Seed – Series A

Development – Pre-Approval – Early Commercial

<12–18 mo. runway; pre-approval key focus: feasibility, MVP, regulatory path; post-approval key focus: refine sales formula, demonstrate robust adoption

Series B – IPO

Commercial & Manufacturing Scale-Up – M&A

Reliable revenue growth, scaling sales and production; post-approval clinical studies; team and process expansion to support growth

Engineering/Projects

Design – Process Improvement – Analysis

Current state assessment; preparation for scale-up; strategic operational and commercial due diligence