Funding profile · Diagnostic imaging

Adialante

A pre revenue mobile MRI company funded mostly by federal grants and a Y Combinator check, still closing a seed round it told the press in July 2026 it expected to wrap soon. No Form D has surfaced on SEC EDGAR.

$1.46MFederal SBIR grants on record, NSF Phase I and II (2023 to 2026)
$500KY Combinator investment, Spring 2026 batch, company-reported
$15 to 20MTarget for the seed round, company-reported to Twin Cities Business (Jul 2026)
$19.75MSigned letters of intent from clinics, TCV, not investment capital

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

Rounds at a glance

When Round Amount Investors Source
2023 NSF SBIR Phase I $275,000 National Science Foundation NSF record
Reported Aug 2024 Blended early seed funding $1.5M reported total University of Minnesota, State of Minnesota, NSF, and angel investors, not broken out Accelerator profile
2025 NSF SBIR Phase II $1,186,778 National Science Foundation NSF record
Spring 2026 Y Combinator investment $500,000 Y Combinator Company-stated
Reported Jul 2026 Seed round, target, not confirmed closed $15M to $20M target Not named Reported to press

What the filings show

No Form D appears for Adialante on SEC EDGAR as of this page’s data date. Two NSF SBIR awards are on record instead, filed as grant awards rather than securities offerings.

NSF SBIR Phase II · award 2449556 · start Jun 15, 2025

Program
SBIR Phase II
Title
The Development of an Affordable, Compact, and Silent Head-Only MRI Scanner
Obligated
$1,186,778
Period
Jun 15, 2025 to Nov 30, 2026
Principal investigator
Efraín Torres
Awardee
ADIALANTE L.L.C.
Filing
National Science Foundation award database, award ID 2449556

NSF SBIR Phase I · award 2323231 · start Oct 1, 2023

Program
SBIR Phase I
Title
Novel development of a pediatric Magnetic Resonance Imaging (MRI) scanner
Obligated
$275,000
Period
Oct 1, 2023 to Jan 31, 2025
Principal investigator
Efraín Torres
Awardee
ADIALANTE L.L.C.
Filing
National Science Foundation award database, award ID 2323231

Reading the filings

  1. The two NSF awards match SBIR.gov exactly.SBIR.gov’s portfolio page for ADIALANTE L.L.C. lists $275,000 in Phase I dollars and $1,186,778 in Phase II dollars, $1,461,778 total, matching the award numbers here and naming Efraín Torres as principal investigator on both.
  2. The grants funded a scanner the company no longer builds.Both awards describe a head only MRI system for pediatric and then rural brain imaging. Torres has told Twin Cities Business that design died after China suspended neodymium exports the company depended on, and that Adialante rebuilt around a full body architecture it now markets for cancer screening.
  3. No Form D despite two reported cash events.Fogarty Innovation reported in August 2024 a blended $1.5 million from the University of Minnesota, the State of Minnesota, the NSF, and angel investors, not broken out by source. Twin Cities Business reported in July 2026 that the company was about to close a seed round targeting $15 million to $20 million. Neither shows up as a Form D on EDGAR as of this page’s data date. A company raising under Section 4(a)(2) rather than Regulation D, or one that has not yet closed a priced round, can show no Form D at all.
  4. Letters of intent are not capital raised.The $19.75 million figure on Adialante’s own site is signed letters of intent from clinics for future scan volume, including a $30,000 deposit from what the company calls a top ten urology clinic. The same figure was $12.75 million in the company’s Y Combinator launch post earlier in the batch and $19.5 million as reported by Twin Cities Business in July 2026. The growth tracks added clinic signups, not a funding event, and none of it is investor capital.

Commercial signals

Signal Detail Source type
Regulatory No FDA 510(k) or PMA on record. Company says it is awaiting clearance before clinic deployment. Not found
Clinic traction 11 clinics reserved a slot; $19.75M in signed LOIs by total contract value, including a $30,000 deposit from one clinic. Company-stated
Team 4 people per Y Combinator’s company profile as of the Spring 2026 batch; open roles posted in Menlo Park, CA and Minneapolis, MN. YC data
Patents Two issued US patents cited by the company, numbers 12,625,209 and 12,372,595, covering its MRI architecture. Company-stated
Relocation Company is moving its primary operations from Minneapolis to the Bay Area following Y Combinator, per Twin Cities Business reporting. Independent

What to watch

  • A Form D for the seed round the company told Twin Cities Business it expected to close in mid to late 2026.
  • FDA clearance, which the company has said must come before its mobile units can begin scanning clinic patients.
  • Whether the letters of intent convert into billed, insurance reimbursed scans at named clinics.
  • A new federal award or other public funding tied to the current full body scanner, since the existing NSF grants funded the abandoned head only design.

The Adialante story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Klarismo: Also in Diagnostics. A London startup that turned an ordinary MRI scan into a 3D, tissue by tissue map of a person’s own body
  • BrainKey: Also in Diagnostics. A San Francisco company that turns an ordinary brain MRI into a 3D dashboard and a single number it calls BrainAge
  • Darmiyan: Also in Diagnostics. BrainSee reads a routine brain MRI and two cognitive test scores and returns a number between 0 and 100
  • Synapsica Healthcare: Also in Diagnostics. A Bengaluru company that tried to write the spine report for the radiologist

Sources

  1. Public recordNSF SBIR Phase I award 2323231NSF · 2023
  2. Public recordNSF SBIR Phase II award 2449556NSF · 2025
  3. Public recordAdialante L.L.C. firm profile, SBIR/STTR award totalsSBIR.gov
  4. IndependentTransforming MRI Technology: Adialante’s Vision for Accessible HealthcareFogarty Innovation · Aug 30, 2024
  5. IndependentI-Corps Alumni, Adialante LLC, awarded $1.18 Million SBIR Phase II grant to develop MRI TechnologyNSF I-Corps Hub: Great Lakes Region · Jun 19, 2025
  6. IndependentAdialante Turns to Silicon Valley to Scale Its University of Minnesota-Born MRI InnovationTwin Cities Business · Jul 8, 2026
  7. IndependentIgniting change in cancer screening: Alumnus Dr. Efraín Torres’ entrepreneurial journey to servant leadershipMarquette Today · Apr 23, 2026
  8. IndependentAdialante Launches Mobile MRI to Bring Cancer Screening to ClinicsThe Silicon Valley Post · May 13, 2026
  9. CompanyAdialante company page and launch post, funding and traction figuresY Combinator · accessed Sep 24, 2026
  10. CompanyAdialante website, clinic and LOI figuresadialante.com · accessed Sep 24, 2026

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