Execution Beats Flashy Funding

Capital Efficiency Beats Big Valuations

“In medtech, fast is never an option,” says Juan. Medtech has a painstaking pace. Here, even software development can be held up by regulatory requirements. Coming from a different background, Juan had to “learn from scratch” that while it’s crucial to keep moving, it’s even more important to move efficiently, ensuring each step advances the company’s goals.

Starting with less than $6 million in funding, Juan’s initial expectation that he could build the company quickly turned out to be naive. As he notes, the pace in this space is often “slow, slower, or stop.” However, his finance background had given him a strict focus on resource management. Rather than raise large sums of capital early, AccurKardia focused on using its limited funds wisely to achieve critical milestones—an approach that he believes has been a major advantage.

“Our secret sauce is that we have been able to improve the process in which we take an idea and turn it into reality in a streamlined way," he explains. His goal is to build value first, so that when AccurKardia goes to market, funds can be used directly for commercialization rather than exploratory research. He says. “If you're staring down  $50 million in capital to get to a point where you're actually selling product, if 80% of that capital was used in the development versus maybe the opposite, where 80% is now being used to commercialize it, there's going to be a much stronger ROI in the latter scenario.” This approach keeps AccurKardia nimble, lean, and competitive.

Thanks to his background in finance, Juan has a transactional, comparison-based view of progress. He is always aware of competitors and their capital raises but remains grounded in AccurKardia’s own accomplishments. During the high valuations of 2021-2022, he decided not to pursue large rounds. "We used the money where we had to," he notes. This allowed them to avoid unnecessary dilution early on. Moreover, he used AccurKardia’s efficient use of capital as a selling point to investors. This way, instead of competing for funds, he showed investors how AccurKardia had achieved more on a fraction of the budget that other companies have raised.“If you’re in the position where you’ve been really efficient, make that a strong point,” he advises.

When and How to Engage with Investors

One of the things Juan learned from his journey in medtech was the importance of timing when bringing investors on board. For him, it was crucial to give his team time to develop their product and learn the market independently. He explains, “Sometimes it’s good to let the innovators think on their own without too many opinions from outsiders who may not be experts.” By working initially on their own terms, Juan and his team could refine their vision and prepare a strong foundation before inviting outside perspectives to help them scale. This also allowed them to tell a more genuine version of their story when they were ready for broader investor engagement.

However, this doesn’t mean you don’t need any funds to start. When it comes to raising, it’s important to remember that early fundraising tends to be relationship-based. Juan shares, “The first few checks come from people that know you, people that know that failure is not an option for you.” He and his team leveraged the credibility they had built over their careers to secure this early support. “In our case, most of AccurKardia’s co-founders came with accomplished backgrounds—whether in banking, scaling companies, consulting, or building large enterprise-scale software platforms,” he says. With this foundation, they were able to approach early investors with proven track records: “We had the experience to show,” he notes, “and that helped us secure our first few million.” For those without established networks, Juan’s advice is to look into angel groups, crowdfunding, or grant programs, which can help fill that gap when traditional funding avenues aren’t immediately accessible.

Apart from being relationship-based, Juan shares, “At the seed and pre-seed stage it’s very personal,” meaning that rejections are often based on alignment—or lack thereof—between an investor’s personality or vision and the founder’s own. Early-stage investors are not just assessing the product or potential market; they’re also considering their rapport with the founder and whether the relationship feels right. Accepting this subjectivity can play a major role—some will find you and your mission close to theirs, and others won’t.

That is why it’s essential to be “stubborn enough” to keep seeking funding despite repeated rejections. Even great ideas don’t always fit an investor’s “pattern,” which is why Juan suggests founders be prepared to look at alternative funding sources if needed.