In this Draper University interview, Surbhi Sarna, CEO & Founder of nVision, recounts the gritty reality of raising her seed round during a recession. She describes making 20‑30 pitches to a mix of tech and medical‑device investors, enduring universal rejections before finally securing a Boston‑based VC after a dramatic back‑and‑forth negotiation where she offered to forgo a salary and move back with her parents. The partnership eventually invested, prompting other investors to follow. Later, an impromptu pitch to Tim Draper at Draper University—prompted by a lunch‑time invitation—resulted in his immediate investment, complementing the seed round. Surbhi also touches on the runway provided by the seed capital, her burn rate, and the strategic decision to not draw a salary for a year to stretch the funds.
I mean, Tim was somebody you were able to cohere a relationship with while you were here at Draper University, but aside from him, what was it like raising money? I mean, your first $300,000 was the most difficult money you had to raise. Follow-on was a little easier. Were you hitting Sand Hill Road every single day just knocking on doors? Do you have any interesting stories about what it was like to raise?
Yeah, I think I was— before the first person said yes, the very first investor So let's start with the seed round. Before the very first person said yes, I think I had pitched to about— I've done about 30 pitches, I want to say, 20 to 30 or something like that. In tech, that number is going to be closer to 100. In pure medical device, like traditional healthcare, there are a lot less VCs, but— so if I was in tech, I'd be telling the same story and saying that— so I basically pitched to everyone out there, and everyone had said no. So yeah, resilience and determination and keeping it going. And also before you go into it, because you're an entrepreneur, you are optimistic and oftentimes you are overly optimistic. So even when other entrepreneurs who are very talented say to you, I struggled to raise money, Mm-hmm. you don't think that you will struggle to raise money. And I think just having that level of preparation or just knowing that it's hard for a lot of people kind of Makes it easier to go through. Right now is a great time to raise money. I mean, with the economy the way it is and the way that venture funds are and how easily they're raising their own funds, this is a really great time. I actually, I had to fundraise during the recession, but interesting story. So my first round of funding, I was getting really, really close with a Boston-based VC. And I was so excited because it was the final round of pitching. And I flew out to Boston. I pitched to the entire partnership. As they walked me back to my car, they essentially said, yes, but give us one more day. We just need to have one more meeting. And I was so excited. It felt like it was in the bag. Like we were planning the next board meeting and everything. And I flew back home, and 2 days later, They called me and they said, we're so sorry, but we can't go forward with this investment. OK, so I'm totally crushed. I take the day off work. I spend the day under my covers and just do that for a few hours. But then I start thinking again. And I'm like, what? When that investor said no to me, was it a hell no? Or was it a no with a little bit of hesitation and a little bit of disappointment? So I pick up the phone, I'm still under my covers, and then I call this partner back and I say, why? Like, just give me a couple of reasons. Like, oh, it's a very risky investment, you have really limited experience. Most healthcare CEOs are in their 40s. And you're so early, you don't even have a prototype, which is another really unique thing, which is a fair ask on their part, I think, as I look back. So I got off the phone again, did some more thinking, and then by the next day called them back and said, look, if you invest in my company, if you put this initial quarter million in, I will not draw a salary for a year. Like, I will do what it takes. I will move back home with my parents, which I did. And I will take the risk with you. I'm incredibly risky, but this is me willing to— So then this partner goes back to their partnership. And says, look, we have to invest in this company. And if you guys don't invest in this company with me, the whole partnership, like the venture funds invest, you have to let me breach my contract, and I'm going to invest as an angel. These are the options. So as a result, of course, the whole partnership came on board, and the VC ended up investing in me, which started— as soon as you get one person to say yes, usually a couple of other people will. And yeah, that's how— the initial part of the seed round went. And then the— then I came here and Tim and I were kind of talking and getting along. He's getting to know me better and the company better. And then I had told him that I had a board meeting. So I was going to leave class a little bit early one day, run down to Mountain View and do a board meeting. All my investors were flying in. And right before I was to leave, there was a lunch break. And Tim kind of strolled into the room and said, does anybody want to pitch me right now? I'm available. So totally just not planned at all. And he was with his daughter, Jessie. And I was already a little bit late for my own board meeting. So it was a really interesting choice to make. So first, I was like, OK, you know what? I'll give everybody else a chance. So we're all sitting like you are now, Tim rules. I'll give everybody else a chance. If somebody else wants to pitch, I'm sure I'll have an opportunity in the future. Part of it is just being a little bit more crazy and a little bit more ambitious than everybody else you're sitting in the room with. A lot of that— nobody else jumped at the opportunity because they're all afraid that they weren't prepared enough, they didn't have the right slides. So then nobody said anything. So I was like, oh my gosh, I have to take this opportunity. Okay. So then that was the day I pitched to Tim. And then I had my board meeting. And I called him after the board meeting. And he decided to invest. So, and that board meeting also went really well. And those investors had decided to put in a little bit more at that point too. So yeah, that's how my seed round came together.
And then follow-up?
Yeah, so the next—
How much time in between to give people a frame of reference?
Yeah, so between— sorry, go ahead.
How much runway did you have after the seed funding?
What was my run rate, like my monthly burn?
No, what your runway is, how many months could you survive, because you said you're not paying yourself salary for the first year?
Yeah, so it was like a good year and a half just on that seed round as a result. Yeah, so it was about a year and a half between— When I raised my seed round and when I raised my Series A.
