Terms of Service

Masana (“Masana”, “we”, “us”) provides the Service. These terms (the “Terms”) are an agreement between Masana and you.

The Service is for professional investors and the people who work with them. It is not a consumer service. If you use it on behalf of a fund, firm or other organisation, you accept these Terms for that organisation and confirm you have authority to do so; “you” then means that organisation.

If you have signed a separate agreement with us for the Service, such as a trial agreement, an order form or a data processing agreement, that agreement applies where it differs from these Terms.

By signing in to or otherwise using the Service you accept these Terms. If you do not accept them, do not use the Service.

Masana helps investors assess early-stage founders. You add material about a deal, such as pitch decks, call transcripts and recordings, websites and other context, and the Service produces analysis from it. That includes a read of the founder’s operating level, questions to test in your next conversation and related notes (together, “Outputs”).

Some features are labelled beta or preview. They are there for you to try, may change or be withdrawn, and may be less reliable than the rest of the Service.

We improve the Service continually, so features will change. If we withdraw a feature that paying customers rely on, we will give them reasonable notice.

Access is by invitation. You sign in with a one-time code or link sent to your email address, so the security of your account depends on the security of that inbox.

Each account is for one named person. Keep your sign-in to yourself; colleagues need their own accounts. You are responsible for what happens under your account, and you must tell us straight away at help@masana.io if you think someone else has used it.

You must be at least 18 to use the Service.

Trials are free unless we agree otherwise. A trial may be limited in length and in the number of deals, pieces of evidence and analyses it includes.

Paid use is on the plan, price and term agreed with you in writing, for example in an order form, proposal or invoice. Unless that agreement says otherwise:

• fees are in pounds sterling and exclude VAT, which we add where it applies;
• invoices are payable within 30 days of their date; and
• fees already paid are not refundable, except where these Terms say so.

If a payment is overdue, we may suspend paid features after giving you at least 14 days’ written notice.

“Customer Content” means everything you, or people using your account, add to the Service: decks, transcripts, recordings, notes, outcomes and any other material.

You keep all rights in your Customer Content, and you own the Outputs produced for you. We claim no ownership of either. You give us permission to host, copy, process and transmit them only as needed to provide, secure and support the Service for you.

No training. We do not use your Customer Content or Outputs to train or improve any AI model, ours or anyone else’s. We use AI providers only on terms or settings that prevent them from doing so.

We do not sell your Customer Content or Outputs, show them to other customers (unless you share a deal, as Sharing deals describes) or use them for any purpose other than providing the Service to you.

We collect information about how the Service is used, such as which features are used, performance and errors, to operate, secure and improve it. We do not use the content of your deals for this.

You can delete deals in the Service, or ask us to delete any of your Customer Content or Outputs. Deletion takes effect in the Service straight away and in our systems within 30 days, subject to the exceptions in Ending the Service.

Deals involve personal data about founders and other people. For personal data in your Customer Content, you are the controller and Masana is your processor: we process it only on your instructions, which are these Terms and the way you use the Service.

You are responsible for having a lawful basis to collect that personal data and share it with us, and for giving the people concerned any notice the law requires.

We will promptly pass on any request we receive from a founder or anyone else about personal data in your Customer Content, and help you respond to it in time. If you need a formal data processing agreement, ask us at help@masana.io and we will put one in place.

Our Privacy Policy explains how we handle personal data for our own purposes, such as your account details.

Many places require that people are told, and some that they agree, before a call is recorded. If you upload a recording or a transcript, you confirm that everyone on the call knew it was being recorded and that you have met any other legal requirement for recording it and sharing it with us.

Where Masana records a call for you, we tell everyone at the start that it is being recorded and what happens to the recording, and we stop if anyone objects. You can tell us at any time not to record calls for your deals, and we will stop within 2 working days.

Recordings are transcribed by our transcription provider in the European Union. How long we keep recordings and transcripts is set out in our Privacy Policy.

Outputs are produced with AI models from the material in a deal. They can be incomplete or wrong, and they are only as good as that material. A read of a founder is an estimate, not a fact about them.

Outputs are not investment, financial, legal or tax advice, and they are not a recommendation to invest or not to invest. Masana does not provide any service regulated by the Financial Conduct Authority.

Use Outputs as one input to your own judgement. You are responsible for your investment decisions and for your own due diligence.

You agree not to, and not to let anyone else:

• add material you do not have the right to share with us, or that was obtained unlawfully, such as a recording made without the notice the law requires;
• use the Service or any Output as the sole basis for a decision about a person, or to discriminate against anyone because of a protected characteristic such as age, disability, race, religion or belief, sex or sexual orientation;
• use the Service to monitor or profile anyone outside a genuine investment assessment;
• get around usage limits, access controls or security measures, or test the Service’s security without our written permission;
• copy, scrape or access the Service by automated means, except through interfaces we provide for that purpose;
• reverse engineer the Service, or use it or its Outputs to build a competing product;
• give anyone outside your organisation access to the Service, other than by sharing deals as Sharing deals describes;
• upload malicious code, or place an unreasonable load on the Service; or
• break any law, including data protection, anti-discrimination and sanctions laws.

You can share a deal with other Masana users, such as colleagues or co-investors. Anyone you share a deal with can see it, including its evidence and Outputs. Share only with people who are entitled to see that material. You can stop sharing a deal at any time.

A shared deal stays under the control of the account that shared it.

The Service may show material from other sources, such as news headlines, funding announcements, public company records and the content of websites you ask it to read, and may link to other websites. We do not control that material. It is provided for information only and may be out of date or inaccurate. Other websites have their own terms.

Each of us will keep confidential the non-public information the other shares in connection with the Service, use it only for the purposes of these Terms, and protect it with at least reasonable care. Your Customer Content and Outputs are your confidential information. Non-public details of the Service, including pricing and unreleased features, are ours.

This does not cover information that becomes public other than through a breach of these Terms, that the recipient already knew or received lawfully from someone else, or that the recipient developed independently. Either of us may disclose confidential information where the law or a regulator requires it, telling the other first where the law allows.

These obligations continue for five years after the Service ends for you, and for as long as we hold any of your Customer Content.

We will not name you as a customer or use your logo without your written permission.

We protect your Customer Content with technical and organisational measures appropriate to its sensitivity. It is encrypted in transit and at rest and held in private storage, and access within Masana is limited to the people who need it to provide the Service.

If we become aware of a security breach affecting your Customer Content, we will tell you without undue delay and in any event within 48 hours, with what we know and what we are doing about it.

We use service providers (sub-processors) to run the Service, including for AI models, transcription, data storage, hosting, email and error monitoring. The current list is in our Privacy Policy.

We will tell you before a new sub-processor handles your Customer Content. If you have a reasonable data protection objection, tell us within 15 days. If we cannot resolve it, you may end the affected part of the Service and we will refund any fees you have paid in advance for the unused period.

Where a provider processes personal data outside the UK, the transfer relies on a mechanism recognised under UK data protection law, such as the standard contractual clauses with the UK addendum.

We may suspend access to all or part of the Service if we reasonably believe it is needed to prevent harm to the Service, to other users or to the people whose data it holds; to comply with the law; or because of a serious or repeated breach of these Terms. Where we can, we will tell you in advance and give you a chance to put things right, and we will restore access as soon as the reason has been dealt with.

You can stop using the Service at any time. If you are on a paid plan, the term and any notice period agreed with you apply.

Either of us may end these Terms by written notice if the other materially breaches them and does not put the breach right within 30 days of being asked to. We may end free or trial access by giving you reasonable notice.

When the Service ends for you, your access stops. Within 30 days we will, at your choice, give you a copy of your Customer Content and Outputs in a usable format or delete them, and confirm in writing. We may keep copies where the law requires us to, and copies in backups until those backups expire in the normal cycle. These Terms continue to protect anything we keep.

Sections that by their nature should continue after the Service ends, including those on confidentiality, liability and the law that applies, do so.

We will provide the Service with reasonable skill and care.

Apart from that and anything else these Terms expressly promise, the Service and the Outputs are provided “as is”. To the extent the law allows, we exclude all other warranties, conditions and terms, whether express or implied, including as to satisfactory quality, fitness for a particular purpose and accuracy. We do not promise that the Service will be uninterrupted or free of errors, or that Outputs will be accurate, complete or suitable for any particular decision.

If someone brings a claim against Masana because your Customer Content infringes their rights, or because you obtained it or shared it with us unlawfully, you will cover Masana’s reasonable losses and costs arising from that claim. This applies as long as we tell you about the claim promptly, let you control its defence and settlement, and give you reasonable help.

Nothing in these Terms limits or excludes liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, or for anything else that cannot be limited or excluded by law.

Subject to that, neither of us is liable to the other for:

• loss of profits, revenue or anticipated savings;
• loss of business, contracts or opportunity, or loss of goodwill;
• any loss arising from an investment made, or not made; or
• any indirect or consequential loss.

Subject to the first paragraph, each party’s total liability arising out of or in connection with these Terms, whether in contract, tort (including negligence) or otherwise, is limited in any 12-month period to the greater of £100 and the fees you paid for the Service in the 12 months before the event giving rise to the claim. This limit does not apply to your obligation to pay fees, or to your obligations under Claims about your content.

We may update these Terms. We will post the new version here with a new date and, for a material change, tell you by email or in the Service at least 30 days before it takes effect, unless the law or a security risk requires it sooner.

If you do not agree to a change, stop using the Service before it takes effect; if you have paid in advance, we will refund fees for the unused period. A change does not apply to a dispute that arose before it took effect.

Masana previously offered Spectrum, a pitch-deck feedback service for founders. It has closed to new analyses. Analyses already delivered stay available at their links. For questions about a past analysis, your data or unused credits, email help@masana.io.

Whole agreement. These Terms, with any separate agreement described in About these terms, are the whole agreement between us about the Service and replace any earlier understanding about it.

Transfers. You may not transfer your rights under these Terms without our written consent. We may transfer ours to a company in our group or to a successor to our business, and will tell you if we do.

Events outside our control. Neither of us is responsible for a delay or failure caused by events beyond our reasonable control, except an obligation to pay.

Feedback. If you send us ideas or suggestions about the Service, we may use them without any obligation to you.

No waiver. If either of us delays enforcing a right, that does not waive it.

Severability. If a court finds part of these Terms unenforceable, the rest continues to apply.

Third parties. Only you and Masana have rights under these Terms. The Contracts (Rights of Third Parties) Act 1999 does not apply.

Relationship. Nothing in these Terms creates a partnership, joint venture or agency between us.

Notices. We will send notices to the email address on your account. Send notices to us at help@masana.io.

If a dispute arises, we will both first try in good faith to settle it by discussion.

These Terms, and any dispute or claim arising out of or in connection with them (including non-contractual disputes or claims), are governed by the law of England and Wales. The courts of England and Wales have exclusive jurisdiction.

Questions about these Terms: help@masana.io. Masana, London, United Kingdom.