Planning a Successful
Liang-Bin Hsueh, InfuseAI
The fundraising lesson I learn the hard way
• co-founder and COO of InfuseAI, my 2nd startup.
• We are developing PrimeHub MLOps platform to help data scientists to
build, manage, and deploy AI models faster.
• Convertible Notes (2018), Series A ($4.3M, 2021)
• Series A: meet ~30 VCs in six months
• Our great investors: Wistron (CVC), Top Taiwan, Hive Ventures, SVT
Angels, 500 Startups
1. Think like investors
2. Co-founder Shares
3. Understand your 🦄 business
4. Fundraising Plan
6. Option Pool
Think like investors
My mind to your mind. Your
thoughts to my thoughts.
Think like investors
alignment of interests
• Founders: Change the world
• VC: 10x returns; Exits; help founders to achieve the goal
• (IPO then M&A)
• Stock buybacks?
• Your VC will be your partner for a long time. Find a good one, develop a
win-win relationship, and ask them for help.
• Never 50:50
• Co-Founder Equity Calculator:
You don't have co-founder? Find one.
• Five years later: Five ways to
build a $100 million SaaS
• Roadmap to a SaaS IPO: how
to unicorn your way to $100M
• What will your next round look like?
• What is your milestone in this round?
• How much money do you need in this round?
• 12 ~ 18 months runway
• → Build a cap table to simulate very di
erent cases: pre-money, post-
money, how much % for each investor, option pool size, dilution
It didn't follow the original plan…
• You are either undersubscribed or oversubscribed
• If you are oversubscribed, don’t over-optimize like raise valuation,
• If you want to take more money, discuss with your lead investor:
Minimum Closing: $X. The remaining $Y should be closed within $Z days after initial closing.
• Close it quickly
• How much is too much?
• Data from How much dilution
makes sense for a founder
• To align the interests of
founders and investors
• Typical: 10~20% in Series A
• Option grants done right: The
Option Pool Shu
• Communicating option values
with your team: A No B.S.
Guide to Startup Stock Option
• Know their interests before
meeting with them
• Know how to improve your
Use our referral code to get $15 credits: https://docsend.com/invite/3weutkn
YC: Series A Guide
This deck: https://docsend.com/view/dmi9aqn5vvx79742