Funding profile · Behavioral health

Pelago

Four Form D filings under the name Digital Therapeutics, Inc. record $123.6 million sold. The company reports $151 million raised. Here is where the two do not meet.

$151MTotal raised, company-reported
$123.6MSold across four Form D filings
$50.5MSold on the Series C filing, 10 investors
$140KRaised by a Sydecar SPV, Mar 2024

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

Rounds at a glance

When Round Amount Investors Source
2018 Pre-seed, YC W18 $900,000 Y Combinator, Merck, Telefonica, Force Over Mass TechCrunch
By 2019 Seed $2.6M Serena Ventures, Venus Williams, others UKTN
2020 Series A $11M announced; $12.14M sold of $13.71M Octopus Ventures (lead), Y Combinator, Startup Health, Triple Point Form D + release
Jul 2021 Series B $64M announced; $49.5M sold Kinnevik and Atomico (co-leads), Octopus Ventures, Triple Point Form D + release
Jul 2022 Series B extension $15M reported; $11.5M sold of $15.3M 2 investors, unnamed Form D
Dec 2023 Series C $58M announced; $50.5M sold Atomico (lead), Kinnevik, Octopus, Y Combinator, Eight Roads, GreyMatter Form D + release
Mar 2024 SPV, Pelago Feb 2024 a Series of CGF2021 LLC $140,000 5 investors; Sydecar Form D
2025 to 2026 None filed None None Not found

What the filings show

Digital Therapeutics, Inc. · Form D · filed Apr 11, 2024

First sale
Dec 21, 2023
Offered
$50,499,903 equity
Sold
$50,499,903 · $0 remaining
Investors
10 · average about $5,050,000
Exemption
Rule 506(b)
Related persons
Sherwani, Ahmed, Siddiqui (officers and directors); Maria Maras, Will Gibbs, Gabriel Mecklenburg, Ben Blume (directors)
Filing
SEC EDGAR, CIK 0001805173

Digital Therapeutics, Inc. · Form D · filed Aug 11, 2022

First sale
Jul 27, 2022
Offered
$15,299,979 equity
Sold
$11,499,981 · $3,799,998 remaining
Investors
2 · average about $5,750,000
Related persons
Sherwani, Ahmed, Siddiqui; Scherrer, Gibbs, Mecklenburg (directors), Rule 506(b)
Filing
SEC EDGAR, CIK 0001805173

Digital Therapeutics, Inc. · Form D · filed Jul 29, 2021

First sale
Jul 14, 2021
Offered
$49,499,929 equity
Sold
$49,499,929 · $0 remaining
Investors
6 · average about $8,250,000
Related persons
Sherwani, Ahmed, Siddiqui; Scherrer, Gibbs (directors), Rule 506(b)
Filing
SEC EDGAR, CIK 0001805173

Digital Therapeutics, Inc. · Form D · filed Mar 24, 2020

First sale
Jan 30, 2020
Offered
$13,709,995 equity
Sold
$12,139,185 · $1,570,810 remaining
Investors
31 · average $391,600
Related persons
Sherwani, Ahmed, Siddiqui, London addresses, Rule 506(b)
Filing
SEC EDGAR, CIK 0001805173

Pelago Feb 2024 a Series of CGF2021 LLC · Form D · filed Apr 12, 2024

First sale
Mar 28, 2024
Type
Pooled fund, single company SPV
Sold
$140,000 of $140,000
Investors
5 · average $28,000
Exemptions
Rule 506(b); Investment Company Act 3(c)(1)
Related persons
Sydecar LLC (administrator); Taylor Hughes (officer of the administrator)
Filing
SEC EDGAR, CIK 0002018642

Reading the filings

  1. The announced totals run ahead of the filed totals every time.Series A: $11M announced, $12,139,185 sold. Series B: $64M announced, $49,499,929 sold. Series C: $58M announced, $50,499,903 sold. The four total $123,638,998 against a reported $151 million. The pre-seed and seed predate the first filing and the company was then in London, so early capital may not appear on a Form D. About $24 million of the gap is unexplained.
  2. The Series C filing landed 112 days after the first sale.First sale was December 21, 2023; the filing came April 11, 2024, two weeks after the press release. A Form D is due within 15 days of first sale. The 2021 and 2022 filings landed on day 15; the 2020 filing took 54 days.
  3. The round got narrower as it got larger.The 2020 filing lists 31 investors averaging about $391,600. By 2021 it was 6 averaging $8.25 million, by 2022 two averaging $5.75 million, by 2024 ten averaging $5.05 million. The 2022 extension rested on two checks.
  4. An angel syndicate came in on announcement day.A Sydecar administered vehicle named for a February 2024 Pelago deal recorded its first sale on March 28, 2024, the day the Series C was announced, and filed the day after the company itself: $140,000 from five investors, about $28,000 each.
  5. The board tracks the money.Will Gibbs of Octopus Ventures appears from 2021, after Octopus led the Series A. Gabriel Mecklenburg of Hinge Health appears from 2022, Ben Blume of Atomico in 2024. Christian Scherrer is on the 2021 and 2022 filings, off the 2024 one. Laura Connell, the Atomico partner the Series C release said would join the board, is not on it.
  6. Nothing has been filed since April 2024.No Form D has appeared under either CIK in the 29 months since. The chief executive said in April 2024 that the Series C might be the last raise before a public offering, and that profitability could arrive by early 2025. Neither has a public record yet.

Commercial signals

Signal Detail Source type
Pricing 100 percent of fees at risk since July 2022, up from 50 percent. Clients can claim back all fees if targets are missed. Company-stated
Scale More than 100 enterprise customers, 3.4 million eligible lives, 287 percent revenue growth in 2023, 100 percent client retention. No revenue figure disclosed. Company-stated
Named customers AT&T, GE Appliances, HP, Philips, MetLife, American Eagle, Live Nation, Lumen Technologies, regional Blue Cross Blue Shield plans, Evernorth. Company and press
Economics, published $6,758 per participant and 4.5:1, from a 2025 paper co-authored by company staff and a UCLA researcher. Peer reviewed
Economics, marketed $9,367 and 3.0x in 2024; nearly $12,000 in 2026; $5.50 per dollar described as based on independent analysis. No named actuary or Validation Institute certification found. Exceeds the record
Independent read PHTI, September 2025: roughly $400 saved per patient and about 13 extra days in treatment at six months across virtual opioid use disorder providers. Independent

What to watch

  • A new Form D. None since April 2024; a Series D would be due within 15 days of first sale.
  • An amended Form D for the 2022 extension, still showing $3,799,998 unsold.
  • Any S-1. The company has said a public offering is the intended path.
  • Results posted for NCT05748639, moving the alcohol case from company analysis to controlled data.

The Pelago story on Healthcare DiscoveryHealthcare Discovery

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  • Inflow: Shared investor: Octopus Ventures. A self help app teaching cognitive behavioral therapy skills to adults with ADHD
  • Oto: Shared investor: Octopus Ventures. A London company selling app delivered cognitive behavioural therapy for tinnitus, first to patients and now through audiology clinics
  • Akute Health: Shared investor: Startup Health. An automation-first EHR built for cash-pay clinics, direct primary care, med spas and weight-loss practices that do not want a hospital-scale system

Sources

  1. Public recordForm D filings, Digital Therapeutics, Inc., CIK 0001805173SEC · 2020, 2021, 2022
  2. Public recordForm D, Digital Therapeutics, Inc.SEC · Apr 11, 2024
  3. Public recordForm D, Pelago Feb 2024 a Series of CGF2021 LLCSEC · Apr 12, 2024
  4. Public recordClinicalTrials.gov NCT05748639Sponsor Quit Genius · last update Nov 20, 2025
  5. Peer reviewedEconomic impact of an employer-sponsored digital SUD interventionTelemedicine and e-Health · Oct 2025
  6. IndependentThe pitch deck Pelago used to raise $58 millionBusiness Insider · Apr 1, 2024
  7. IndependentPelago pivots to behavioral healthBehavioral Health Business · Jul 8, 2026
  8. IndependentPHTI assessment of virtual opioid use disorder solutionsFierce Healthcare · Sep 16, 2025
  9. Company$58 Million Series C funding releasePelago · Mar 28, 2024
  10. CompanyQuit Genius raises $64M Series BQuit Genius · Jul 19, 2021

Compiled from SEC, ClinicalTrials.gov 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 Pelago. This page is not an offer to sell or a recommendation to buy any security.