Funding profile · Brain imaging AI
Darmiyan
Two Form D filings cover about $9.97 million. The company describes more money than that, and the gap is where the reading is.
$9.97MTotal sold across the two Form D offerings on file
$6.43MSold of $9.66M offered, seed round, Form D filed Apr 2020, 32 investors
$3.54MSold of $3.54M offered, Form D filed Oct 2023, 5 investors
$707KAverage per investor in the 2023 offering
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2016 | Pre-seed, after Delaware incorporation in September | Not disclosed | Not named | Company timeline |
| 2017 | Y Combinator S17, then seed financing | Not disclosed | Y Combinator | Company timeline |
| 2018 | CABHI I2P2 award, non-dilutive | CAD 500,000 | Centre for Aging and Brain Health Innovation | Company timeline |
| Before Apr 2020 | Cumulative equity and government grants | $4.5M | Not itemized | Company release |
| Apr 2020 | Series Seed | $6.0M announced; $9.66M offered and $6.43M sold at filing | Led by Eisai; IT-Farm and Y Combinator participating; 32 investors on the filing | Form D + release |
| 2022 | Financial investment led by SOMPO | Not disclosed | SOMPO | Company timeline |
| Oct 2023 | Equity offering, fully sold | $3,536,249 | 5 investors, not named | Form D |
| Since Oct 2023 | Nothing filed | None on record | None on record | Not found |
What the filings show
Darmiyan, Inc. · Form D · filed Oct 18, 2023
- First sale
- Oct 10, 2023
- Offered
- $3,536,249 equity
- Sold
- $3,536,249 · $0 remaining
- Investors
- 5 · average about $707,250
- Exemption
- Rule 506(b)
- Issuer address
- Berkeley, CA · self-classified industry: Other Technology
- Related persons
- Padideh Kamali-Zare (executive officer); Takehiro Shirai (director); Kaveh Vejdani (director)
- Filing
- SEC EDGAR, CIK 0001740573
Darmiyan, Inc. · Form D · filed Apr 6, 2020
- First sale
- Mar 31, 2020
- Offered
- $9,660,000 equity
- Sold
- $6,432,250 · $3,227,750 remaining
- Investors
- 32 · average about $201,008
- Exemption
- Rule 506(b)
- Issuer address
- San Francisco, CA · incorporated in Delaware in 2016 · self-classified industry: Biotechnology
- Related persons
- Padideh Kamali-Zare (executive officer and director, chief executive officer); Kaveh Vejdani (executive officer and director, chief technology officer); Shirai Takehiro (director)
- Filing
- SEC EDGAR, CIK 0001740573
Reading the filings
- The 2023 money arrived three months before the FDA did.First sale October 10, 2023; filed October 18, 2023; De Novo granted January 11, 2024. Five investors put in $3,536,249, about $707,250 each, and the offering closed fully sold. That is a pre-authorization round priced by people who had seen the review.
- The 2020 round never got an amendment.$9,660,000 was offered and $6,432,250 sold at filing, leaving $3,227,750 unsold. The announcement that month described a $6 million round led by Eisai, which matches the sold figure, not the offered one. No amendment was ever filed, so whether the remaining $3.2 million moved is not on the record.
- Check size jumped 3.5 times.The 2020 round averaged about $201,008 across 32 investors; the 2023 round about $707,250 across 5. Fewer, larger names, the usual shape when a device company moves from a syndicate to insiders.
- Form D undercounts this company.The April 2020 release states Darmiyan had raised $4.5 million in equity and government grants before that round. The company timeline lists a 2016 pre-seed, a 2017 seed after Y Combinator, a 2018 CABHI award and a 2022 investment led by SOMPO. None has a Form D under CIK 0001740573, whose first filing is April 2020. Issuers relying on Section 4(a)(2) file nothing, so the absence is not evidence that no money moved.
- The board line changed between filings.In 2020 Kamali-Zare and Vejdani were each listed as executive officer and director, with Shirai the third director. In 2023 Kamali-Zare appears as executive officer only, with Shirai and Vejdani as directors. Related person roles are the issuer’s own characterization, not a corporate record, so this is a flag to check.
- Nothing has been filed in almost three years.The last Form D is October 18, 2023. A company that launched a consumer platform in September 2024, entered a CMS model that December and signed a statewide channel deal in November 2025 has reported no new Regulation D offering since.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Regulatory | De Novo DEN220066 granted Jan 11, 2024. New regulation 21 CFR 882.1454, Class II, product code QWT. An openFDA query of QWT, data updated Sep 14, 2026, returns one record. | Public record |
| Price | $1,500 list, offered at $300 pending Medicare coverage, as reported in January 2024. | Independent |
| Reimbursement | The September 2024 platform release says services are covered under Medicare with a nominal booking fee. No national coverage determination or CPT code for BrainSee was found. | Claim outruns the record |
| Channel | CMS GUIDE model participation via the Five Star Home Health Care consortium, Dec 2024. CAHF sole preferred provider for cognitive health, Nov 2025, over 1,300 member facilities. | Partner-stated |
| Pharma channel | Non-binding letter of intent with Filament Health, a Rhelion Life Sciences subsidiary, Aug 2026, on BrainSee for patient selection in a possible psilocybin trial. | Issuer disclosure |
| Clinical evidence | 198-patient retrospective pivotal. A 7-year postmarket study is a condition of the classification. No peer-reviewed publication found. | Public record |
| Revenue | None disclosed. Both filings decline to state a revenue range. | Not found |
What to watch
- A Form D for any round after October 2023, due within 15 days of a first sale.
- An amended 2020 Form D, closing the $3,227,750 question.
- A Medicare coverage decision or a dedicated CPT code, the largest swing factor in the revenue model.
- Whether the Filament Health letter of intent becomes a definitive agreement, and on what terms.
- Named paying customers and disclosed volume from the CAHF channel.
- A second device under product code QWT, ending the category exclusivity.
The Darmiyan story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D, Darmiyan, Inc., accession 0001740573-23-000001
- Public recordForm D, Darmiyan, Inc., accession 0001740573-20-000001
- Public recordEDGAR submissions index, CIK 0001740573
- Public recordDe Novo classification request for BrainSee, DEN220066 decision summary and database entry
- Public recordopenFDA device query, product code QWT
- IndependentFDA approves BrainSee, AI software that purportedly predicts AD
- IndependentFDA clears AI that predicts Alzheimer’s progression from an MRI scan
- IndependentRhelion Life Sciences subsidiary Filament Health signs letter of intent with Darmiyan
- CompanyGlobal pharma giant Eisai leads a $6M series seed investment round in Darmiyan
- CompanyDarmiyan announces launch of BrainSee Platform
- CompanyDarmiyan enters Medicare GUIDE program with Five Star Home Health Care
- PartnerCalifornia Association of Health Facilities selects Darmiyan as preferred provider
- CompanyDarmiyan news timeline and team pages
- CompanyIT-Farm portfolio news listing for Darmiyan
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 and may not capture later sales. Healthcare Venture Capital Fund holds no position in Darmiyan. This page is not an offer to sell or a recommendation to buy any security.