Funding profile · Real-world health data

Segmed

One Form D in four years, and it reports nothing sold. The $10.4 million Series A announced in September 2024 has no Regulation D filing behind it at all.

$10.4MSeries A announced Sep 3, 2024, company-reported
$10.06MOffered in the only Segmed Form D, filed Nov 14, 2022
$0Amount recorded as sold in that same filing
$23.05MTotal raised, third party estimate (CB Insights)

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

Rounds at a glance

When Round Amount Investors Source
2019 to 2020 Accelerators: Stanford Ignite, YC W20, Alchemist 21, StartX W20 Not disclosed Y Combinator Founder-stated
Before 2024 Seed and follow-on Not disclosed Y Combinator, Nina Capital, Nova Capital, Blumberg Capital, Expeditions Fund, Mighty Capital Company and founder
Oct to Nov 2022 Equity offering, Rule 506(b) $10,055,000 offered; $0 reported sold 18 investors reported as already invested Form D
2023 Growth debt Not disclosed Flashpoint Growth Debt Fund, its 13th financing deal Lender release
Aug 16, 2024 Single-company vehicle: Bold Brain Segmed, LLC Indefinite; $0 sold at filing Managed by Bold Brain Capital LLC Form D
Sep 3, 2024 Series A, oversubscribed per the company $10.4M Led by iGan Partners and Advocate Health; Castellan Group, Engine Health Capital, Bold Brain Ventures, Fox Chase Cancer Center, plus existing holders Company release
Jul 14, 2026 Outbound: strategic investment in Nucs AI Not disclosed Segmed as investor Company release

What the filings show

Segmed, Inc. · Form D · filed Nov 14, 2022

First sale
Oct 24, 2022
Offered
$10,055,000 equity
Sold
$0 · $10,055,000 remaining
Investors
18 reported as already invested
Minimum
$5,000 per outside investor
Exemption
Rule 506(b)
Issuer
Delaware corporation, incorporated 2019, Palo Alto
Related persons
Marinus Johannes Willemink (executive officer, director); Wojciech Adam Koszek (executive officer, director); Sebastian Anastassiou (director)
Signed
Nov 7, 2022 by Marinus Johannes Willemink, Chief Executive Officer
Filing
SEC EDGAR, CIK 0001953854

Bold Brain Segmed, LLC · Form D · filed Aug 16, 2024

First sale
Had not yet occurred at filing
Type
Pooled investment fund, venture capital fund box not checked
Offered
Indefinite · $0 sold · 0 investors
Exemptions
Rule 506(b); Investment Company Act 3(c) and 3(c)(1)
Related persons
Bold Brain Capital LLC, promoter and manager of the issuer
Signed
Aug 15, 2024 by Kirk Carson, authorized signatory
Filing
SEC EDGAR, CIK 0002033747

Reading the filings

  1. The one filing contradicts itself.It names October 24, 2022 as the date of first sale and reports 18 investors already invested, then records the amount sold as $0 and the remainder as the full $10,055,000. Had those 18 taken the whole offering, the average check would be about $558,600. No amendment has been filed in the nearly four years since, so the record still carries the zero.
  2. The Series A has no Form D.Segmed announced $10.4 million on September 3, 2024. Its only Form D predates that by 22 months and describes a different offering. A company raising under Section 4(a)(2) rather than Regulation D files no Form D, so silence is not evidence of a problem. It does mean the largest number in this company’s funding history has no filing to check it against.
  3. A vehicle showed up 18 days before the announcement.Bold Brain Segmed, LLC was formed in Delaware in 2024 and filed on August 16, 2024. Bold Brain Ventures appears in the Series A list published on September 3. The pattern is ordinary: a syndicate forms a vehicle, files its notice, then the round is announced. What is unusual is that the vehicle filed and the operating company did not.
  4. Debt came before the equity.Flashpoint Growth Debt called Segmed its 13th financing deal, dated the announcement to the same day as the Series A, and described the debt as received in 2023. Venture debt of that kind generates no Form D, which is one reason the SEC trail understates this company.
  5. Nobody agrees on the total.A co-founder’s personal site says “We raised $20m from many investors.” CB Insights puts the total at $23.05M and the last round at $10.5M. The company itself has never published a cumulative figure. The only number with a filing behind it is $0.
  6. Two of the three insiders named have changed roles.The 2022 filing lists Willemink and Koszek as executive officers and directors. Willemink moved to chief scientific officer in May 2025 when David Gascoigne became CEO, and Koszek has left to run a different company. Yin Ho joined the board that same month. No filing records any of it.

Commercial signals

Signal Detail Source type
Customers Named platform deals: Bayer (Dec 2024), Verily (Feb 2026), MAPI in Japan (Apr 2026), Nucs AI (Jul 2026), Datavant tokenization (Jun 2024). No revenue disclosed. Company-stated
Supply side Revenue sharing with providers. More than 2,800 partner sites claimed, up from 2,000 or more in Jun 2024. Only Beacon Health System and Advocate Health named. Company-stated
Investor as supplier Advocate Health co-led the Series A, supplies data, and co-released the March 2026 open mammography set: source and shareholder in one counterparty. Company-stated
Compliance assets HIPAA Expert Determination by Brad Malin announced Jan 2026; SOC 2 Type 2 and ISO 27001 maintained. These are the sale-enabling assets here. Named certifier
Scale claims About 150 million imaging studies, described variously as studies, exams and datasets. FDA clearances attributed to the network are given as 35 or more, 50 or more, and “hundreds” on three company surfaces. Figures differ
Non-dilutive funding No NIH or NSF award found under the Segmed name. Not found

What to watch

  • A Form D or amendment covering the 2024 Series A, or a Series B notice, which would put a filed number on the record for the first time.
  • Whether the 2022 filing is ever amended to replace the $0.
  • Disclosure of the provider revenue share, which sets gross margin here.
  • Whether the Nucs AI investment starts a strategic investing program or is a one-off.
  • Any named customer contract value. None has been published.

The Segmed story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Dorian Therapeutics: Shared investor: Blumberg Capital. A Stanford spinout that built small molecule blockers of USP16, the enzyme that strips a silencing mark off histone H2A, and pointed them at the arthritic knee
  • 20n: Shared investor: Blumberg Capital. A Y Combinator biotech whose software invented a fermentation route to the active ingredient in Tylenol, then published its whole stack as open source in March 2017 and
  • Alfie: Shared investor: Nina Capital. A New York telehealth clinic that used an AI model called ObesityRx to match patients with weight loss medications and behavior changes
  • Bikanta: Also in Diagnostics. A Berkeley startup that licensed a fluorescent nanodiamond imaging platform out of the NIH, sold it as a research reagent, and ran out of money before it reached a

Sources

  1. Public recordForm D, Segmed, Inc., CIK 0001953854SEC EDGAR · Nov 14, 2022
  2. Public recordForm D, Bold Brain Segmed, LLC, CIK 0002033747SEC EDGAR · Aug 16, 2024
  3. IndependentFlashpoint Growth Debt Announced its 13th Financing Deal, SegmedFlashpoint · Sep 3, 2024
  4. IndependentSegmed, a startup that gathers medical imaging data for AI development, raises $10MRadiology Business, Marty Stempniak · Sep 4, 2024
  5. IndependentSegmed company profile, funding and total raisedCB Insights · accessed Sep 22, 2026
  6. IndependentThe companies paying hospitals to hand over patient data to train AISTAT, Brittany Trang · Jan 16, 2025
  7. CompanySegmed Secures $10.4 Million Series A Funding, Led by iGan Partners and Advocate HealthPR Newswire · Sep 3, 2024
  8. CompanySegmed Appoints David Gascoigne as CEO in Leadership TransitionPR Newswire · May 13, 2025
  9. CompanySegmed website: For Healthcare Providers, About, Newsroomsegmed.ai · accessed Sep 22, 2026
  10. FounderAbout me, personal website of Adam Koszekkoszek.com · accessed Sep 22, 2026

Compiled from SEC and other 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 Segmed. This page is not an offer to sell or a recommendation to buy any security.