Leonis Capital Shares Technical Evaluation Questions

Jenny Xiao and Jay Zhao, cofounders of Leonis Capital, shared the top technical questions they ask AI startup founders with Business Insider. Their five-question framework probes capability thresholds, foundation-model replication risk, proprietary data generation, defensibility against cloning, and which system components become harder to change as companies scale. The founders emphasize founder adaptability and technical moats when making investment decisions.