Funding profile · Healthcare data infrastructure

H1

Four Form D filings under H1 Insights, Inc. account for $271 million sold. One is not a fundraise at all. The last outside valuation on record is from 2021.

$271.0MSold across three distinct Form D offerings, 2020 to 2024
$95.0MDec 2024 offering, the only one filed as a business combination
$40.0MLed by CVS Health Ventures, May 2026, company-reported
$773MValuation, company-reported, unchanged since Jun 2022

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2018 Early funding $6M Shore Group Trade press
Feb 2020 Series A $12.9M Led by Menlo Ventures; Liquid 2 Ventures, Novartis dRx, Underscore VC No Form D found
Dec 2020 Series B $58M announced; $55.07M sold Co-led by IVP and Menlo · 15 on the filing Form D
Nov 2021 Series C $100M announced; $98.81M sold Led by Altimeter; Goldman Sachs, Flex, IVP, Menlo, Lux, LeadEdge · 20 on the filing Form D
Jun 2022 Series C extension $33M: $23M equity, $10M debt Goldman Sachs AM, Menlo, Novartis Pharma AG · 23 on the filing Form D/A
Dec 2024 Equity issued in a business combination $95,003,542 68 investors, no round announced Form D
May 2026 Strategic investment $40M Led by CVS Health Ventures Company release
Jul 2026 SPV: HealthX H1 Insights 2026, LLC $1,643,000 of $2,000,000 7 investors Form D

What the filings show

H1 Insights, Inc. · Form D · filed Dec 31, 2024

First sale
Dec 19, 2024
Offered
$95,003,542 equity
Sold
$95,003,542 · $0 remaining
Investors
68 · average about $1,397,000
Related persons
Ian Sax, Ariel Katz (officers, directors); Greg Yap, Somesh Dash, Mike Derezin, Karen Walker (directors); Deborah Schwartz, Micah Brooks (officers)
Filing
SEC EDGAR, CIK 0001837632

H1 Insights, Inc. · Form D/A · filed Jun 10, 2022

First sale
Nov 15, 2021, unchanged
Offered
$133,811,023, up $35,000,000 from the Nov 2021 filing
Sold
$120,963,387 · $12,847,636 remaining
Investors
23, up from 20
Related persons
Katz, Sax, Dash, Yap, Sylvie Veilleux
Filing
SEC EDGAR, CIK 0001837632

H1 Insights, Inc. · Form D · filed Dec 28, 2020

First sale
Dec 11, 2020
Sold
$55,069,626 of $58,023,533 offered
Investors
15 · average about $3,671,000
Related persons
Katz, Sax, Dash, Yap
Filing
CIK 0001837632

HealthX H1 Insights 2026, LLC · Form D · filed Jul 23, 2026

First sale
Jul 20, 2026
Type
Single-company SPV
Sold
$1,643,000 of $2,000,000 · minimum $50,000
Investors
7 · average about $234,700
Related persons
HealthX Management LLC; Mark Bakken
Filing
SEC EDGAR, CIK 0002141509

Reading the filings

  1. The largest filing is not money raised.December 2024 reports $95,003,542 sold to 68 investors, about $1,397,000 each, and is the only one of the four marked as a business combination. No round was announced. H1 signed the agreement to buy Ribbon Health on December 12, 2024, first sale is December 19, and the deal closed that month for cash and stock. The 68 look like Ribbon shareholders taking H1 paper.
  2. So the totals overstate cash in.The three distinct offerings sum to $271,036,555, but Katz said in January 2025 that H1 had raised $193 million. The gap is roughly the December 2024 filing. Read $271 million as securities issued, not cash received.
  3. The extension reconciles, and shows what a Form D cannot.The June 2022 amendment raised the offering by exactly $35,000,000 while the amount sold rose $22,152,206. Katz described the $33 million extension as $23 million equity and $10 million debt. The equity lines up; the debt appears nowhere, because Regulation D does not report it.
  4. Announced and filed diverge.The Series B was announced at $58 million; the filing shows $55,069,626 sold. The Series C was announced at $100 million; the filing shows $98,811,181. Neither was amended.
  5. The Series A never generated a Form D.H1 closed $12.9 million in February 2020, yet the first filing under CIK 0001837632 is December 2020. Companies raising under Section 4(a)(2) file no Form D, so the silence proves nothing.
  6. A seller’s investor became a buyer’s investor.H1’s June 2025 release names HealthX among Veda’s backers. Thirteen months later HealthX Management formed an SPV and sold $1,643,000 of a $2,000,000 offering to 7 people at a $50,000 minimum: an angel syndicate running from the acquired company’s cap table into the acquirer’s.
  7. The board turned over.2020 lists Katz, Sax, Somesh Dash of IVP and Greg Yap of Menlo. 2021 and 2022 add Sylvie Veilleux. By December 2024 she is gone and Mike Derezin and Karen Walker appear. Stephen Hahn joined in January 2025, after the last filing.
  8. The name is a research hazard.An EDGAR sweep for Form D filings mentioning H1 returns 44 filers, almost all unrelated, because H1 is shorthand for the first half of a year. Only two could be tied to this company.

Commercial signals

Signal Detail Source type
Profitability Katz said in May 2026 the company turned cash flow and EBITDA profitable in 2025 and forecasts over 40% growth. No audited figures. Company-stated
Customer base Over 200 customers. “85% of the top 20 pharmaceutical companies and 9 out of 10 of the top health plans trust H1”. Not independently verified. Company-stated
Pharma partnership Novo Nordisk, Aug 2026: AI clinical development workflows, plus rights for H1 to advance the StudyHub platform. Partner-stated
Acquired revenue Katz said Ribbon was earning “well over tens of millions in revenue” with more than 50 customers. Only the Carevoyance terms were ever disclosed, at seven figures in cash and stock. Independent
Valuation $750M per Forbes and TechCrunch at the Nov 2021 Series C; $773M per the company at the Jun 2022 extension. No mark since. Figures differ
Certification No SOC 2 report or HITRUST certification found in public sources. Not found

What to watch

  • A Form D for the CVS Health Ventures round. None was filed under CIK 0001837632 as of September 23, 2026.
  • A filing tied to the Defacto Health deal, also cash and stock. The Ribbon precedent says the equity leg surfaces as a business combination Form D.
  • Whether a new round resets the $773 million mark, which has stood four years.

The H1 story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • BloomAPI: Shared investor: Liquid 2. A Y Combinator company that set out to end the medical records fax, then quietly turned into a HIPAA texting app
  • Lively: Shared investor: Liquid 2. A San Francisco company that rebuilt the health savings account around the person who has to use one, then sold that machinery to banks and employers
  • Eden: Shared investor: Liquid 2. A cloud based Diagnostic OS built in Mexico City to make radiology reports faster and more consistent across Latin America
  • Arintra: Shared investor: Cvs Health Ventures. Software that reads a finished patient chart and pushes billing codes straight into the claim, with no coder in between

Sources

  1. Public recordForm D, H1 Insights, Inc., CIK 0001837632SEC · Dec 28, 2020
  2. Public recordForm D, H1 Insights, Inc.SEC · Nov 19, 2021
  3. Public recordForm D/A, H1 Insights, Inc.SEC · Jun 10, 2022
  4. Public recordForm D, H1 Insights, Inc., business combinationSEC · Dec 31, 2024
  5. Public recordForm D, HealthX H1 Insights 2026, LLCSEC · Jul 23, 2026
  6. IndependentThis Startup Raised $100 Million In Bid To Power All Doctor InformationForbes · Nov 16, 2021
  7. IndependentHealthcare analytics platform H1 has acquired RibbonTechCrunch · Jan 8, 2025
  8. IndependentH1 acquires Ribbon HealthFierce Healthcare · Jan 8, 2025
  9. IndependentH1 secures $40M from CVSTechCrunch · May 28, 2026
  10. IndependentH1 acquires Defacto HealthFierce Healthcare · Sep 9, 2026
  11. CompanyH1 secures an extension on its Series CGlobeNewswire · Jun 9, 2022

Compiled from SEC public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date, and can record securities issued as acquisition consideration rather than cash raised. Healthcare Venture Capital Fund holds no position in H1. This page is not an offer to sell or a recommendation to buy any security.