Funding profile · Healthcare operations and diagnostics

Athelas

Athelas Inc. filed one Form D in its life, for $54.4 million in 2022, then merged into Commure. Every Athelas filing on EDGAR since belongs to someone else: outside vehicles buying in secondhand.

$7.0BCommure post-money valuation, May 2026, company-reported
$54.4MSold of $59.4M offered, the only Form D filed by Athelas Inc.
$14.5MSold by two outside vehicles named for Athelas, 2025 to 2026
$750MTotal raised by Commure to date, as reported May 2026

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2016 Y Combinator, Summer 2016 Not disclosed Y Combinator YC data
By Aug 2017 Seed $3.7M Sequoia Capital, Initialized, Liquid2, Elad Gil TechCrunch
Jan 2022 Two rounds announced together, $1.5B valuation $132M announced General Catalyst and Tribe Capital; Sequoia, Y Combinator, Greenoaks, Human Capital Independent
Feb 2022 Form D, Athelas Inc. $54,385,717 sold of $59,431,620 17 Form D
Oct 2023 Merger with Commure, reported $6B combined valuation $70M new capital General Catalyst Company and press
Jun 2025 Growth financing, General Catalyst Customer Value Fund $200M General Catalyst Independent
Aug 2025 Form D, Athelas Investors LLC, outside pooled vehicle $10,664,975 sold of $22,700,000 95 Form D
May 2026 Equity round, $7B post-money $70M General Catalyst, Sequoia, Morgan Stanley, Kirkland & Ellis Company release
Jun 2026 Form D and amendment, Athelas Investors II LLC, outside pooled vehicle $3,849,965 sold of $4,775,000 51 Form D

What the filings show

Athelas Inc. · Form D · filed Feb 7, 2022

First sale
Jan 24, 2022
Offered
$59,431,620 equity
Sold
$54,385,717 · $5,045,903 remaining
Investors
17 · average about $3,199,000
Exemption
Rule 506(b)
Related persons
Tanay Tandon (executive officer, director); Deepika Bodapati (director); Hemant Taneja (director)
Filing
SEC EDGAR, CIK 0001857376, Mountain View CA

Athelas Investors LLC · Form D · filed Aug 12, 2025

First sale
Jul 29, 2025
Type
Pooled investment fund, 2025
Offered
$22,700,000 equity
Sold
$10,664,975 · $12,035,025 remaining
Investors
95 · average about $112,000 · minimum $25,000
Stated purpose
“The company’s purpose is making investment into spv that is in turn investing in an entity that is purchasing a operating company.”
Related persons
Athelas Manager LLC; Gross, Ercolani, Singer, Oros, Elterman
Filing
SEC EDGAR, CIK 0002081127, Sarasota FL

Athelas Investors II LLC · Form D and Form D/A · filed Jun 18, 2026

First sale
Jun 5, 2026
Type
Pooled investment fund, 2026
Offered
$4,775,000 equity
Sold
$3,849,965 · $925,035 remaining
Investors
50, then 51 on the same-day amendment · average about $75,500 · minimum $25,000
Related persons
Athelas Manager II LLC; Gross, Ercolani, Singer, Oros. Elterman, listed in 2025, is absent
Filing
SEC EDGAR, CIK 0002139607, Sarasota FL

Reading the filings

  1. Most of the announced 2022 money never showed up on a Form D.Press reports in January 2022 put the raise at $132 million across two rounds at a $1.5 billion valuation. The only Form D under Athelas Inc.’s own CIK reports $54,385,717 sold to 17 investors, about $3,199,000 each, leaving roughly $77.6 million announced with no Regulation D notice behind it, which is what happens when a round is placed under Section 4(a)(2). The filing landed February 7, a week after the coverage and two weeks after the January 24 first sale.
  2. The board on the filing was three people.Tandon as officer and director, Bodapati as director, Hemant Taneja of General Catalyst as director. Taneja was named to the board in the same January 2022 announcement, and is also co-founder and later executive chair of Commure, the company Athelas merged into 20 months later.
  3. Athelas Inc. has filed nothing since.One Form D, one accession number, no amendment. After the October 2023 merger the operating company is Commure, which has filed no Form D of its own. The $200 million Customer Value Fund financing in June 2025 and the $70 million round in May 2026 are known from releases, not EDGAR.
  4. The only new Athelas filings are other people’s vehicles.Athelas Investors LLC and Athelas Investors II LLC are Sarasota-based pooled funds run by the same managers, with the same $25,000 minimum and phone number, and neither lists an Athelas or Commure officer. The 2025 vehicle states it is investing into another SPV that is investing in an entity purchasing an operating company: a secondary-purchase stack, not primary capital reaching the company.
  5. The second vehicle followed the headline by seventeen days.Commure announced its $70 million round at a $7 billion post-money valuation on May 19, 2026. Athelas Investors II LLC recorded its first sale June 5 and filed June 18, raising $3,849,965 from 51 investors, about $75,500 apiece, against $10.7 million from 95 investors at roughly $112,000 apiece the year before. Check size and total both shrank as the price went up.

Commercial signals

Signal Detail Source type
Regulatory Three FDA 510(k) clearances under Athelas, Inc.: K181288 (2018), K200828 (2022), K243348 (2026). All three are listed as Traditional 510(k)s and no CLIA Waiver by Application appears on record, though the company describes the device as CLIA-waived. Claim differs from the record
Revenue Commure told Fierce Healthcare in June 2025 it had north of $200 million in contracted annual recurring revenue, doubling three years running. At the 2023 merger the figure was a $100 million run rate. Company-stated
Customers Over 500 healthcare organizations, 3,000 or more sites of care, 130 or more large health systems including HCA and Tenet. Company-stated
Acquisitions Augmedix taken private for about $139 million, announced Jul 2024. Memora Health acquired Dec 2024. Independent
Device installed base The Athelas Home product page reports more than 40,000 patients supported and over 1,000,000 tests performed. Company-stated

What to watch

  • A Form D under Commure’s own name. None exists, so every round since 2022 is known only from releases.
  • Whether Athelas Investors II LLC amends again to close the remaining $925,035.
  • A third vehicle. Two appeared in consecutive years, each timed to a Commure financing.
  • A CLIA Waiver by Application in the FDA record, which would resolve the claim behind the diagnostics line.

The Athelas story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Memora Health: Shared investor: General Catalyst. A text messaging platform that automated patient follow up for Mayo Clinic, Penn Medicine and more than fifty other provider organizations
  • Bunkerhill Health: Shared investor: M Sequoia Capital. Nine FDA-cleared imaging and ECG algorithms, most built inside academic medical centers, wrapped in a platform that acts on what they find
  • Clinikally: Shared investor: Sequoia. A telemedicine platform and online pharmacy for dermatology, hair and wellness care in India, built by a Stanford-trained AI researcher and his mother's dermatology
  • Loop Health: Shared investor: General Catalyst. A Pune company that sells group health insurance as a licensed broker and employs its own doctors to deliver the everyday care those policies do not cover

Sources

  1. Public recordForm D, Athelas Inc., CIK 0001857376, accession 0001857376-22-000001SEC · Feb 7, 2022
  2. Public recordForm D, Athelas Investors LLC, CIK 0002081127SEC · Aug 12, 2025
  3. Public recordForm D and Form D/A, Athelas Investors II LLC, CIK 0002139607SEC · Jun 18, 2026
  4. Public recordFDA 510(k) records K181288, K200828 and K243348, applicant Athelas, Inc.FDA and openFDA · accessed Sep 22, 2026
  5. IndependentRPM tech provider Athelas hits unicorn status with $132M raised for chronic care managementFierce Healthcare · Jan 31, 2022
  6. IndependentCommure raises $200M in growth financing from General CatalystFierce Healthcare · Jun 19, 2025
  7. IndependentCommure raises $70M, boosting post-money valuation to $7BMobiHealthNews · May 19, 2026
  8. CompanyCommure Raises $70M at $7B Valuation to Transform Healthcare Operations Using AIGlobeNewswire · May 19, 2026

Compiled from SEC and FDA public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Athelas Investors LLC and Athelas Investors II LLC are third-party vehicles, not affiliated with Athelas Inc. or Commure on the face of their filings. Healthcare Venture Capital Fund holds no position in Athelas or Commure. This page is not an offer to sell or a recommendation to buy any security.