Ask HN: Programming test for I/O Ventures?

Don't want to go into a lot of detail, but I have concerns now. I applied to I/O Ventures after reading a recent HN post. Got an email today that I made it to the 2nd round and that I or one of the members of my team needs to finish a programming test. I'm curious about this. I've applied to YC a few times and gotten the interview once. Paul and the gang never requested we complete a programming test like we were interviewing for a job. I'm trying to build a company. Either we're building an interesting product that a prospective investor finds interesting, or we aren't. I personally fail to see how a programming test helps in their decision or not. Am I off base here, or is this something that's ok to expect from a program like I/O Ventures?