Introducing Lunaseed: The Infrastructure for Venture Diligence
Today we're launching Lunaseed, Lunaseed brings together a company's operating data and deal room documents into one structured, source-linked record—so investment teams can find material facts faster, investigate deeper, and reach a decision with the evidence behind every claim one click away.
The idea is simple: an investment decision is only as good as the evidence beneath it. And the tools firms use to work with that evidence haven't kept up with the companies they're evaluating.
The data room solved access. It never solved diligence.
A generation ago, diligence moved from filing cabinets to digital data rooms. Thousands of pages you once had to collect, copy, and organize by hand became accessible from anywhere. Real progress —but the actual work didn't change.
You still open every file, find what matters, figure out which version is current, reconcile the spreadsheet against the contract, chase follow-ups, coordinate specialists, and reconstruct the company well enough to underwrite it.
The data room became a better container. It never became a better diligence system.
Meanwhile companies changed completely. A modern company leaves evidence everywhere: accounting systems, payment processors, CRMs, cap tables, HR platforms, cloud infrastructure, code repositories, contracts, board decks. The information exists. Turning it into something a team can actually use is the hard part.
More information, more fragmentation
Firms can access more company data than any generation of investors before them —and it hasn't produced more clarity.
Evidence is scattered across operating systems, uploaded files, spreadsheets, email threads, advisers, founder responses, and the half-finished work of different team members. So before anyone analyzes the company, they rebuild it: searching for numbers already provided somewhere else, comparing versions of the same figure, connecting evidence by hand across legal, financial, business, technical, and compliance workstreams, repeating questions because the context lives in one person's head.
Every firm eventually hits the same wall: move slowly enough to resolve every question, or fast enough to win the deal and carry the unresolved risk forward.
That tradeoff shouldn't exist. Speed shouldn't cost you depth, and depth shouldn't cost you weeks of manual reconstruction.
The record is the new unit of diligence
Lunaseed starts with the evidence.
The firm defines what it needs—documents, systems, diligence requirements, areas of focus. The company responds through one structured workflow, uploading materials and connecting its approved systems of record. Lunaseed turns that pile into a structured diligence record: material facts organized across Legal, Financial, Business, Technical, and Compliance, each fact wired directly to the source it came from.
A revenue figure stays linked to the report it came from. A contractual obligation stays linked to the agreement. A technical claim stays linked to the underlying evidence. When two sources disagree, you see both, in context, side by side.
No more choosing between a tidy summary and the raw data room. You start with structure and drop into the source in one click.
That's the record: not a place to store company information, but the evidence layer the whole investment process runs on.
Stop reconstructing the company. Start investigating it.
Once the record exists, the work changes.
You don't start with an empty search bar or a folder of PDFs. You start with the material facts already structured, source-linked, and ready to investigate.
Start with what matters.
Fact Sheets organize the company's material facts across each diligence pillar, with the underlying evidence one click away. Instead of searching first and understanding later, the team begins with a structured view of the company and goes deeper where it matters.
Ask the record directly.
Carter lets investors interrogate that evidence in plain language, retrieve cited answers, and build focused views around an investment thesis, sector question, or the firm's own diligence framework—with material claims traceable back to their sources.
Turn bigger questions into real investigations.
When a question requires more than an answer, Investigation launches a deeper agentic process: breaking the work into research tasks, examining the relevant evidence across sources and pillars, and bringing the findings together into a structured, source-linked investigation report the team can review and build on.
Close the gaps without breaking the workflow.
If the work surfaces a missing document, an unanswered question, or the need for additional operating data, the team can request it from the company directly inside Lunaseed. When the new evidence arrives, it enters the same record and becomes part of the continuing diligence process.
Turn the work into a shared investment case.
Findings don't disappear into separate chats, documents, or individual notebooks. The Deal Team can share its work, build on one another's findings, investigate further, and bring the strongest evidence into the IC memo. The team develops the memo together around source-linked facts, investigation reports, and its own analysis before moving the completed investment case into partner review.
From the first fact to the final IC review, the evidence, the team's work, and the investment case stay connected.
The point isn't tidiness. It's economics.
Teams burn enormous time collecting, reconciling, and rediscovering information before the real investment work even starts. Specialist review is expensive. Partner time is expensive. Analyst time runs out. And missing a material issue costs far more than the diligence ever would.
Lunaseed gives the entire diligence process one shared evidence foundation. Less searching and reconstructing. Material questions surfaced earlier. Deeper investigation without turning every question into a fresh research project. Specialists brought into a structured process only when their judgment is actually needed. You arrive at IC knowing what you believe about the company—and exactly what evidence got you there.
That's speed without inheriting unnecessary uncertainty.
Diligence should compound
Most diligence evaporates after the deal. Files sit somewhere, the memo gets archived, the analyst moves on. The frameworks and investigative methods survive only if someone happens to remember them.
They shouldn't. Lunaseed lets a firm preserve finalized work and save reusable diligence logic—without carrying one company's private data into the next deal. A strong investigation becomes a repeatable method. A useful framework becomes firm standard. An IC memo becomes part of the investment record instead of an orphaned document.
Over time you build something more valuable than a bigger archive: a proprietary system for how your firm evaluates companies.
From evidence to conviction
Venture investing will always require judgment. That judgment gets stronger when the information under it is easier to reach, investigate, and trace.
That's Lunaseed—operating data and deal room documents turned into structured evidence, investors moving from fact to source without losing context, deeper investigation that doesn't mean rebuilding the company from scratch, and firm knowledge that compounds deal over deal.
The data room gave firms a place to put the files. Lunaseed is the infrastructure for what comes next.