Helen Has a Meeting with a Venture Capitalist for a Series

Helen has a meeting with a venture capitalist for a Series A round at a $10 million valuation. She has proprietary patents for the latest advancements in facial recognition, a team of five Stanford grads, and seed money from Andreessen Horowitz and Union Square Ventures. She has two enterprise customers. The VC has her interest piqued but declines to invest at this stage. Why?

A) Helen needs more customers
B) Helen should be raising a Series B, not A
C) Helen needs to further build out her team
D) Helen needs better venture capitalists funding her project