Early-stage investment decisions are shaped by uncertainty, limited data, and subjective interpretation, conditions where traditional evaluation tools often fall short and investor judgment plays a central role. As artificial intelligence (AI) enters this space, it does not simply automate tasks but introduces new ways of framing risk, quality, and potential. This paper presents a conceptual synthesis of how AI is being integrated into early-stage investment processes, based on a systematic review across entrepreneurship, finance, and innovation studies. We develop an interpretive framework that maps three dimensions: the function performed by AI, the stage of the investment process in which it is used, and the interaction between human and machine deliberation. Our findings suggest that AI increasingly acts as a third evaluator rather than replacing investor assessment. By focusing on the growing interplay between technology and cognition, the paper contributes to ongoing discussions about how digital tools are reconfiguring decision-making in entrepreneurial finance, and invites further research into the limits and implications of this shift.