Funding profile · Rare disease diagnostics

Probably Genetic

One Form D, filed under a name the company does not trade under, covers the only priced round on public record. A federal contract announced in August 2026 is the newer money, and its size is company-stated.

$10.72MSold in the equity offering reported on Form D, filed Nov 1, 2023
21Accredited investors in that offering, about $510,000 each
$8Left unsold of the $10,719,976 offered
$10MARPA-H RAPID contract ceiling, company-stated, Aug 2026

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

Rounds at a glance

When Round Amount Investors Source
Mar 2019 Y Combinator, Winter 2019 $150,000 per an aggregator Y Combinator Aggregator
Jun 2019 Seed Not disclosed Khosla Ventures, TenOneTen Ventures, Oxford Angel Fund, angel investors TechCrunch
Sep to Nov 2023 Equity offering, Rule 506(b) $10,719,968 sold of $10,719,976 offered 21 accredited investors, none named in the filing Form D
Undated Portfolio listings Not disclosed Threshold, where director Emily Melton lists the company; Calm/Storm Ventures, which profiles Lange as a portfolio founder Investor pages
Aug 2026 ARPA-H RAPID contract Up to $10M, company-stated ARPA-H, one of four performer teams Agency and company

What the filings show

Aiwa Health, Inc. · Form D · filed Nov 1, 2023

First sale
Sep 20, 2023
Offered
$10,719,976 equity
Sold
$10,719,968 · $8 remaining
Investors
21 · average about $510,475 · no non-accredited investors
Exemption
Rule 506(b)
Fees
Sales commissions $0 · finders fees $0
Related persons
Lukas Lange (executive officer, director, signed as CEO); Emily Melton (director)
Issuer
Delaware corporation, year of incorporation 2023 · industry group reported as Other · revenue range declined
Filing
SEC EDGAR, CIK 0001999218

Reading the filings

  1. The offering was sized to the close.An issuer setting out to raise ten million reports a round number. This one reports $10,719,976 offered against $10,719,968 sold, a gap of eight dollars. The figure reads as a total assembled first and reported afterward, which is what a notice filed six weeks after the first sale usually looks like.
  2. The checks are institutional.$10,719,968 across 21 investors averages $510,475 each. That is a venture round with a short syndicate, not an angel crowd. No investor is named in the filing and no lead is identified.
  3. The notice was late.Regulation D requires the Form D within 15 calendar days of the first sale. First sale was Sep 20, 2023; the filing is dated Nov 1, 2023, 42 days later, roughly 27 days past due.
  4. No placement agent took a cut.Sales commissions and finders fees are both reported as zero, and no sales compensation recipients are listed. The round was raised directly.
  5. The issuer is younger than the business.The filing reports Aiwa Health, Inc. as a Delaware corporation incorporated in 2023, though Probably Genetic has been operating since 2019 and raised venture money that year. The company terms of service name Aiwa Health, Inc., d/b/a Probably Genetic. An EDGAR company search returns no entity called Probably Genetic at all, and no Form D covers the 2019 seed. Issuers that raise under Section 4(a)(2) rather than Regulation D file no Form D, so the absence is not evidence that no money moved.
  6. The board disclosed is two people.Lange and Emily Melton. Melton lists Probably Genetic among her investments at Threshold. No other director appears in the filing, and no board change has been reported since.

Commercial signals

Signal Detail Source type
Revenue model Drug developers and advocacy groups pay for access to data on target variants and phenotypes; patients pay nothing and no insurance is billed in the free programs. Company-stated
Named sponsors UCB funded the mitochondrial pilot with the United Mitochondrial Disease Foundation. X4 Pharmaceuticals is named as the WHIM syndrome partner. The company claims 15 or more biopharmaceutical partners and 50 or more advocacy partners. Company and partner
Non-dilutive ARPA-H RAPID performer team, announced Aug 31, 2026. The agency states a program ceiling of $98.5M over 4.5 years across four teams and does not publish per-team amounts. A USAspending contract search for Probably Genetic and Aiwa Health returned no award records on Sep 23, 2026. Partly unverified
Scale Homepage says 200,000 plus patients; the August 2026 release says data from more than 120,000; disease pages say 100,000 plus. Figures disagree
Clinical evidence No FDA record, no registered trial, no PubMed hit. A peer reviewed publication on the selection method is described by the company as in progress. Public record
Regulatory exposure Sponsored testing sits inside the Anti-Kickback Statute. HHS-OIG advisory opinions 22-06 and 24-12 were favorable but fact specific. In Nov 2024 QOL Medical paid $47 million to settle allegations over a free testing program that fed ordering physician names to its sales force. Independent

What to watch

  • A new Form D. None has been filed since Nov 2023, and one is due within 15 days of a new first sale.
  • Whether an ARPA-H obligation to Aiwa Health or Probably Genetic appears in federal spending data, which would confirm the contract size independently.
  • Named biopharmaceutical customers beyond UCB and X4 Pharmaceuticals, and any disclosure of revenue per program.
  • The identity of the sequencing laboratory, unnamed in every company document reviewed.
  • Any OIG or DOJ position on patient initiated sponsored testing, where the patient rather than the clinician starts the process.

The Probably Genetic story on Healthcare DiscoveryHealthcare Discovery

Related companies

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  • Granza Bio: Shared investor: Oxford Angel Fund. A San Francisco biotech trying to turn the immune system's own cell killing machinery into a programmable drug platform
  • Haplotype Labs: Also in Diagnostics. A one person software company founded by the architect who built 23andMe’s platform, selling labs and prevention clinics a hosted way to run polygenic risk models
  • Scanbase: Also in Diagnostics. An API that turns a phone photo of a rapid diagnostic test into a result, sold to the companies that make and ship the tests

Sources

  1. Public recordForm D, Aiwa Health, Inc., CIK 0001999218SEC EDGAR · filed Nov 1, 2023
  2. Public recordEDGAR company search and full text search for Probably Genetic, Aiwa Health, Lukas LangeSEC · run Sep 23, 2026
  3. Public recordARPA-H announces awards to advance AI for rare disease diagnosis, discovery, and treatmentARPA-H · Aug 31, 2026
  4. Public recordUSAspending contract award search, Probably Genetic and Aiwa HealthUSAspending · run Sep 23, 2026
  5. IndependentProbably Genetic helps families identify genetic conditions early with AI and DNA testsTechCrunch, Kate Clark · Jun 18, 2019
  6. AggregatorProbably Genetic funding rounds and investorsTracxn · accessed Sep 23, 2026
  7. InvestorEmily Melton investment list naming Probably GeneticThreshold · accessed Sep 23, 2026
  8. IndependentNew HHS-OIG Guidance on Sponsored Genetic-Testing Programs, including the QOL Medical settlementMorrison Foerster · Jan 21, 2025
  9. CompanyProbably Genetic Awarded Up to $10M ARPA-H ContractPR Newswire · Aug 31, 2026
  10. CompanyWebsite Terms of Service naming Aiwa Health, Inc., d/b/a Probably GeneticProbably Genetic · accessed Sep 23, 2026
  11. CompanyGenetic Testing Pricing Transparency, naming X4 PharmaceuticalsProbably Genetic · Aug 12, 2026
  12. PartnerUMDF Pilot Genetic Testing Project, naming UCB as funderUnited Mitochondrial Disease Foundation

Compiled from SEC, ARPA-H and other 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 Probably Genetic or Aiwa Health, Inc. This page is not an offer to sell or a recommendation to buy any security.