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Commercial risk is the one you can still do something about.

Regulatory risk resolves at clearance. Commercial risk resolves years later, and by then the capital is spent. We work on it from the field.

Where portfolios lose money

Clearance is the midpoint, not the finish.

12–18 mo
Typical delay between clearance and the start of meaningful revenue, against boards that expected the next quarter.
3–7 yrs
Common range from clearance to real adoption in medtech, while most founders plan for a fraction of it.
9–12 mo
How far ahead hospital capital budgets are set, which can idle a cleared product for most of a year on timing alone.

Sources: published medtech commercialization analyses, 2026. Ranges vary by device class, care setting, and capital requirement.

How investors work with us

Three ways in.

Commercial diligence

A read from the field on a prospective investment: who actually buys this, what blocks adoption, and whether the sales motion described in the deck exists. Delivered as a written memo before you wire.

Traction for portfolio companies

We become the field sales team for companies you have already backed. Named accounts, signed pilots, and revenue that carries the next round or the exit, without the portfolio company standing up a sales organization first.

Demand signal for strategics

We sell across diagnostics, the operating room, and health system operations continuously. For device strategics, that is adoption evidence on emerging categories ahead of where market research lands.

Why the answer is credible

We only say yes when we are willing to carry it.

We have diligenced more than fifty companies and represent ten. When something clears our bar and we put our own team behind it, our standing in those accounts is the collateral. That is a different instrument than an advisory opinion, and it is the reason our read is worth something to you.

Let's talk

Tell us what you're working on.

A real person responds within one business day. If the product is a fit for diligence, we'll tell you what we need to see.

We reply within one business day. Nothing you send is shared outside Lumen.