Funding profile · Healthcare price transparency data

Serif Health

Two Form D filings, both late, are the entire SEC record. The second discloses a number the press release said was not disclosed.

$5.65MSold in the 2026 offering, fully subscribed, per Form D filed Aug 25, 2026
$2.02MSold of $4.0M offered, first Form D, filed May 5, 2022
56Investors in the 2026 offering, about $100,862 each
2Form D filings on EDGAR since incorporation in 2020

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

Rounds at a glance

When Round Amount Investors Source
Winter 2022 Y Combinator batch Not disclosed Y Combinator YC listing
Aug 2021 to May 2022 Debt offering, Rule 506(b) $4,000,000 offered; $2,020,000 sold at filing 14, not named in the filing Form D
Announced Mar and Jun 2022 Seed, announced as $2.5M $2.5M announced 1984 Ventures, Olive Tree Capital, Rebel Fund, Y Combinator, plus angels Company blog
2022 to 2026 No offering filed None on record None EDGAR
Jul to Aug 2026 Equity, Rule 506(b), SEVA growth investment $5,648,251 offered and sold 56 investors; SEVA Growth LP, through SEVA I LP Form D and release
Aug 2026 Board change Not applicable Shalin Mehta, SEVA founder and managing partner, joins the board Form D and release

What the filings show

Serif Health Management, Inc. · Form D · filed Aug 25, 2026

First sale
Jul 28, 2026
Type
Equity
Offered
$5,648,251
Sold
$5,648,251 · $0 remaining
Investors
56 · average about $100,862
Minimum accepted
$2,500
Exemption
Rule 506(b) · no non-accredited investors
Related persons
Rafiq Ahmed (executive officer, director); Matthew Robben (executive officer, director); Shalin Mehta (director)
Address
2261 Market Street #4944, San Francisco, CA 94114
Filing
SEC EDGAR, CIK 0001926833

Serif Health Management, Inc. · Form D · filed May 5, 2022

First sale
Aug 10, 2021
Type
Debt
Offered
$4,000,000
Sold
$2,020,000 · $1,980,000 remaining
Investors
14 · average about $144,286
Minimum accepted
$10,000
Duration
More than one year
Related persons
Rafiq Ahmed (executive officer, director); Matthew Robben (executive officer)
Address
11916 Goshen Avenue #5, Los Angeles, CA 90049
Filing
SEC EDGAR, CIK 0001926833 · previous name Serif Health, Inc.

Reading the filings

  1. The undisclosed terms are in the filing.Business Wire, FinSMEs and Pulse 2.0 all reported that terms of the SEVA transaction were not disclosed. The Form D filed five days later reports $5,648,251 offered, $5,648,251 sold and nothing remaining.
  2. The first outside institutional capital claim does not match the record.The August 2026 release states the SEVA investment “is the first outside institutional capital raised by Serif.” The company’s own June 2022 post names 1984 Ventures, Olive Tree Capital, Rebel Fund and Y Combinator as backers of a $2.5M seed, and the 2022 Form D records $2,020,000 already sold to 14 investors. Both statements cannot be right.
  3. Fifty six investors is not one growth check.$5,648,251 across 56 investors averages about $100,862 each, and the minimum accepted was $2,500, down from $10,000 in 2022. A lead plus a long tail of small participants fits that shape better than a single institutional check.
  4. The announced seed and the filed seed differ.The company announced $2.5M. The Form D reports $2,020,000 sold against $4,000,000 offered, in debt rather than equity, with the offering open more than one year. Nothing was amended, so later sales would not appear anywhere. The $480,000 gap fits notes that closed after the filing.
  5. Both notices were filed late.Regulation D asks for a Form D within 15 days of the first sale. The 2026 notice came 28 days after its reported first sale of July 28, 2026; the 2022 notice came 268 days after its first sale of August 10, 2021.
  6. The board grew from one named director to three.In 2022 only Rafiq Ahmed was listed as a director, with Matthew Robben an executive officer. By 2026 Robben is a director too and Shalin Mehta of SEVA is the third. The issuer also renamed itself from Serif Health, Inc. and moved from Los Angeles to San Francisco.
  7. No one formed a vehicle around this company.An EDGAR full text search for the company name returns exactly two documents, both its own filings. No SPV, no syndicate series, no fund named for it.

Commercial signals

Signal Detail Source type
Regulatory base Transparency in Coverage, 85 FR 72158, files required for plan years from Jan 1, 2022. Hospital rule under PHS Act 2718(e) live since Jan 2021. Executive order of Feb 28, 2025 ordered tighter enforcement. Public record
Market condition GAO found CMS lacks assurance the data are complete and accurate, and counted 1,287 enforcement actions through 2023. An independent 2026 scorecard put hospital compliance at 49.4 percent. Public record
Certification SOC 2 Type II attestation completed with Advantage Partners, announced Nov 2025, monitored through Vanta. The report itself is not public. Company-stated
Customers More than 200, 250 or 300 depending on the page and date. None named. Figures disagree
Profitability The founders write that they chose to build a profitable company. No financial statement supports or contradicts it. Company-stated
Distribution Listed on the Arcadia Marketplace as a data and analytic enrichment partner. Partner-stated
Product cadence Signal 2023, public payer quality inventory Sep 2025, Signal Ask May 2026, Network Benchmarking Jul 2026. Company-stated

What to watch

  • An amended Form D for the 2026 offering, the only way a larger total becomes public.
  • Any Form D from a vehicle formed to hold Serif shares. There is none on file today.
  • A named customer, or a revenue figure of any kind.
  • The prescription drug machine readable file rulemaking, which would widen the dataset the company sells.
  • Whether SEVA follows on. The 2026 round closed fully subscribed, so any follow on needs a new filing.

The Serif Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Craniometrix: Shared investor: Olive Tree Capital. A New York company that set out to catch Alzheimer’s early with a phone game and now runs dementia care navigation paid for by Medicare
  • Dr. Treat: Shared investor: Rebel Fund. A membership veterinary practice built around two clinics in the San Francisco Bay Area, pitched by its founders as “One Medical for pets” and backed by a seed round
  • TrueClaim: Shared investor: Rebel Fund. A Y Combinator backed third party administrator trying to run self funded employer health plans on modern software
  • Convexia: Shared investor: Rebel Fund. A two person, Y Combinator backed startup that wants AI agents to do the job of a pharma business development team: find overlooked drugs, judge them, and eventually

Sources

  1. Public recordForm D, Serif Health Management, Inc., CIK 0001926833SEC EDGAR · Aug 25, 2026
  2. Public recordForm D, Serif Health Management, Inc., CIK 0001926833SEC EDGAR · May 5, 2022
  3. Public recordTransparency in Coverage, final rule, 85 FR 72158Federal Register · Nov 12, 2020
  4. Public recordMaking America Healthy Again by Empowering Patients With Clear, Accurate, and Actionable Healthcare Pricing Information, 90 FR 11005Federal Register · Feb 28, 2025
  5. Public recordHealth Care Transparency, GAO-25-106995GAO · updated Jun 2026
  6. Public recordHospital price transparency enforcement actions, civil monetary penalty listCMS · last modified Jun 11, 2026
  7. IndependentSerif Health: SEVA Takes Significant Minority Stake As Pricing Platform Serves 250+ OrganizationsPulse 2.0, Amit Chowdhry · Aug 20, 2026
  8. CompanySerif Health Receives Significant Growth Investment From SEVABusiness Wire, via Yahoo Finance · Aug 20, 2026
  9. CompanyAnnouncing our $2.5M seed roundSerif Health blog, Rafiq Ahmed · Jun 2, 2022
  10. CompanyAnnouncing our Growth Investment from SEVA: Reflections from Rafiq and MattSerif Health blog · Sep 10, 2026

Compiled from SEC, Federal Register, CMS and GAO public records and published reports as of September 23, 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 Serif Health. This page is not an offer to sell or a recommendation to buy any security.