Funding profile · Neuromodulation devices

Actipulse Neuroscience

A bootstrapped device company that raised from the public on Republic in 2021, reached 19 percent of its maximum offering, and has filed nothing with the SEC since terminating its reporting obligation in April 2023.

$201,600Committed in the 2021 Regulation CF offering, of a $1,070,000 maximum
$1.01MTotal revenue across the four years the issuer filed with the SEC, 2019 to 2022
$0Form D offerings on record. This was a Regulation CF raise, filed on Form C
Apr 2023Last SEC filing: a final annual report and a termination of reporting, same day

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2017 to 2021 Bootstrapped $140,000 seed, company-stated Not named Company-stated
Jun to Nov 2021 Regulation CF, Crowd SAFE, $10,000,000 cap $1,070,000 offered; $201,600 committed Republic investors; count not disclosed Form C, Form C-U
Winter 2022 Y Combinator batch Not disclosed Y Combinator Company release
During 2022 Unexplained cash increase Cash rose $595,244, assets $969,198 Not identified in any filing Form C-AR
2023 to 2026 No further SEC filings of any kind Not disclosed Not disclosed Not found

What the filings show

Actipulse Neuroscience, Inc. · Form C · filed Jun 24, 2021

Offered
$1,070,000 maximum, $25,000 minimum
Security
Crowd SAFE, valuation method stated as arbitrary
Deadline
Oct 15, 2021, extended to Dec 30, 2021
Intermediary
OpenDeal Portal LLC, the Republic funding portal
Intermediary fee
6 percent of the amount raised, plus securities equal to 2 percent of those sold
Financials filed
Revenue $583,433 (2019), $248,406 (2020); net income $79,323, $26,070
Filing
SEC EDGAR, CIK 0001860502

Actipulse Neuroscience, Inc. · Form C-U · filed Nov 22, 2021

Statement
“The Offering closed successfully on 11/17/2021, having received investment commitments of $201,600.00, although a final accounting has not taken place.”
Against maximum
18.8 percent of $1,070,000
Against announced goal
16.8 percent of the $1.2 million named in the July 2021 release
Filing
SEC EDGAR, accession 0001860502-21-000004

Form C-AR for fiscal 2021 · filed May 11, 2022, and for fiscal 2022 · filed Apr 13, 2023

Revenue
$2,609 (2021), then $173,963 (2022)
Net income
Loss of $24,691 (2021), then income of $9,308 (2022)
Cash
$233,595 at end of 2021, $828,839 at end of 2022
Filing
SEC EDGAR, CIK 0001860502

Actipulse Neuroscience, Inc. · Form C-TR · filed Apr 13, 2023

What it is
Termination of Regulation Crowdfunding reporting
Timing
Filed the same day as the fiscal 2022 annual report, the last on public record
Signed by
Adrien Chatillon, chief executive officer and director
Filing
SEC EDGAR, accession 0001860502-23-000002

Reading the filings

  1. The round did not fill.The July 2021 release set a $1.2 million goal; the Form C set a $1,070,000 maximum. The Form C-U reports $201,600 committed at close, 18.8 percent of the maximum and 16.8 percent of the announced goal. The deadline was extended to December 30, 2021 and the offering closed November 17 anyway.
  2. There is no Form D, and that is expected.A Regulation CF raise is filed on Form C, not Form D, so the absence here reflects the exemption chosen rather than a gap. A raise under Section 4(a)(2) would also leave no filing. Nothing in EDGAR indicates a Regulation D offering by this issuer.
  3. Revenue and the pitch do not line up.The offering materials described $2 million in lifetime revenue and profitability since 2019. The issuer’s filed statements report $583,433, $248,406, $2,609 and $173,963 for 2019 to 2022, totalling $1,008,411, with the largest year the one before the raise. In September 2024 the company told a Paris agency it had generated over $7.5 million in revenue. The filed figures cover the Delaware parent; the company says most business runs through a Mexican subsidiary, which would not appear separately here.
  4. Revenue collapsed 99 percent in the year of the raise.From $248,406 in 2020 to $2,609 in 2021. The Form C investors saw the 2019 and 2020 figures; the 2021 figure was filed in May 2022, six months after the round closed.
  5. Roughly $595,000 of cash arrived in 2022 with no filing to explain it.Cash went from $233,595 to $828,839 on revenue of $173,963 and net income of $9,308. Operations did not produce that. The company joined Y Combinator’s Winter 2022 batch and said it was granted funding without stating an amount, the obvious candidate, but no filing names the source or terms.
  6. The paper trail ends in April 2023.The final annual report and the termination of reporting were filed the same day. Every figure since, including the $7.5 million revenue and the count of more than 400 clinics, is company-stated with no filed statement behind it.

Commercial signals

Signal Detail Source type
Regulatory No FDA 510(k), De Novo, PMA or device listing under Actipulse as of Sep 22, 2026. No COFEPRIS registration number located in public sources. Public record
Product on sale Actipulse PRO2S, a clinician-operated low intensity TMS console sold in Mexico and Latin America. The earlier PRO2 was priced by the company at $15,000 to $18,000. Company-stated
Installed base 210 clinics and about 10,000 patients in 2021 and 2022, restated in Oct 2024 as more than 400 clinics in Latin America. No independent count found. Company-stated
Clinical Two registered trials, both at a Mexican national institute. One terminated, one completed. No United States pivotal trial is registered. Public record
Milestone slippage FDA clearance targeted for Q3 2023 in the 2021 offering, then end of 2026 in a Sep 2024 interview. No submission or pivotal trial registration has appeared. Claim versus record

What to watch

  • Any new SEC filing. There have been none since April 13, 2023.
  • A Form D, which would signal an institutional round rather than another crowdfunding raise.
  • An Actipulse-sponsored pivotal trial on ClinicalTrials.gov, the first hard evidence that the United States programme is funded and running.
  • Whether the French preclinical drug delivery work, rather than the home depression device, becomes the fundable asset.
  • Any independent confirmation of the clinic count or revenue figures stated since reporting ended.

The Actipulse Neuroscience story on Healthcare DiscoveryHealthcare Discovery

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Sources

  1. Public recordForm C, Actipulse Neuroscience, Inc.SEC · Jun 24, 2021
  2. Public recordForm C-U, offering close and commitmentsSEC · Nov 22, 2021
  3. Public recordForm C-AR for fiscal 2021 and fiscal 2022SEC · May 11, 2022 and Apr 13, 2023
  4. Public recordForm C-TR, termination of reportingSEC · Apr 13, 2023
  5. Public recordFDA device database searches returning no Actipulse recordFDA · Sep 22, 2026
  6. Public recordClinicalTrials.gov NCT03983655 and NCT05784298NIH · Sep 22, 2026
  7. IndependentActipulse Neuroscience on Republic 2021, deal termsKingscrowd · Aug 24, 2021
  8. InterviewActipulse Neuroscience, Opening the Pathway to the BrainChoose Paris Region · Sep 2024
  9. CompanyBegins a Public Fundraising to Finance FDA Pivotal TrialPR Newswire · Jul 8, 2021
  10. CompanyActipulse Neuroscience Joins Y CombinatorGlobeNewswire · Jan 25, 2022

Compiled from SEC, FDA and ClinicalTrials.gov public records and published reports as of September 22, 2026. Regulation Crowdfunding notices on Form C report offerings under Section 4(a)(6); amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Actipulse Neuroscience. This page is not an offer to sell or a recommendation to buy any security.