Funding profile · Post-acute care services

Call9

$34 million of equity and a $6 million debt facility went into a nursing home emergency medicine company that wound down in June 2019. No Form D was ever filed under its name. The clearest numbers on the way down come from its lender, which had to publish them.

$34.0MEquity raised, as reported at the shutdown
$40MEquity plus debt since 2015, per Crain’s and the founder
$2.59MPeak loan principal on the lender’s books, Dec 31, 2018
$498,510That loan’s fair value nine months later, Sep 30, 2019

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

Rounds at a glance

When Round Amount Investors Source
Spring 2015 Y Combinator Not disclosed Y Combinator Reported
Jan 2016 Series A $10.0M Led by Index Ventures, Neil Rimer to the board; Ali Rowghani of the YC Continuity Fund, Joe Lonsdale, Anne Wojcicki Reported
2017 Series B $24.0M Redmile Group, which later held more than 50 percent Reported
2017 to 2019 Venture debt $6.0M committed; $2.59M principal at peak Western Technology Investment, through Venture Lending & Leasing VIII, Inc. SEC filings
2019 Series C Never closed None Reported
2015 to 2019 Named backers across all rounds $34M equity Index Ventures, Redmile Group, Refactor Capital, Y Combinator and its Continuity Fund, Moment Ventures, Anne Wojcicki, Sam Altman, Ashton Kutcher, Joe Lonsdale Reported

What the filings show

Venture Lending & Leasing VIII, Inc. · Form 10-K · filed Mar 14, 2019

As of
December 31, 2018
Position
Five Call9, Inc. senior secured loans, Other Healthcare
Principal
$2,591,022
Cost
$2,482,817
Fair value
$2,482,817 · carried at full cost
Terms
9.0% interest, 3.6% to 3.7% end of term payment, maturities Jan 1 to Mar 1, 2021
Commitment
$6,000,000 unfunded commitment as of Dec 31, 2017, expiring Jun 30, 2018
Filing
SEC EDGAR, CIK 0001642862

Venture Lending & Leasing VIII, Inc. · Form 10-Q · filed Nov 13, 2019

As of
September 30, 2019
Position
One consolidated Call9, Inc. senior secured loan, non-accrual
Principal
$2,150,765
Cost
$1,968,596
Fair value
$498,510
Terms
18.0% interest, no maturity date shown
Footnote
“These loans have been accelerated from their original maturity and are due in their entirety.”
Filing
SEC EDGAR, CIK 0001642862

Reading the filings

  1. Thirty-four million dollars moved with no Form D on file.EDGAR company and full text searches return no Form D for Call9. Companies raising under Section 4(a)(2) rather than Regulation D file none, so this is not a violation. It does mean the equity history here is reconstructed from press reports, not filings.
  2. The only SEC paper trail is the lender’s, and it is quarterly.Western Technology Investment lent through Venture Lending & Leasing VIII, a registered fund that must publish a schedule of investments. That turns a private collapse into a public series of fair values: $844,331 at December 31, 2017, $2,482,817 at December 31, 2018, $2,242,110 at March 31, 2019, $1,252,246 at June 30, $498,510 at September 30, then nothing.
  3. The loan lost three quarters of its value in six months.At March 31, 2019 the loans were carried at 100 percent of cost. At June 30 fair value was $1,252,246 against $2,048,596 of cost, about 61 cents on the dollar. At September 30 it was $498,510 against $1,968,596, about 25 cents. Against $2,150,765 of principal, the September mark is about 23 cents.
  4. The rate tells you when the default happened.Through March 31, 2019 the loans carry 9.0 percent. At June 30 a single consolidated loan carries 18.0 percent and is flagged non-accrual, the fund’s classification for a borrower that in management’s opinion “either ceases or drastically curtails its operation.” That is the quarter Peck describes, when cash fell below what was owed and WTI took a lien.
  5. Less than half the debt facility was ever drawn.The December 31, 2017 commitment schedule shows $6,000,000 available. Peak principal a year later was $2,591,022, about 43 percent of it. A company burning a $24 million Series B did not, or could not, pull the rest.
  6. A senior lender at a quarter of cost means the equity was worth zero.$34 million of preferred and common sat behind a loan marked at 23 cents on the principal. The fund’s third quarter 2019 discussion attributes a jump in realized losses to “a significant non-accrual loan write off.” By December 31, 2019, Call9 is gone from the schedule.
  7. Control, not the cash balance, is what the reporting blames.Crain’s reported that Redmile Group held more than 50 percent and pushed toward fee-for-service billing, away from the shared savings contracts the model was built on. No filing confirms the split; it rests on sourced reporting and Peck’s own account.

Commercial signals

Signal Detail Source type
Customers Twelve New York nursing homes at the end. Named partners included Central Island Healthcare, Centers Health Care, CareRite and ArchCare. Independent
Payers Anthem, Blue Cross Blue Shield, Healthfirst and Medicare Advantage plans. Seven commercial payers as of September 2018. Independent
Medicare No Part B pathway. More than 3,500 Part B patients treated at a loss, stated in House testimony in September 2018. Public record
Headcount About 200 at peak, about 100 laid off at the wind-down. Independent
Regulatory assets No FDA record, no registered trial, no federal grant found. Nothing to sell but software and a brand. Not found
Corporate status CALL9, INC. and CALL9 MEDICAL, P.C. are both Inactive in New York State records. Public record

What to watch

  • Whether the Call9 Medical restart announced in July 2019 ever produced a filing. The New York entity is Inactive.
  • Curve Health, founded by Peck in 2020, which holds Call9’s intellectual property and branding rights and raised a $6 million seed round led by Lightspeed Venture Partners.
  • Whether a RUSH Act style contracting authority is ever enacted. Three attempts across three Congresses ended at committee referrals.
  • Any recovery on the written off loan in later fund filings.

The Call9 story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Science Exchange: Shared investor: Index Ventures. A marketplace for ordering experiments that became procurement software for big pharma, and that sourced the laboratories for the largest public test of whether
  • Able Health: Shared investor: Refactor. A Y Combinator company that turned Medicare’s quality reporting rules into software for medical groups
  • Daybreak Health: Shared investor: Lightspeed. Teletherapy for students in grades K to 12, sold to school districts and billed to health plans
  • Ophelia: Shared investor: Refactor. A telehealth medical practice treating opioid use disorder with medication and a care team

Sources

  1. Public recordVenture Lending & Leasing VIII, Inc., Forms 10-K and 10-Q, schedules of investmentsSEC EDGAR, CIK 0001642862 · 2017 to 2020
  2. Public recordEDGAR company and full text search for Call9, no Form D foundSEC · Sep 23, 2026
  3. Public recordEntity records for CALL9, INC. and CALL9 MEDICAL, P.C.New York State Department of State · Sep 23, 2026
  4. Public recordTestimony of Timothy C. Peck, MD, Subcommittee on HealthU.S. House Committee on Energy and Commerce · Sep 13, 2018
  5. Public recordH.R. 6502, S. 3447, S. 2576 and H.R. 4890, RUSH Act bill statusCongress.gov and GovInfo · 2018 to 2021
  6. IndependentAfter shutdown, Call9 founder plans a comebackCrain’s New York Business · Jul 24, 2019
  7. IndependentCall9 is shutting down operationsCNBC · Jun 25, 2019
  8. IndependentOnce Backed with $34M, Call9 to Shut DownSkilled Nursing News · Jun 25, 2019
  9. IndependentCall9 Raises $10 Million Series A Led by Index VenturesTechCrunch · Jan 14, 2016
  10. IndependentThe founder of shuttered Call9 started a new ventureFierce Healthcare · Dec 2, 2020

Compiled from SEC, New York State, CMS and congressional public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; no Form D was located for this company. Healthcare Venture Capital Fund holds no position in Call9. This page is not an offer to sell or a recommendation to buy any security.