Independent technical advisory · est. 2024

Separate AI
substance from hype.

Greater Bear delivers operator-grade technical, AI, and data due diligence for the funds underwriting tomorrow’s category leaders. Operator-led, Investor-tested, and AI-accelerated.

€10B AUM operated
€40M Annual EBITDA
20+ Years operating
Both Sides of the table
The challenge

AI is everywhere in pitch decks. Substance is not.

A typical seed-to-Series-A deck mentions “AI” sixteen times. The actual technical asset is often a thin wrapper over a third-party API, with no proprietary data, no defensible moat, and gross margins that quietly collapse the moment usage scales.

Most funds we work with don’t have an in-house CTO. Their analysts are sharp, but they’re not the right people to take apart an inference pipeline, evaluate model quality, or read a vendor’s terms-of-service for training-data risk.

The result: capital deployed against narrative, not architecture. By the time the truth surfaces, usually mid-Series B due diligence, the next round has already priced it in.

A bad AI bet doesn’t just cost capital. It costs eighteen months of fund attention you can’t recover.
What we do

Three engagements. One unifying lens: what would an operator actually buy?

Discuss a deal
Flagship 01 · Due Diligence

Technical, AI, and data DD for investors.

A standardized, three-pillar assessment that gives your IC a clear verdict, Invest, Pass, or Conditional, and the questions that matter for management before the term sheet goes out.

  • Technology & architecture review
  • AI/ML deep dive & vendor risk
  • Data moat & flywheel analysis
  • 30-min IC presentation included
  • Delivered in 6 working days
02 · Fractional CIO

Embedded technical leadership for portfolio companies.

For portfolio companies between technical hires or scale-ups that need executive-grade engineering judgment without the $400K comp package.

  • Stack & team audits
  • Hiring plans & senior-IC interviews
  • Build / buy / partner decisions
  • Board-ready technical narratives
  • Two- to six-month engagements
03 · AI Build Advisory

For founders & operators making the AI bet.

When the strategy is clear but the execution path isn’t. Architecture decisions, unit economics modelling, vendor evaluation, and the awkward questions you don’t want to ask your engineering lead.

  • AI capability roadmap
  • Vendor & model selection
  • Inference cost modelling
  • Compliance & data governance review
  • Project- or retainer-based
The framework

Three pillars that decide whether the AI is real, the moat is real, and the margins survive scale.

Every Greater Bear assessment passes through the same proprietary framework. Every finding is rated Strong, Adequate, Weak, or Critical Concern, with evidence, not opinion.

PILLAR I

Technology Assessment

The bones of the company. Architecture, scalability, and the gap between what was demoed and what runs in production.

Architecture & stack quality Scalability & reliability Technical debt analysis Build vs. buy decisions
PILLAR II

AI/ML Deep Dive

What the “AI” actually is. Where the model lives, who owns it, and what happens to gross margin when usage 10×.

Proprietary vs. API dependency Model quality & validation Team ML capability Vendor lock-in risk
PILLAR III

Data Moat Analysis

The defensibility question. Whether the data is genuinely proprietary, whether the flywheel exists, and whether regulators will let it keep spinning.

Data source defensibility Flywheel potential Quality & governance Regulatory compliance
€10BPortfolio AUM operationalized via AI platforms
€40MAnnual EBITDA from a current AI-led transformation
20+Years inside engineering, product, and platform leadership
BothSides of the investor table, occupied simultaneously

Big-4 tech DD typically runs €40K to €80K over four to six weeks. Greater Bear’s engagement model is built for materially less time and materially less money, with the same operator-grade rigor.

Why Greater Bear

Built by the operator your portfolio company wishes they had hired.

Most tech DD is run by analysts working off a checklist. We run it the way the CIO of the acquirer would run it, because that’s the seat we sit in.

i

Operator-led, not consultant-led

We’ve built and run the systems we’re assessing. We know what good looks like from the inside, not from a checklist.

ii

Active investor

We co-invest with a VC fund evaluating pre-seed to Series A. We understand both sides of the table, what gets you to yes, and what should keep you up at night.

iii

AI-accelerated delivery

Our proprietary assessment framework is powered by AI agents that can read codebases, parse architecture, and surface anomalies. Days, not weeks.

iv

Independence by default

No platform partnerships. No referral fees. Full NDA compliance. If a conflict exists, we flag it before the engagement starts.

★ Principal Greater Bear · 01
VR
The principal

Vedran Ramljak

Founder · CIO · Active investor

An AI-driven operating platform managing €10B in assets at a global private equity firm. €40M of projected annual EBITDA from an AI-led transformation he leads today at a regulated financial services business. Twenty years across engineering, product, and platform leadership, with an active investor seat at a European venture fund. Both sides of the table, in the same week.

Vedran started Greater Bear after watching otherwise sharp investment committees, including ones he sits on, write checks against AI narratives that wouldn’t survive a serious code review. The thesis is simple: investors deserve the quality of technical judgment they’d get from their best operating partner, on every deal, in days, not months.

2024 —Founder, Greater Bear
2025 —Director, Scouting & Deal Flow, European venture fund
2025 —Chief Information Officer, regulated financial services business
2020 — 24Vice President, global private equity firm
2018 — 20Head of Analytics & AI Products, real estate servicing platform
2004 — 17Engineering & Product Leadership, high-volume regulated digital platforms
Ideal for

If any of these sound like you, we should talk.

We deliberately keep the book small, so the work stays operator-grade.

VC & family offices up to €50M AUM

You see strong AI deal flow but don’t have the in-house CTO. Each deal needs a serious technical read; building that capability internally isn’t worth the fixed cost.

Follow-on investors

You backed the seed and now need to confirm the AI/tech story has actually matured before you lead the A. The original DD is two years stale; the model environment has changed three times.

Funds with repeating AI deal flow

You’re looking at one AI-flavored deck a week and the team’s pattern-matching is starting to fail. You want a reliable partner with a repeatable framework, on retainer.

How we work

What’s on the page before the engagement starts.

Greater Bear is a young practice. Rather than lead with testimonials we couldn’t honestly publish yet, we lead with what goes into writing on every engagement, signed before the kickoff call.

Commitment I

Fixed scope. Fixed price. Fixed deadline.

The kickoff call locks every variable. If we miss the delivery date, the engagement is on us, not on you.

In writing on every engagement
Commitment II

Every conflict disclosed before contracting.

No platform partnerships. No referral fees from vendors we evaluate. No silent positions in companies we assess. If a conflict exists, you see it before you sign.

In writing on every engagement
Commitment III

One author. One signature. No handoff.

The person on your kickoff call writes the report and presents to your IC. No junior team behind the curtain, no template assembly.

In writing on every engagement
Frequently asked

A few honest answers.

If your question isn’t here, the fastest way to get one is a 30-minute intro call.

What does a typical engagement look like?

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For technical DD: kickoff call with the lead partner, NDA, an introduction to the company’s CTO, three to five working days of analysis, a full written report, and a 30-minute IC presentation. Fixed scope. Fixed price. Fixed deadline.

How fast can you actually deliver?

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Six working days end-to-end is our median. We have delivered in three when an IC was scheduled and everyone was very responsive. Speed comes from the framework being repeatable, the AI tooling being proprietary, and the analyst being the same person who runs the IC presentation.

How do you handle conflicts of interest?

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We disclose every active engagement before contracting. We do not take referral fees from any platform, vendor, or service provider whose products we may evaluate. If a conflict exists, we flag it and don’t accept the engagement.

What about NDAs and data security?

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We sign your NDA. All deal materials are stored in an isolated, encrypted environment, deleted on engagement close. We do not use AI tools that train on customer data, we run our own framework on infrastructure we control.

What if you flag concerns we believe are addressable?

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That’s the “Conditional” verdict. We give you the specific conditions, the questions to put to management, and a recommendation for what would need to be true before you proceed. Some of our best work has been on conditional deals that closed two months later on better terms.

How is this priced?

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Tech DD is fixed-fee per engagement, scoped on the kickoff call. Fractional CIO is monthly retainer. AI Build Advisory is project-based or retained. Specific numbers on request. We don’t list rates publicly because it’s the wrong way to start the conversation.
Currently accepting engagements

Underwrite the AI bet like you mean it.

A 30-minute intro call. We talk through the deal you’re looking at. You leave with a sharper sense of what to watch for, whether or not we end up working together.

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