Qureight's Series B, read through every check we run

Why this post exists

We are often asked what our checks actually find on a real company. So we took one round from our own funded-ideas feed and ran the company through every check on vc-scan that needs nothing but its name and number. No deck, no data room, no help from the company. This is what an investor's associate can see before anyone has replied to an email.

One small thing first. The company announced $20m; the UK trade press reported £15m. They are the same round in two currencies, and a reader comparing headlines across sources should convert before concluding that two rounds happened.

We picked Qureight because the round is already public, the company is UK-registered (so the Companies House read works), it holds patents and works in life sciences (so most of our checks apply), and enough time has passed since the announcement for the paperwork to reach the register. We did not pick it because we expected to find a problem. We did not find one.

What we ran, and what came back

Every result below is as at 14 October 2026. Companies House can lag real filings by days or weeks.

• UK company check (Companies House, 11 tests). Active; accounts and confirmation statement up to date; no insolvency history; no cluster of director exits; registered office is a real Cambridge address, not a formation agent. Four charges marked outstanding (below).
• Disqualified directors. All seven current directors searched against the disqualification register. No match.
• Charge registration timing. A charge must reach Companies House within 21 days of being created (s.859A of the Companies Act 2006), or the lender can lose its security. All four were registered on time.
• Ownership (the PSC register). No individual now holds 25% or more. Three earlier individual entries have ceased. No company, university or technology-transfer office holds significant control.
• Patents (EPO worldwide data). Two families in the company's own name, one granted in the UK and one in the US.
• Clinical trials, FDA drug approvals, orphan designations. None as sponsor. That is expected: Qureight analyses scans for the drug companies that sponsor trials, so an empty result here tells us nothing either way.
• UK public grants (UKRI). No UKRI-funded project under the company's name.
• US federal records (SEC, FDA devices, federal courts, the OFAC sanctions list). Nothing under the name. State courts and state registries are not covered by any free source.
• Website and email domain. Valid certificate, modern encryption, signed email. Spoofed mail is sent to spam rather than rejected outright: a small tidy-up, not a finding.
• Financial-promotion rules (FCA COBS 4.12A). Does not apply. Those rules cover pages that offer investments to the public; qureight.com is a corporate homepage.
• Deck, cap table, SAFEs, financial model, data room, valuation. Not run. Each needs a document only the company holds.

The round, as the register records it

Companies House does not label a filing with the deal behind it. Any link between these filings and the announced round is an inference from timing, and we call it one.

• 24 February 2026 — two charges created in favour of HSBC Innovation Banking.
• 31 March 2026 — shares allotted; nominal share capital now £2,681.28.
• 27 April 2026 — new articles of association and shareholder resolutions filed.
• 5 June 2026 — two more charges in favour of HSBC Innovation Banking.
• 16 July 2026 — shares allotted, per the original allotment form; nominal share capital now £3,680.43.
• 23 July 2026 — two directors appointed; the board goes to seven.
• 29 July 2026 — the Series B is announced: $20m (reported), led by Molten Ventures, with existing investors following on.
• 8–12 August 2026 — the new articles, resolutions, the allotment and both appointments reach the register.
• 20 August 2026 — a replacement allotment form is filed; its register entry refers to 29 July.
• 22 September 2026 — further shareholder resolutions.

1. A textbook priced round, with one corrected form

A priced equity round leaves a fingerprint on the register. New articles create or amend the investor share class. Shareholder resolutions approve the allotment and waive existing holders' pre-emption rights. An allotment return (SH01) records the new shares. And investors often take board seats. All four appear within five days in August, starting ten days after the announcement. That lag is normal: the allotment return is due within a month of the allotment, and the register adds its own delay. A convertible note or a SAFE leaves none of this behind until it converts.

On 20 August the allotment form was replaced. The original gives 16 July as the allotment date; the replacement's register entry refers to 29 July, the day of the announcement. A replacement is filed when a form needs correcting, and the register entry does not say what changed.

The share-capital arithmetic, and why it is only a first pass

Between the March and July allotments, nominal share capital rose from £2,681.28 to £3,680.43, a 37% increase. That is not the dilution. Different share classes can carry different nominal values per share, so the pound figure does not convert straight into a share count. The allotment form itself lists the shares issued by class and the amount paid for each, and that document, not the summary line, is what an associate reads. We do not derive a valuation for a named company, and this post does not.

2. A lending facility alongside the equity

Four charges are registered in favour of HSBC Innovation Banking, the specialist technology lender: two created on 24 February 2026 and two on 5 June 2026. The pattern is consistent with venture debt, which growth-stage companies often take alongside an equity round to extend their runway.

What "outstanding" means. It is a filing status, not a statement that money is owed. A charge clears only when the company files a satisfaction (form MR04), so a repaid facility can sit on the register as "outstanding" for years. The register shows that security was granted. It does not show how much was lent, how much is drawn, or whether anything is owed today, and neither can we.

Why an investor asks anyway: secured lending is repaid before shareholders if a company is sold or wound up, and loan agreements often carry covenants and consent rights over new fundraising. Two pairs of charges, three months apart, could be two facilities or one facility extended. Both are routine. The point is to know which.

3. A second allotment, in March

Shares were also allotted on 31 March, followed by new articles on 27 April, four months before the announcement. The register cannot say what that was. Common explanations are a first close of the same round, a separate earlier raise, or a convertible converting. Each means something different for the share classes and for who holds which rights.

4. Ownership, board and patents

No individual controller. The register carries a statement that no person holds 25% or more, and three earlier individual entries have ceased. That is what several rounds of dilution look like, and it is normal. It would need explaining next to a deck that says "founder-controlled"; we have not seen the deck.

A stable board, with the investors' seats where you would expect them. Seven directors, no cluster of resignations, none on the disqualification register. The two appointed on 23 July match the company's own announcement, which says one joins from the lead investor and one from an existing investor. This is the cross-check working the right way round: the register and the announcement agree.

Patents in the company's own name. GB2628455A, "Quantification of lung fibrosis" (first filed November 2023, granted in the UK), and WO2023281252, "Assessment of lung disease progression" (first filed July 2021, granted in the US). A published grant does not prove the patent is still in force, because renewal fees can lapse. And for a Cambridge company it is worth confirming no university holds the IP or a licence over it; the register shows no university with significant control, which is a good sign but not an answer.

What we would ask in the first meeting

• The HSBC Innovation Banking facility. How much, how much drawn, what covenants, and did the Series B need the lender's consent? Are the February and June charges one facility or two?
• The replaced allotment form. What was corrected, and is the completion date 16 July or 29 July?
• The March allotment. First close, separate round or conversion? Which share class, and on what terms?
• The cap table by class. How the 37% rise in nominal capital translates into shares per class, and the liquidation-preference stack that results.
• The patents. Both families renewed and in force? Assigned to the company by every inventor?
• The new articles. The two July directors are investor appointees, per the announcement. What consent and veto rights come with their seats, and with the new share class?

Run this on your own company

Everything above is public, which means an investor can read it about you before you have sent a deck. Before you raise, pull your own record and check five things:

• Is every charge you have repaid marked satisfied? If not, file an MR04. An old "outstanding" charge is a question you can close in a day.
• Does your PSC register match your cap table? A statement that nobody controls 25% is normal after a few rounds; a founder listed who sold down years ago is not.
• Does your last round's paperwork read cleanly? Articles, resolutions and allotment return, filed on time, with any correction explained.
• Are your patents in the company's name and renewed? Not a founder's, not the university's.
• Does your deck say anything the register contradicts? "No debt" next to a registered charge is the classic.

Limits, stated plainly

This is a dated read of public records as at 14 October 2026, not live data. Sources other than Companies House are matched by company name, so a result can belong to a namesake and an empty result is weak evidence. The round amount is as reported in the press. We state what the records show and draw no conclusion about anyone's intentions or the company's prospects. It is not investment advice, not legal advice, and not a guarantee of any fundraising outcome.