Funding profile · Healthcare IT, medical billing

Apero Health

A Y Combinator backed billing platform with no SEC Form D on file under its own name and a funding history that comes almost entirely from a single data aggregator. Here is what that record shows, and what it does not.

$800KTotal raised across five rounds, aggregator-reported (CB Insights)
$400KLatest recorded round, Convertible Note, Jul 27, 2022
$25MReported valuation at the Aug 2019 Seed VC round
0Form D filings found under Apero Health’s name in SEC EDGAR

Data as of September 25, 2026. Company-reported and aggregator-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Aug 1, 2019 Seed VC Not disclosed; $25M valuation reported Not disclosed Aggregator
Aug 20, 2019 Seed Not disclosed Not disclosed Aggregator
Summer 2019 Y Combinator, S19 Standard YC deal, not itemized Y Combinator, Garry Tan Accelerator
Apr 15, 2020 Loan Not disclosed An investor of type “Government,” based in DC, timing consistent with a Paycheck Protection Program loan; CB Insights separately lists “Paycheck Protection Program” among the company’s investors Aggregator
Jul 27, 2022 Convertible Note $400,000 SPC Founder Fellowship named among 13 total investors, which also include Y Combinator, Justin Kan and Soma Capital Aggregator
Not dated “Other Investors” Not disclosed Not disclosed Aggregator, incomplete

What the filings show

There is nothing to show. A search of SEC EDGAR’s company database for any filer with “apero” in its name, run on September 21, 2026, returns exactly two results: Aperon Biosystems Corp, based in California, and Aperon, Inc., based in Massachusetts and Delaware incorporated. Neither is Apero Health, and no filer named Apero Health, Apero, Apero Health Inc. or a close variant appears anywhere in EDGAR. No Form D, and no other SEC filing, has been located for this company under any name searched.

Reading the record

  1. No Form D does not mean no money moved.Companies that raise on SAFEs, convertible notes or under a Section 4(a)(2) private placement rather than a formal Regulation D offering are not required to file a Form D. A company that has never crossed the size or structure threshold that triggers a filing, or that filed under a legal name this search did not catch, would look exactly like this in EDGAR.
  2. The entire funding history rests on one aggregator.CB Insights is the only source with dated, itemized rounds: Seed VC and Seed in August 2019, a Loan in April 2020, and a Convertible Note for $400,000 in July 2022, for a stated total of $800,000 across five rounds and 13 investors. No SEC filing, press release or founder statement independently confirms any of these dollar figures.
  3. The Loan round lines up with the PPP timeline, but is not confirmed.An April 15, 2020 loan from a “Government” type investor based in DC falls squarely in the window when the Paycheck Protection Program was disbursing forgivable loans to small businesses, and CB Insights’ own investor list separately names “Paycheck Protection Program.” A search of ProPublica’s PPP loan tracker did not return a usable result for this company, so the loan amount remains unconfirmed.
  4. Other public sources do not agree with CB Insights.A 2026 feature article puts the company’s “latest reported” early-stage raise at about $130,000 in December 2019 and a cumulative figure of roughly $280,000 to $800,000, while CB Insights dates the most recent round to July 2022 and puts the cumulative total at $800,000 with no mention of a December 2019 closing. The two accounts do not reconcile, and neither is a primary source.
  5. The company’s own funding claims about its customers do not agree with each other.Apero’s Y Combinator page states that it serves “startups that have raised over $1B in Venture Capital,” while its LinkedIn company page puts the same figure at “a combined total of over $750m.” Both describe the same claim about the same customer base, in the company’s own words, with different numbers.
  6. The named investor list is short and largely unverified.Company materials name Paul Buchheit, the creator of Gmail, and unnamed “founders of Doctor on Demand, Gusto and Reddit” as backers. CB Insights’ investor list separately names Justin Kan, Soma Capital and SPC Founder Fellowship among 13 total investors. No investor list has been found that combines or confirms both sets of names.

Commercial signals

Signal Detail Source type
Named customer A live, branded patient payment subdomain, spring.aperohealth.com, indicates Spring Health uses Apero’s platform for patient billing. Observed technical evidence
Contract size Vendr, an enterprise software marketplace, reports a median annual contract of $34,500 among buyers it tracks, ranging from about $18,000 to about $54,450. Independent
Customer satisfaction One review on the healthcare software directory Elion describes Apero as used for the full revenue cycle management lifecycle, from claim submission to reporting, and calls the company satisfied overall. Independent review
Headcount growth Y Combinator’s own listing shows a team of 24 as of September 2026; a single 2026 feature article reports about 14 people in mid-2024. Aggregator and accelerator
Revenue The same single feature article reports roughly $5 million in 2024 annual revenue, attributed to unspecified public reporting it does not name. No other source confirms this figure. Single source, unverified

What to watch

  • A first Form D, which would put a dollar figure and an investor list on the public record for the first time.
  • Independent confirmation of the $5 million 2024 revenue figure, which currently traces to one uncorroborated article.
  • Whether the company’s customer-funding claim settles at $1 billion or $750 million, the two figures its own pages currently give.
  • Named customers beyond Spring Health.

The Apero Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Camber: Shared investor: Andreessen Horowitz. An AI-driven platform that automates insurance billing for pediatric behavioral health and specialty care clinics, built on a claims database the company says now
  • Biodock: Shared investor: Andreessen Horowitz. A cloud platform that lets a biologist train an image-analysis model without writing code
  • Cair Health: Shared investor: Soma Capital. A San Francisco startup building a roster of named AI agents, Clark, Ella, Chloe, Dennis, Paige and Eve, to run medical billing end to end
  • Eligible: Shared investor: Andreessen Horowitz. A REST API that turns the HIPAA transaction formats behind insurance eligibility, claims and remittance into JSON

Sources

  1. Public recordEDGAR company search, “apero”SEC · searched Sep 21, 2026
  2. AggregatorApero Health company and financials profileCB Insights · snapshot Feb 27, 2024
  3. AggregatorApero Health investor summarygritt.io · accessed Sep 2026
  4. IndependentApero Health: Making Medical Billing Boring on PurposeYesPress, The Profile · Jul 7, 2026
  5. IndependentApero Health pricing and marketplace listingVendr · snapshot Dec 2023
  6. Independent reviewApero product page and customer reviewElion · archived Aug 2025
  7. IndependentSpring Health patient payment page hosted on Apero’s platformspring.aperohealth.com · archived Nov 2024
  8. CompanyApero Health company pageY Combinator · accessed Sep 21, 2026
  9. CompanyApero Health company pageLinkedIn · accessed Jan 2026

Compiled from SEC EDGAR and other public records and published reports as of September 25, 2026. A search of SEC EDGAR found no Form D filed under Apero Health’s name; the funding figures above are aggregator-reported and company-stated, not primary-source filings, unless labeled a public record. Healthcare Venture Capital Fund holds no position in Apero Health. This page is not an offer to sell or a recommendation to buy any security.