not exist. It is not the same company as Carna Robotics, the subject of this case. It is also not a competitor to Carna Robotics. b) You may be tempted to try to draw conclusions regarding the Carna Robotics case based on the history or status of this similar company. Such inferences are strongly discouraged. The facts and circumstances of the Carna Robotics case are different in several ways, both significant and subtle; consequently such inferences will often be invalid. Case Background Suppose you are first-year associate at a Midwest-based late-stage venture capital firm. The firm has raised approximately $500 million across 3 funds, the most recent of which is $200 million. Funds I and II are fully invested, except for follow-on reserves. Fund III has only made one $17 million investment so far. One of your fund’s partners forwards you an email from a business acquaintance, a partner at Kitty Hawk Ventures, with an attached business plan for their portfolio company Carna Robotics. The company is currently raising an additional round of venture capital funding. Your partner has requested your initial reaction to the prospect of leading the requested round of financing. Homework Instructions After reading the required readings, the assigned portions of the Carna Robotics business plan, and the case background above, use those materials and your own knowledge to answer the following question. Please be concise in your responses, focusing on key facts and interpretations rather than repeating extensive contents of the readings. The maximum length of your entire response is limited to one page of 12-point text double-spaced. (It is not necessary to repeat the questions in your response.)

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