The IC Process
STAGE 01
Pre-Research Thesis
David's raw, unresearched instinct in his own words. Voice note or bullets. No LLM. Captures priors before they're contaminated by research.
📝
STAGE 02
LLM-Assisted Research
Tammi fills gaps, verifies facts, surfaces what the deck doesn't say. Confirms or challenges Stage 1 priors. Adds market context.
🔍
STAGE 03
LLM Council Stress Test
GPT-4.1 (Bull) vs Gemini 2.5 Pro (Bear) vs Claude Opus (Adjudicator). Structured debate. Tammi runs, David reads the verdict.
⚖️
STAGE 04
Full IC Memo
10-section formal memo. Written by David. Evidenced by Stages 1–3. The document David would show a co-investor or board.
✍️
Active Deals
⚡ Project Prometheus
Physical AI · Industrial Automation · Series B
✓ Docs reviewed
✓ Raw thesis
✓ Council · 4/10
◎ IC Memo
⚠️ Pre-revenue · DeepMind already deployed in same sector · Alpha Wave fees undisclosed · Chase Polis to confirm side letter terms
Jeff Bezos + Dr. Vik Bajaj · Polis Strategies Fund LLC Series 4 → Alpha Wave IX LP → FL2024-008 Inc. · 15% carry / 2% mgmt fee (side letter)
→ Full deal page
🤖 Anthropic
AI Safety · Foundation Model · San Francisco
◎ Raw thesis
Research
Council
IC Memo
⚠️ $900B valuation to be interrogated · SPV docs pending · Voice notes outstanding
Dario + Daniela Amodei · Makers of Claude · Backed by Google, Amazon, Spark Capital · IC memo seeded, awaiting subscription docs
→ CIH portfolio
Documents Filed Today
KDD IC Register
Drive
IC Memo — Prometheus SPV
In Progress
IC Memo — Anthropic SPV
In Progress
Prometheus Investment Memorandum (Integra / Matters Capital, May 2026)
Filed
Prometheus — Side Letter (David Fine, signed 24 May 2026)
Signed
Prometheus — Signed Subscription Docs
Signed
IC Memo Template — 10 Sections
01
The Belief
What do I believe that the market undervalues?
02
The Business
What does it do? Who pays? How does it make money?
03
Why Now
What has changed to make this the right moment?
04
Why This One
Why this over alternatives? What is their edge?
05
The People
Who is running it? Have I stress-tested them?
06
The Numbers
Entry price, return scenarios, what must be true.
07
The Risks
The three things most likely to kill this investment.
08
Portfolio Fit
Why does this belong in KDD at this size?
09
The Exit
How and when does KDD get its money back?
10
The Decision
One paragraph in David's own words: why I am doing this.
Pending Actions
🎤 Voice notes — Prometheus Stage 1 thesis
✓ Filed 25 May 2026
🎤 Voice notes — Anthropic Stage 1 thesis
Outstanding
📄 Anthropic SPV subscription docs
Awaiting from David
📬 Chase Polis — confirm side letter governs (15%/2%)
Action required
📬 Chase Polis — Alpha Wave IX LP fee disclosure
Action required
🔬 Stage 2 research — Prometheus
After Stage 1
⚖️ LLM Council — Prometheus (Bull / Bear / Verdict)
After Stage 2