Cap Table
The percentages below are shown on a fully diluted (FD) basis, including the ESOP phantom shares pool. Total exceeds 100% because the ESOP represents additional equity-equivalent instruments that dilute all shareholders proportionally if exercised.
Distribution
Summary
| Stakeholder group | % (FD) |
|---|---|
| Founders (5) | 69.60 |
| Business angels and investors | 30.40 |
| ESOP phantom shares | 7.78 |
| Total (fully diluted) | 107.78 |
Founders
| Name | % (FD) | Position |
|---|---|---|
| Andy Aguilar | 21.23 | CEO & Co-founder |
| Alfonso Medela | 21.23 | Chief AI Officer & Co-founder |
| Taig Mac Carthy | 21.23 | COO & Co-founder |
| Gerardo Fernández | 3.41 | CTO & Co-founder |
| Antonio Martorell, MD | 2.50 | Chief Medical Officer & Co-founder |
| Total founders | 69.60 |
Business Angels and Investors
Reflects the post-seed 2024 cap table (€2.033M seed round closed on 24 September 2024).
| Investor | % (FD) |
|---|---|
| Mutua Ventures (lead, seed 2024) | 10.13 |
| Angels Capital | 2.81 |
| Ribera Salud | 2.81 |
| Biozell Ventures | 2.25 |
| Telefónica Open Innovation | 2.25 |
| Other business angels (13) | 10.15 |
| Total investors | 30.40 |
Full per-investor detail is available in due diligence.
ESOP (Phantom Shares)
Pool total: 891 phantom shares. Strike price: €841.56 per share.
| Name | % (FD) | Role |
|---|---|---|
| Antonio Martorell | 2.31 | Co-founder (additional grant) |
| Gerardo Fernández | 2.00 | Co-founder (additional grant) |
| Ignacio Hernández | 0.25 | Medical Data Scientist |
| Unassigned (available pool) | 3.22 | Reserved for new hires |
| Total ESOP | 7.78 |
Funding history
| Round | Date | Amount | Lead investor |
|---|---|---|---|
| Pre-seed / earlier rounds | 2019-2022 | ≈€342K (equity) | Various BAs |
| Seed | 24 Sep 2024 | €2,033,382 | Mutua Ventures |
Non-dilutive capital captured to date: €3.56M in grants (CDTI Sello de Excelencia, EU programmes, regional grants) + €795K in soft loans (ENISA, Aquisgrán, Solventis, Santander). Total non-dilutive: €4.36M (64% of total capital).
See Funding for the complete breakdown.
Financing in place, and the route to a Series A
The runway to the Series A is already funded by existing investors: a convertible note (the only dilutive layer), anchored by them, with Mutua Ventures pro-rata confirmed, alongside non-dilutive loans (ICO Crecimiento, Elkargi) and grants in evaluation. The convertible converts into the Series A; economic terms are set out in the term sheet (under NDA).
See The Opportunity for the growth plan and the road to €1M ARR.
Series A
A full Series A is planned once the metrics are met (€1M ARR, FDA pre-submission completed, 2+ pharma multi-year frames signed), whenever that is, not on a fixed date. Valuation terms are set out in the term sheet (under NDA), with a lead investor from US healthtech / clinical AI specialised funds preferred.