Funding profile · Metabolic testing

PNOE

One Form D on record, filed in June 2016 for $2.94 million of convertible notes, of which $440,000 had sold to a single investor. Everything raised since then, including a Y Combinator round in 2019, sits outside the SEC record.

$10.7MTotal capital raised, as listed by Endeavor Greece
$440KSold of $2.94M offered, the only Form D on record
1Investor in that offering, first sale May 13, 2016
0FDA clearances, listings or UDI records found

Data as of September 24, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
May 2016 Convertible promissory notes, Rule 506(b) $2,940,000 offered; $440,000 sold at filing 1 investor, accredited Form D
Winter 2019 Y Combinator batch Not disclosed Y Combinator YC profile
By 2019 Seed, investors named Not disclosed Social Starts; Y Combinator Endeavor Greece
As of 2026 Cumulative, company-reported About $10.7M Not itemised Company-stated
2016 to 2026 US federal grants None found NIH and NSF searches returned nothing Not found

What the filings show

ENDO Medical, Inc. · Form D · filed Jun 15, 2016

First sale
May 13, 2016
Security
Promissory notes convertible into equity securities of the Issuer
Offered
$2,940,000
Sold
$440,000 · $2,500,000 remaining
Investors
1 · average $440,000 · no non-accredited investors
Exemption
Rule 506(b)
Fees
Sales commissions $0 · finders fees $0
Industry
Biotechnology · revenue range: decline to disclose
Related persons
Apostolos Atsalakis (director, promoter); Panagiotis Papadiamantis (director, promoter); Sarah Lerche (executive officer), who signed as President
Filing
SEC EDGAR, CIK 0001676914, Delaware, incorporated 2016

Reading the filings

  1. The SEC record covers about four percent of the reported total.Endeavor Greece lists roughly $10.7 million raised. The only Form D on EDGAR reports $440,000 sold. That leaves about $10.26 million with no Regulation D notice behind it. Companies that raise under Section 4(a)(2), or through non-US vehicles, file no Form D at all, so the gap is not evidence that the money did not move. It is evidence that EDGAR is the wrong place to look for this company’s cap table.
  2. The 2016 round was a bridge, not a priced round.The securities were convertible promissory notes, the exemption was Rule 506(b), and the single investor put in $440,000 against a $2.94 million target. Roughly 85 percent of the offering went unsold at filing, and no amendment was ever filed to report the rest.
  3. The Y Combinator money never appears.The company joined the Winter 2019 batch, two and a half years after the only Form D. No later filing under this CIK reports it, and no separate PNOE filer exists on EDGAR.
  4. The filer name is not the brand name.The SEC entity is ENDO Medical, Inc., a Delaware corporation with a San Francisco address. A USPTO assignment record shows that entity changed its name to PNOE, INC., Massachusetts, effective July 18, 2022. The CIK was never updated, which is why a search for PNOE in EDGAR returns nothing. The manufacturer is also named as ENDO Medical, Palo Alto, CA in the 2019 validation paper.
  5. A president appears once and then disappears.Sarah Lerche signed the 2016 filing as President and is listed as an executive officer. She does not appear in any later public description of the company, which is now run by the two founders. With only one filing, there is no second snapshot of the board to compare against.
  6. There is no regulatory asset on the balance sheet.Searches of the FDA 510(k), PMA, registration and listing, and UDI databases on September 24, 2026 returned no record for PNOE, PNOE, Inc. or ENDO Medical, Inc. Competing devices in the same category do carry clearances: COSMED K5 as K162515 in 2017, COSMED Quark series as K120146 in 2012, KORR ReeVue as K021490 in 2003. The patent estate is the one defensible asset, and its lead US application has been finally rejected more than once and appealed three times before reaching allowance.

Commercial signals

Signal Detail Source type
Named customers Equinox, Liquivida, Four Seasons and NuBioAge named in trade press, August 2025. Trade press
Claimed customers Cenegenics, MIT, UCLA, OURA, TONAL, Spartan Racing, Paris Saint Germain. Not independently confirmed. Company-stated
Installed base 3,000 or more health professionals (company). More than a thousand facilities and 40,000 individuals (Endeavor Greece). Company-stated
Headcount 70 on the Y Combinator profile, 101 to 250 on Endeavor Greece, 89 in a commercial database as of June 30, 2026. The three do not reconcile. Counts differ
Evidence base Three peer reviewed comparisons against laboratory systems, published 2019, 2024 and 2025, with materially different conclusions. No company sponsored clinical trial found. Public record
Revenue Not disclosed. The 2016 filing declined to state a revenue range. Not found

What to watch

  • A new Form D. One would be due within 15 days of a first sale in any Regulation D offering.
  • An EDGAR filer renamed from ENDO Medical, Inc. to PNOE, Inc., which would make the company findable by its brand.
  • Issuance of the allowed US patent, and whether the European, Japanese and Brazilian family members follow.
  • Any FDA submission or CE certificate, which would change both the cost base and the addressable market.
  • A simulator based validation run with the manufacturer participating.

The PNOE story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Alfie: Also in Healthcare Services. A New York telehealth clinic that used an AI model called ObesityRx to match patients with weight loss medications and behavior changes
  • In Your Corner: Also in Healthcare Services. An online counseling and coaching marketplace that began as Pretty Padded Room in 2011, went through Y Combinator in 2014, and closed in 2016
  • Call9: Also in Healthcare Services. A company that put emergency medicine inside nursing homes, with first responders at the bedside and emergency physicians on a screen
  • Brave Care: Also in Healthcare Services. A Portland startup that built kid-only urgent care clinics and wrote its own software to run them

Sources

  1. Public recordForm D, ENDO Medical, Inc., CIK 0001676914SEC EDGAR · Jun 15, 2016
  2. Public recordEDGAR full text search for PNOE and ENDO Medical, all form typesSEC · run Sep 24, 2026
  3. Public recordUS patent application 20190120821 with assignment and legal event historyUSPTO via Google Patents
  4. Public recordopenFDA searches for PNOE and ENDO Medical; 510(k) records K162515, K120146 and K021490FDA · run Sep 24, 2026
  5. IndependentPNOE company and entrepreneur profiles with capital raised and headcountEndeavor Greece · accessed Sep 24, 2026
  6. IndependentBreath analysis tech for fitness market, with named operatorsHealth Club Management, Julie Cramer · Aug 2025
  7. IndependentCompany record with employee count and funding historyTracxn · accessed Sep 24, 2026
  8. Peer reviewedValidity and Reliability of the New Portable Metabolic Analyzer PNOEFrontiers in Sports and Active Living · 2019
  9. Peer reviewedAccuracy of respiratory gas variables, substrate, and energy use from 15 CPET systemsScandinavian Journal of Medicine and Science in Sports · Jan 2024
  10. CompanyPNOE profile, batch and team sizeY Combinator · accessed Sep 24, 2026
  11. CompanyPNOE About Us and Metabolic Testing Validation pagespnoe.com · accessed Sep 24, 2026

Compiled from SEC, USPTO and FDA public records and published reports as of September 24, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in PNOE. This page is not an offer to sell or a recommendation to buy any security.