Funding profile · Clinical AI infrastructure

Bunkerhill Health

Fifty five million dollars raised across three rounds, nine FDA clearances, a Medicare billing code, and not one Form D on file at the SEC. The absence is the story.

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

Rounds at a glance

What the filings show

Reading the filings

1. The company has never used Regulation D.Three priced rounds and no Form D. Issuers selling only to institutional buyers can rely on Section 4(a)(2), which carries no federal notice requirement. Nothing here suggests a problem, but the usual Form D checks, investor counts, amounts sold against amounts offered and related persons, are unavailable for this name.
2. The Series A is the missing number.$55.0M total minus $25.0M Series B minus $6.5M seed leaves $23.5M for the Series A and anything raised before the seed. No announcement, no filing and no dated disclosure covers it. It is the largest single block of capital in the company and the least documented.
3. The lead changed hands.Sequoia led the 2023 seed; its own founder page lists David Eng with partner Alfred Lin and the year 2023. Khosla led the 2026 Series B, with Sequoia continuing but not leading, the ordinary shape when a new investor prices a round.
4. Optum Ventures is the strategic on the cap table.It is the venture arm of the Optum side of UnitedHealth Group. For a company selling opportunistic screening that depends on payment policy, a payer-affiliated investor is the most consequential name on the list.
5. Nine clearances on about $30M.The seed plus the implied Series A is roughly $30.0M, covering nine 510(k) clearances from April 2023 to March 2026, about $3.3M per clearance including everything else the company did. The algorithms were largely built and funded inside universities, and no NIH or NSF award went to the company.
6. The reimbursement is thin per unit.HCPCS G0680, which Bunkerhill led to CMS, pays $15.50 per calcium assessment under the hospital outpatient system. HeartSciences tells investors the AI-ECG classification it uses pays about $136. At $15.50 a code is a cost-recovery mechanism for hospitals, not a revenue line for the vendor, which is what the company says it intended.
7. Revenue is founder-stated.The company told The Next Web it grew revenue twentyfold over the past year. No starting figure, no absolute number, no audited source. Customer counts drift by date too: more than 10 systems in May 2026, 15 in July 2026.

Commercial signals

“The bottleneck in healthcare AI was never the technology, it was getting a health system to actually run it,” said Vinod Khosla. On the crowded field, Sequoia’s Alfred Lin told Fortune: “I much prefer having 1,000 flowers bloom, and the best ones will become durable over time.”

What to watch

• A first Form D, which would appear only if the company switches to Regulation D.
• Whether the Series A ever gets an amount and a date attached to it.
• HeartSciences quarterly filings, the one public window on Bunkerhill revenue.
• Whether Optum Ventures participation turns into a payer distribution channel.
• G0680 claim volume, which will show whether hospitals bill for opportunistic screening at all.

The Bunkerhill Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

• NimbleRx: Shared investor: Felicis. Nimble began as a licensed dispensing pharmacy with its own stores, shut them in early 2019, and rebuilt itself as the software layer sold to the independent pharmacies
• Comprehend Systems: Shared investor: Sequoia. A Y Combinator company that sold software for watching clinical trials while they were still running
• Clarion: Shared investor: Sequoia. A New York startup building AI agents that answer the phone for clinics, then finish the task on the other end: booking, refills, referrals, billing questions, written
• Amby Health: Shared investor: Sequoia. A two-person Y Combinator startup that launched in early 2025 with a pitch to automate billing and quality review for ambulance agencies

Sources

1. Public recordSEC EDGAR company and full text searches for Bunkerhill, forms D, 2019 to 2026SEC · Sep 22, 2026
2. Public recordForm D, m00m LLC, accession 0002025680-24-000008 (false positive match)SEC · Jun 20, 2024
3. Public recordHeartSciences Inc. Form 10-K and Form 10-Q, CIK 0001468492SEC EDGAR · Jul 23 and Sep 14, 2026
4. Public recordFDA 510(k) database, nine clearances, plus recall and MAUDE searchesFDA · Sep 22, 2026
5. IndependentBunkerhill Health raises $55 million to put AI agents to work inside hospitalsFortune, Allie Garfinkle · Jul 16, 2026
6. IndependentBunkerhill Health raised $55M to put AI agents to work inside hospitalsThe Next Web, Cristian Dina · Jul 16, 2026
7. IndependentHealth systems are exploring AI-powered cardiac risk screeningFierce Healthcare, Heather Landi · May 13, 2026
8. IndependentDavid Eng founder page, partner Alfred Lin, partnered in 2023Sequoia Capital · archived Jun 7, 2026
9. CompanyBunkerhill Health Raises $55 Million to Help Health Systems Turn Their Best Ideas into RealityBunkerhill Health · Jul 16, 2026
10. YC dataBunkerhill Health company profile, batch Winter 2019, team size 30Y Combinator · archived May 16, 2026

Compiled from SEC, FDA, NIH, NSF and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; no such notice has been filed by this issuer, and an absence of Form D filings does not imply an absence of financing. Healthcare Venture Capital Fund holds no position in Bunkerhill Health. This page is not an offer to sell or a recommendation to buy any security.