Funding profile · Neuromodulation devices
Actipulse Neuroscience
A bootstrapped device company that raised from the public on Republic in 2021, reached 19 percent of its maximum offering, and has filed nothing with the SEC since terminating its reporting obligation in April 2023.
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2017 to 2021 | Bootstrapped | $140,000 seed, company-stated | Not named | Company-stated |
| Jun to Nov 2021 | Regulation CF, Crowd SAFE, $10,000,000 cap | $1,070,000 offered; $201,600 committed | Republic investors; count not disclosed | Form C, Form C-U |
| Winter 2022 | Y Combinator batch | Not disclosed | Y Combinator | Company release |
| During 2022 | Unexplained cash increase | Cash rose $595,244, assets $969,198 | Not identified in any filing | Form C-AR |
| 2023 to 2026 | No further SEC filings of any kind | Not disclosed | Not disclosed | Not found |
What the filings show
Actipulse Neuroscience, Inc. · Form C · filed Jun 24, 2021
- Offered
- $1,070,000 maximum, $25,000 minimum
- Security
- Crowd SAFE, valuation method stated as arbitrary
- Deadline
- Oct 15, 2021, extended to Dec 30, 2021
- Intermediary
- OpenDeal Portal LLC, the Republic funding portal
- Intermediary fee
- 6 percent of the amount raised, plus securities equal to 2 percent of those sold
- Financials filed
- Revenue $583,433 (2019), $248,406 (2020); net income $79,323, $26,070
- Filing
- SEC EDGAR, CIK 0001860502
Actipulse Neuroscience, Inc. · Form C-U · filed Nov 22, 2021
- Statement
- “The Offering closed successfully on 11/17/2021, having received investment commitments of $201,600.00, although a final accounting has not taken place.”
- Against maximum
- 18.8 percent of $1,070,000
- Against announced goal
- 16.8 percent of the $1.2 million named in the July 2021 release
- Filing
- SEC EDGAR, accession 0001860502-21-000004
Form C-AR for fiscal 2021 · filed May 11, 2022, and for fiscal 2022 · filed Apr 13, 2023
- Revenue
- $2,609 (2021), then $173,963 (2022)
- Net income
- Loss of $24,691 (2021), then income of $9,308 (2022)
- Cash
- $233,595 at end of 2021, $828,839 at end of 2022
- Filing
- SEC EDGAR, CIK 0001860502
Actipulse Neuroscience, Inc. · Form C-TR · filed Apr 13, 2023
- What it is
- Termination of Regulation Crowdfunding reporting
- Timing
- Filed the same day as the fiscal 2022 annual report, the last on public record
- Signed by
- Adrien Chatillon, chief executive officer and director
- Filing
- SEC EDGAR, accession 0001860502-23-000002
Reading the filings
- The round did not fill.The July 2021 release set a $1.2 million goal; the Form C set a $1,070,000 maximum. The Form C-U reports $201,600 committed at close, 18.8 percent of the maximum and 16.8 percent of the announced goal. The deadline was extended to December 30, 2021 and the offering closed November 17 anyway.
- There is no Form D, and that is expected.A Regulation CF raise is filed on Form C, not Form D, so the absence here reflects the exemption chosen rather than a gap. A raise under Section 4(a)(2) would also leave no filing. Nothing in EDGAR indicates a Regulation D offering by this issuer.
- Revenue and the pitch do not line up.The offering materials described $2 million in lifetime revenue and profitability since 2019. The issuer’s filed statements report $583,433, $248,406, $2,609 and $173,963 for 2019 to 2022, totalling $1,008,411, with the largest year the one before the raise. In September 2024 the company told a Paris agency it had generated over $7.5 million in revenue. The filed figures cover the Delaware parent; the company says most business runs through a Mexican subsidiary, which would not appear separately here.
- Revenue collapsed 99 percent in the year of the raise.From $248,406 in 2020 to $2,609 in 2021. The Form C investors saw the 2019 and 2020 figures; the 2021 figure was filed in May 2022, six months after the round closed.
- Roughly $595,000 of cash arrived in 2022 with no filing to explain it.Cash went from $233,595 to $828,839 on revenue of $173,963 and net income of $9,308. Operations did not produce that. The company joined Y Combinator’s Winter 2022 batch and said it was granted funding without stating an amount, the obvious candidate, but no filing names the source or terms.
- The paper trail ends in April 2023.The final annual report and the termination of reporting were filed the same day. Every figure since, including the $7.5 million revenue and the count of more than 400 clinics, is company-stated with no filed statement behind it.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Regulatory | No FDA 510(k), De Novo, PMA or device listing under Actipulse as of Sep 22, 2026. No COFEPRIS registration number located in public sources. | Public record |
| Product on sale | Actipulse PRO2S, a clinician-operated low intensity TMS console sold in Mexico and Latin America. The earlier PRO2 was priced by the company at $15,000 to $18,000. | Company-stated |
| Installed base | 210 clinics and about 10,000 patients in 2021 and 2022, restated in Oct 2024 as more than 400 clinics in Latin America. No independent count found. | Company-stated |
| Clinical | Two registered trials, both at a Mexican national institute. One terminated, one completed. No United States pivotal trial is registered. | Public record |
| Milestone slippage | FDA clearance targeted for Q3 2023 in the 2021 offering, then end of 2026 in a Sep 2024 interview. No submission or pivotal trial registration has appeared. | Claim versus record |
What to watch
- Any new SEC filing. There have been none since April 13, 2023.
- A Form D, which would signal an institutional round rather than another crowdfunding raise.
- An Actipulse-sponsored pivotal trial on ClinicalTrials.gov, the first hard evidence that the United States programme is funded and running.
- Whether the French preclinical drug delivery work, rather than the home depression device, becomes the fundable asset.
- Any independent confirmation of the clinic count or revenue figures stated since reporting ended.
The Actipulse Neuroscience story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm C, Actipulse Neuroscience, Inc.
- Public recordForm C-U, offering close and commitments
- Public recordForm C-AR for fiscal 2021 and fiscal 2022
- Public recordForm C-TR, termination of reporting
- Public recordFDA device database searches returning no Actipulse record
- Public recordClinicalTrials.gov NCT03983655 and NCT05784298
- IndependentActipulse Neuroscience on Republic 2021, deal terms
- InterviewActipulse Neuroscience, Opening the Pathway to the Brain
- CompanyBegins a Public Fundraising to Finance FDA Pivotal Trial
- CompanyActipulse Neuroscience Joins Y Combinator
Compiled from SEC, FDA and ClinicalTrials.gov public records and published reports as of September 22, 2026. Regulation Crowdfunding notices on Form C report offerings under Section 4(a)(6); amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Actipulse Neuroscience. This page is not an offer to sell or a recommendation to buy any security.
