Bring the company.
And your criteria.
Start with the company, the available material and the decision in front of you. Your mandate and investment thesis should shape the investigation.
Investment research & decision preparation
See the company.
Challenge the case.
Butterfly helps investment teams bring company evidence, market signals and competing perspectives into one workspace—so they can ask better questions and prepare a stronger investment decision.
From the first look to the investment discussionEvidence / Perspective / Judgment
01 / The way of working
A stronger case starts
with a better question.
Bring the company.
Investigate.
Then challenge.
Compare the inside story with the outside view. Separate documented facts, management claims and working assumptions. Look for what would change the case.
Prepare the discussion.
Name the next step.
Make the thesis, counter-case and open questions explicit. Turn uncertainty into a focused diligence agenda before the investment committee meets.
02 / Research
One company.
More than one lens.
Different questions need different investigations. This is the Research suite being introduced in Butterfly Desk.
Research rollout · The report suite is being released in stages. Open your workspace to see what is available to your organization.
IC Memo
What is the investment case—and the strongest case against it?
The thesis, counter-case, material risks and evidence still needed.
Opportunity Report
Do the financial story and market signals tell the same story?
Bring the case and the outside view into one investigation.
AI Visibility
How do AI engines describe this company?
Understand the narrative; check its claims against evidence.
Company Listening
What are people saying that deserves a closer look?
Customer conversations, recurring concerns and leads for diligence.
Market Landscape
What alternatives compete for the same customer and budget?
Competitors, substitutes and the structure of the market.
Goldmine
Which unmet needs could become a commercial opportunity?
Demand signals, opportunity hypotheses and the assumptions to test.
03 / Company context
Keep the question
close to the evidence.
A deck tells one story. Customer signals may tell another. Your mandate determines which differences matter. Organize the material around the company and the decision, with gaps visible alongside the evidence.
Bring the company website, pitch deck, financials, investment criteria and the question you actually need to answer. Add confidential material only after agreeing access and data-handling arrangements with your organization.
04 / The investment toolkit
Give every assumption
a proper hearing.
Alongside Research, our investment rollout brings specialist perspectives and repeatable workflows into the same workspace.
Investment Analyst
Frame the thesis and the decision.
Financial Analyst
Interrogate the economics and assumptions.
Market & Customer Analyst
Investigate demand, alternatives and adoption.
Skeptical Reviewer
Find the evidence that could change your mind.
Investment Writer
Make the argument clear enough to challenge.
From screening to IC
Five workflows in the rollout: deal screening, diligence planning, founder questions, decision briefing and investment writing.
Decision Stress Test
Explore objections and assumptions through AI-generated perspectives. A way to rehearse the argument, not a prediction of your committee’s vote.
Make the case clear
Use decks, charts, market maps and research exhibits to explain the evidence. Each claim still needs its source and its caveats.
Specialists are AI analytical roles. They are not real investors, advisers or endorsements. Availability follows the workspace rollout.
05 / Read the work
The interesting part
is where the case gets tested.
Two historical examples from the original Butterfly Memo. These May 2026 illustrations use a fictional investment committee; they are not current recommendations or output from the new Desk release.
06 / Our approach
Conviction should
survive a challenge.
Ask “what would have to be true?” Then ask what would have to be true for the thesis to fail. Make both testable.
AI can help structure an investigation. It can also miss evidence or produce a plausible mistake. Verify material claims, examine source dates and coverage, and keep investment judgment with your team.
A conversation sample is not the whole market. An AI visibility score is not an investment rating. Agreement between models is not independent corroboration.
Explore the method →Learn from the deals you passed →Butterfly Desk
Bring your next
investment question.
Continue in the Butterfly workspace. New to Butterfly, or moving from the original app? We can help your organization get started.
Already used the original Butterfly Memo?