NOETIC 2.0
Strategic Transformation: From Venture Fund to CNS Operating Company
$140B+ Market • 10.4% CAGR • Infrastructure-Led Strategy
Phase 0: Foundation
Market Opportunity
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Reality Check: Neurotech funding was $2.3B in 2024 across 129 deals—your hunting ground is smaller than global CNS market
Capital Plan Overview
Target Fund Size$500M - $1.5B
Anchor Allocation40-50%
Bolt-On Allocation30-40%
Reserves20-30%
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Phase 0 Critical Metrics
Operating Partners Hired0/3
Target Pipeline Built0/100+
NoeticOS DevelopmentPlanning
First LOIsTarget: 20+
Risk Assessment
Integration Execution
Regulatory/Payer
Talent Retention
Market Timing
Competition
Technology Risk
Phase 1: Anchor
Anchor Target Profile
Revenue Range$35-75M
EBITDA Margin20%+
Focus AreasNeurodiagnostics
Business ModelSaaS + Device
Critical Success Factor: First anchor must have proven management team staying post-close and clear bolt-on thesis with named targets
Integration KPIs
100-Day Plan ExecutionTarget: 100%
Margin Expansion+300 bps
Synergy Realization70% by M18
Bolt-On Pipeline20+ qualified
NoeticOS Implementation
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Financial Projections
Target ROIC15%+ by Y2
Revenue Growth25%+ CAGR
FCF Conversion80%+ of EBITDA
Phase 2: Bolt-Ons
Bolt-On Strategy
Target Count3-6 acquisitions
Size Range$5-25M revenue
Integration Timeline<18 months
Synergy Target70% of underwrite
Platform KPIs
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Synergy Tracking
Revenue SynergiesCross-sell attach 25%+
Cost SynergiesShared services 25%+
Procurement Savings10-15%
R&D Acceleration30% cycle reduction
Bolt-On Archetypes
Archetype A: Psychedelic Derivative IP
Archetype B: MH Infrastructure Network
Archetype C: Data/AI Decision Support
Phase 3: Scale
Platform Operating Metrics
Combined Revenue$150M+ target
EBITDA Margin25%+ target
FCF Yield15%+ target
Revenue/Invested Capital1.2x+ target
System-Level Value Creation
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Platform Advantages
Unified Data Platform: Cross-portfolio insights
Shared GTM: Channel leverage & payer deals
Regulatory Efficiency: Faster approval cycles
International Scale: Geographic expansion
Cash Conversion Optimization
Working Capital Days-10 day improvement
Cash Conversion Cycle30 days target
EBITDA to FCF85%+ conversion
Phase 4: Exit
Exit Strategy Options
Strategic Sale: Big Pharma acquisition
Target: 6-8x revenue multiple
Target: 6-8x revenue multiple
Dividend Recap: Return capital, hold assets
Target: 2-3x cash-on-cash return
Target: 2-3x cash-on-cash return
Carve-Out IPO: Public market exit
Target: 8-12x revenue multiple
Target: 8-12x revenue multiple
Continue to Hold: Long-term value creation
Target: 20%+ FCF yield
Target: 20%+ FCF yield
Return Scenarios
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Exit Readiness Metrics
Revenue Run-Rate$200M+ target
EBITDA Margin30%+ target
Growth Rate20%+ sustainable
Market PositionTop 3 in niche