This is interesting. While I haven't seen any data to suggest this is a generalizable rule, we certainly do see rounds happen for companies that have no revenue

This is interesting. While I haven't seen any data to suggest this is a generalizable rule, we certainly do see rounds happen for companies that have no revenue. However, most of the rounds we've seen do have revenue (ex-"hard tech" which is a whole other thing). Whether or not that revenue is material is another question.