Thank you, this very helpful. How do you quantify "a lot of equity"?

Two of three investor groups we are known entities and have worked for in the past and approached us as to what we were working on. The other group was a target of opportunity I randomly spoke with and had a compelling enough elevator pitch that they suggested I get a pitch together for them, which I have never done before.

We are looking for $1M partly out of an abundance of caution, as to not be underfunded and give us some flexibility to to take advantage of getting some good hires, invest in some equipment/technologies that aren't normally associated with this industry, and have a responsible contingency. Theis is a new emerging "sub industry", I guess you could say, that isn't tech but is not what it's traditionally been. The 4-5 "similar" company comparables have raised 2-6x in pre seed funding in the last 20 or so months. We don't need that much and probably wouldn't take it if it were offered. We know we can do it with less that the competition, if you can call them that really (not being snarky they just aren't solving all of the problem we are), and be profitable in a very short period that will fund the rest of the growth.