Accréditation Commission Européenne CT-EX2018D341022

Innosuisse Expert – Swiss Accelerator

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Master's Thesis2025

From Black Box to Traceable Decision

How Agentic AI Makes Pitch Deck Analysis More Reliable and Faster in Venture Capital

17/20Written Component
18/20Oral Defense

Executive Master AI — IMT Business School

Abstract

Venture capital investment decisions rely heavily on pitch deck analysis, yet current AI-assisted evaluation tools operate as opaque systems — producing recommendations without explaining their reasoning. This creates a fundamental tension: while AI can process information faster than human analysts, the lack of decision traceability undermines investor confidence and regulatory compliance.

This thesis investigates how agentic AI architectures — systems where specialized AI agents collaborate on complex tasks — can transform pitch deck analysis from a black-box process into a transparent, auditable decision pipeline. The research bridges academic rigor with practical implementation, addressing both the theoretical foundations of traceable AI decision-making and the engineering challenges of deploying such systems in production environments.

The resulting framework demonstrates that reliability and speed need not be mutually exclusive: properly architected agentic systems can provide both faster analysis cycles and complete decision traceability — a combination increasingly demanded by institutional investors and regulatory bodies alike.

The Challenge

Volume vs. Quality

Venture capital firms receive hundreds of pitch decks monthly. Human analysts cannot thoroughly evaluate each one, yet surface-level screening misses promising opportunities.

The Black Box Problem

Existing AI tools provide scores and recommendations without explanation. When an AI says "low potential," investors cannot understand why — or challenge the assessment.

Regulatory Pressure

The EU AI Act and emerging governance frameworks require explainability for high-stakes decisions. Investment recommendations increasingly fall under scrutiny.

Trust Deficit

Without traceability, AI remains a "second opinion" at best. Integration into core investment workflows requires demonstrable reasoning chains.

The Approach

This research adopts an agentic AI paradigm — an architectural pattern where multiple specialized AI agents collaborate to accomplish complex analytical tasks. Unlike monolithic models that produce single outputs, agentic systems decompose problems into traceable sub-tasks.

1

Decomposition

Complex evaluation criteria broken into discrete, verifiable assessment components.

2

Specialization

Purpose-built agents for market analysis, team evaluation, financial modeling, and competitive positioning.

3

Orchestration

Coordinated agent workflows that maintain context and aggregate findings into coherent assessments.

4

Traceability

Complete audit trails linking every conclusion to its supporting evidence and reasoning chain.

Key Contributions

Theoretical Framework

A structured methodology for applying agentic AI to investment decision support, grounded in both computer science and financial theory.

Traceability Architecture

Design patterns that enable complete decision auditability without sacrificing processing speed or analytical depth.

Validation Methodology

Rigorous testing protocols demonstrating both reliability improvements and efficiency gains in controlled conditions.

Production Readiness

Implementation considerations bridging academic research and real-world deployment in venture capital workflows.

Commercial Implementation

The complete methodology, technical architecture, and detailed findings of this research are subject to non-disclosure agreements with implementing partners in the European venture capital ecosystem.

This page provides a high-level overview suitable for public dissemination. For qualified inquiries regarding collaboration, licensing, or implementation partnerships, please visit the main website.

About the Author

Stéphane Roecker

European AI Strategist — Turning Compliance into Competitive Advantage

  • EU AI Act Lead Implementer
  • ISO 42001 (AI Management Systems)
  • 15+ years in technology strategy and governance

Combining deep expertise in AI governance with hands-on implementation experience, Stéphane bridges the gap between regulatory compliance and practical AI deployment for organizations across Europe. EIC Accelerator expert since 2018 and Innosuisse expert since 2021.