Funding profile · Care navigation software

Memora Health

Three announced rounds totaling $80.5 million, no Form D on file with the SEC, and an all stock exit reported at $30 million.

$80.5MTotal announced across three rounds, 2021 to 2023
$30MReported sale price, paid in Commure stock (Axios, Mar 2025)
$430MValuation reportedly shared with investors by the then CEO
0Form D notices for Memora Health in SEC EDGAR

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

Rounds at a glance

When Round Amount Investors Source
2018 Y Combinator, Winter 2018 Not disclosed Y Combinator YC page
May 2021 Financing, unlabeled $10.5M Led by Andreessen Horowitz; AlleyCorp, Martin Ventures, Thirty Five Ventures, Operator Partners, Edward Elmhurst Health, B Capital. Vineeta Agarwala joined the board. Company release
Feb 2022 Series B $40.0M Led by Transformation Capital; Andreessen Horowitz, Frist Cressey Ventures, Edward Elmhurst Health, AlleyCorp. Todd Cozzens joined the board. Release and Axios
Apr 2023 Strategic, no round label $30.0M Led by General Catalyst; Northwell Holdings, NorthShore Edward-Elmhurst Health, PagsGroup, plus existing investors Independent
2021 Valuation marker About $190M PitchBook figure cited by Axios in April 2023 Independent
Dec 20, 2024 Acquisition by Commure Terms not disclosed by the parties; reported at $30M in stock Commure, backed by General Catalyst, HCA Healthcare and Sequoia Capital Axios

What the filings show

Memora Health · no Form D on record

Search
EDGAR full text search, phrase “Memora Health”, run Sep 23, 2026
Form D hits
0
All form hits
6, all of them American Well Corporation annual reports
Company entities
EDGAR company search for “memora” returns only unrelated filers
What this means
All three announced rounds were raised without a Regulation D notice appearing on EDGAR

American Well Corporation · Form 10-K · filed Feb 12, 2026

Relevance
Names Memora Health as a competitor a year after the acquisition
Category
Digital patient engagement companies, listed with Twistle and GetWell Loop
Filing
SEC EDGAR, CIK 0001393584

Reading the filings

  1. The exit returned about 37 cents on the dollar.Investors put $80.5 million into the three announced rounds. The sale was reported at $30 million in Commure stock. That is 30 divided by 80.5, or roughly 37 percent of invested capital, before any liquidation preference. Preferred stock stacks, so common holders and employees saw less.
  2. Against the valuation circulated to investors it is about 7 cents.Axios reported on March 6, 2025 that the former chief executive had shared a valuation of roughly $430 million. Thirty divided by 430 is about 7 percent. PitchBook, cited by Axios in 2023, had the company near $190 million in 2021; $30 million against that mark is about 16 percent.
  3. Stock, not cash.Commure told Axios on announcement day that the deal was all stock. Sellers received Commure shares carried at that value, so the realized return depends on what Commure is worth. Commure merged with Athelas in October 2023 at a reported $6 billion valuation for the combined entity.
  4. General Catalyst was on both sides.General Catalyst led Memora’s $30 million round in April 2023. Commure was hatched by General Catalyst and lists it first among its backers, and in June 2025 the firm put a further $200 million into Commure. A seller’s largest recent investor also sponsoring the buyer narrows the set of parties with an interest in testing the price.
  5. The last round carried no label, which hid the mark.Sevak told Axios the round was unlabeled because it was strategic and unplanned, and told Fierce Healthcare it was not a down round. Rock Health found 38 percent of first quarter 2023 rounds lacked a label. An unlabeled round reports no price, so there is no public per share mark between 2021 and the sale.
  6. No Form D means no filed number to check.Companies raising under Section 4(a)(2) rather than Regulation D file nothing. Every figure above came from a release or from reporting.
  7. Health system money was also customer money.Edward Elmhurst Health invested in 2021 and 2022 and was a named customer in the same period; Fierce reported in December 2024 it no longer was. Revenue quality and cap table were not independent.

Commercial signals

Signal Detail Source type
Customers More than 50 organizations on a monthly subscription per Fierce Healthcare; General Catalyst wrote 70 plus in April 2023. Named: Mayo Clinic, Penn Medicine, Northwell Health, Boston Medical Center, Moffitt Cancer Center, Virtua Health, Intermountain Health and Aetna CVS. Independent
Revenue Sevak said in April 2023 revenue had doubled and headcount grew nearly fourfold. Axios reported in March 2025 that 2022 recurring revenue was represented to investors as $20 million while actual 2023 revenue was $1.2 million. Claim differs from reporting
Clinical evidence Two peer reviewed Penn Medicine studies and three ClinicalTrials.gov registrations naming Memora Health as a collaborator. No company sponsored pivotal trial. Public record
Churn Penn Medicine’s Fast Track to Fertility program page states Memora built early versions of the texting program and that Penn’s in-house Way to Health platform now provides the service. Edward Elmhurst Health is no longer a customer. Customer record
Buyer scale Commure said in June 2025 it serves more than 130 health systems and has north of $200 million in contracted annual recurring revenue. Company-stated

What to watch

  • Any statement from Commure or the former shareholders putting a number on the deal. Neither party has.
  • Whether Commure files publicly. Tandon said in June 2025 the company would likely be ready for an IPO within about two years, which would put the acquired assets into audited disclosure.
  • Retention of the named health systems.
  • Whether the POPPY Aim 3 trial at Alabama, still recruiting, publishes outcomes for the digital arm.

The Memora Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Ribbon Health: Shared investor: Andreessen Horowitz. An API built to answer a question the American health system keeps getting wrong: is this doctor real, in network, and reachable at the number listed
  • Synapticure: Shared investor: B Capital. A virtual specialty clinic for ALS, Parkinson’s and dementia, built by an ALS patient and his caregiver
  • 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
  • Latent Health: Shared investor: General Catalyst. A San Francisco startup building AI agents that read a patient’s chart, assemble the paperwork insurers demand for expensive drugs, and file the request, so pharmacists

Sources

  1. Public recordEDGAR full text search for Memora Health, Form D and all forms, plus EDGAR company searchSEC · run Sep 23, 2026
  2. Public recordAmerican Well Corporation Form 10-K, fiscal 2025, competition sectionSEC EDGAR, CIK 0001393584 · Feb 12, 2026
  3. Public recordClinicalTrials.gov NCT06618144, NCT05940688 and NCT06510075ClinicalTrials.gov · accessed Sep 23, 2026
  4. IndependentInside Memora’s surprise fire sale to CommureAxios Pro, Erin Brodwin · Mar 6, 2025
  5. IndependentMedical AI company Commure buys care automation startup Memora HealthAxios Pro, Erin Brodwin · Dec 20, 2024
  6. IndependentCommure acquires patient navigation platform Memora HealthFierce Healthcare, Emma Beavins · Dec 23, 2024
  7. IndependentMemora Health nabs $30M to scale up complex care management solutionFierce Healthcare, Heather Landi · Apr 20, 2023
  8. IndependentMemora Health raises $40M for complex care delivery platformFierce Healthcare, Rebecca Torrence · Feb 15, 2022
  9. IndependentCommure raises $200M in growth financing from General CatalystFierce Healthcare, Heather Landi · Jun 19, 2025
  10. IndependentWeekly Health Tech Reads, March 9, 2025Health Tech Nerds · Mar 10, 2025
  11. CompanyMemora Health Closes $10.5M Financing Led by Andreessen HorowitzPR Newswire · May 11, 2021
  12. CompanyCommure Acquires Memora Health, a Digital Care Navigation PlatformGlobeNewswire and Commure · Dec 20, 2024

Compiled from SEC and other public records and published reports as of September 23, 2026. No Form D notice for Memora Health appears in SEC EDGAR, so round sizes shown here come from press releases and reporting rather than filings. Healthcare Venture Capital Fund holds no position in Memora Health or Commure. This page is not an offer to sell or a recommendation to buy any security.