Funding profile · Clinical trial software

Comprehend Systems

Eight Regulation D filings record $64,184,015 sold between 2013 and 2019. The last figure the company put in a release was $44.5 million, in February 2017. Five months after the final raise it merged into Saama Technologies for an undisclosed price.

$64.2MSold across four Regulation D offerings, 2013 to 2019
$44.5MLast total the company announced, February 2017
$29.7MFinal Series C offering size, announced at $15.0M
$5.0MLast raise, first sale Feb 27, 2019, five months before the exit

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

Rounds at a glance

When Round Amount Investors Source
Winter 2011 Y Combinator Not disclosed Y Combinator YC data
Nov 2011 Seed $1.2M Y Combinator, Start Fund, SV Angel, Yuri Milner, Paul Buchheit, Garry Tan, Crosslink Capital Company release
Jun to Jul 2013 Series A $8,496,955 sold of $8,721,955 Sequoia Capital (lead); angels including Aaron Levie Form D
Aug to Dec 2014 Series B $21,022,131 Lightspeed (lead), Sequoia Capital Form D
Jan 2017 to Oct 2018 Series C and two extensions $29,664,929 Eminence Capital (lead), Sequoia, Lightspeed Form D
Feb to Mar 2019 Unnamed $5,000,000 sold of $6,030,684 5 investors, not named Form D
Aug 12, 2019 Merger into Saama Technologies, Inc. Terms not disclosed Saama Technologies, Inc. USPTO assignment

What the filings show

Comprehend Systems, Inc. · Form D · filed Jul 11, 2013

First sale
Jun 28, 2013
Offered
$8,721,955 equity
Sold
$8,496,955 · $225,000 remaining
Investors
29 · average about $293,000
Exemption
Rule 506
Related persons
Richard V Morrison (officer, director, promoter); Warren Hogarth (director); Paul Judson Gardner (officer)
Filing
SEC EDGAR, CIK 0001580984, Palo Alto

Comprehend Systems, Inc. · Form D · filed Aug 18, 2014, amended Dec 3, 2014

First sale
Aug 5, 2014
Offered
$20,999,991, then $21,022,131
Sold
$20,922,133, then $21,022,131
Investors
18, then 21 · average about $1,001,000
Exemption
Rule 506(b)
Related persons
Richard V Morrison; Warren Hogarth; Paul Gardner
Filing
SEC EDGAR, CIK 0001580984, Redwood City

Comprehend Systems, Inc. · Form D · filed Feb 3, 2017, amended May 10, 2017, Jun 21, 2018 and Oct 17, 2018

First sale
Jan 20, 2017, unchanged on all four
Offered
$15,000,035, then $15,127,320, then $24,127,319, then $29,664,929
Sold
$14,804,000, then $15,127,320, then $24,127,319, then $29,664,929
Investors
3, then 13, 14, 15 · average about $1,977,000 at the end
Exemption
Rule 506(b)
Related persons
Richard V Morrison, Jr.; Paul Judson Gardner; Peter Nieh; Mike Dixon; Kristopher Koka; from Jun 2018 Terence Cunningham and Todd Rulon Miller
Filing
SEC EDGAR, CIK 0001580984

Comprehend Systems, Inc. · Form D · filed Mar 12, 2019

First sale
Feb 27, 2019
Offered
$6,030,684 equity
Sold
$5,000,000 · $1,030,684 remaining
Investors
5 · average $1,000,000
Exemption
Rule 506(b)
Related persons
As above, without Todd Rulon Miller
Filing
SEC EDGAR, CIK 0001580984

Reading the filings

  1. The last announced number was not the last number.$8,496,955 plus $21,022,131 plus $29,664,929 plus $5,000,000 is $64,184,015. The company stopped announcing at $44.5 million in February 2017, which was accurate then: the three offerings stood at $44,646,406 after the May 2017 amendment. The $19.5 million that followed was never in a release.
  2. One offering ran 21 months and nearly doubled.The Series C was announced at $15 million. Three amendments kept the same first sale date of Jan 20, 2017 while the offering grew to $24,127,319 in June 2018 and $29,664,929 that October. These are extensions of one offering, not new rounds, which is why no release accompanied them.
  3. The Series C opened with three checks.The February 2017 filing reports $14,804,000 from 3 investors, about $4,934,667 each. By May the count was 13 and the amount $15,127,320, so about $323,000 came from ten later participants.
  4. The filing beat the press release.The Form D was filed Feb 3, 2017; PR Newswire carried the announcement on Feb 6; first sale was Jan 20. The filing clock, not the news cycle, set the date.
  5. The board moves with the money.Warren Hogarth of Sequoia is the only outside name on the 2013 and 2014 filings. From February 2017 the list is Peter Nieh of Lightspeed, Mike Dixon and Kristopher Koka of Eminence. June 2018 adds Terence Cunningham and Todd Rulon Miller. Todd Rulon Miller is gone by March 2019.
  6. The last raise looks like a bridge.$5,000,000 of a $6,030,684 offering, first sale Feb 27, 2019, filed Mar 12. The merger was recorded effective Aug 12, 2019. The 2011 seed has no Form D under this CIK, so Regulation D understates the lifetime total by at least $1.2 million.

Commercial signals

Signal Detail Source type
Customers named Boston Scientific, Karyopharm, MERGE, Atlantic Research Group and Versartis, reported as users in the year to August 2014. None named after that. Independent
Customers claimed Feb 2017: representation from the “top 5 CROs, Top 10 Pharma and Top 5 Life Sciences companies”. No names, no count. Company-stated
Partner DP Clinical, a Rockville CRO, said it would deploy Comprehend Centralized Monitoring, Aug 12, 2019. Independent
Intellectual property Five US patents to Comprehend Systems, Dec 2014 to Oct 2018, from a Sep 30, 2011 priority date. A sixth issued to Saama Jan 26, 2021. Public record
Exit USPTO reel 050117 records a merger into Saama Technologies, Inc. effective Aug 12, 2019. Terms not disclosed. Public record
Litigation Lacagnina v. Comprehend Systems, Inc., No. A147559, Aug 3, 2018. A jury awarded a former vice president $556,446 including $226,446 for fraud; the Court of Appeal reinstated the fraud award. Public record
Revenue Every Form D answers the revenue range “Decline to Disclose”. No revenue figure is public. Not found

What to watch

  • The price. Neither party disclosed it, and there is no SEC filing that carries it.
  • The acquirer. Carlyle led an investment of up to $430 million for a majority stake in Saama, announced Oct 20, 2021, with Amgen Ventures, Merck Global Health Innovation Fund, McKesson Ventures, Northpond Ventures, Pfizer Ventures, Intermountain Ventures and Population Health Partners.
  • Saama Technologies, Inc. converted to Saama Technologies, LLC on Nov 19, 2021, and Hercules Capital recorded a security interest on Jun 30, 2023.
  • Maintenance of the patent family, whose priority runs from Sep 30, 2011.

The Comprehend Systems story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • NimbleRx: Shared investor: Sequoia. Nimble began as a licensed dispensing pharmacy with its own stores, shut them in early 2019, and rebuilt itself as the software layer sold to the independent pharmacies
  • AgileMD: Shared investor: Start Fund. An early warning score grown out of a decade of University of Chicago research, cleared by the FDA in June 2024 and now running inside the electronic health record at
  • Bunkerhill Health: Shared investor: Sequoia. Nine FDA-cleared imaging and ECG algorithms, most built inside academic medical centers, wrapped in a platform that acts on what they find
  • Clarion: Shared investor: Sequoia. A New York startup building AI agents that answer the phone for clinics, then finish the task on the other end: booking, refills, referrals, billing questions, written

Sources

  1. Public recordForm D filings, Comprehend Systems, Inc., CIK 0001580984SEC EDGAR · 2013 to 2019
  2. Public recordUSPTO assignment reels 042169, 050117, 064165, 064127USPTO · 2011 to 2023
  3. Public recordUS10114879B2, family and assignment historyUSPTO · Oct 30, 2018
  4. Public recordLacagnina v. Comprehend Systems, Inc., No. A147559California Court of Appeal · Aug 3, 2018
  5. IndependentComprehend Systems raises $21M for clinical-trials data platformVentureBeat · Aug 18, 2014
  6. IndependentSaama acquires Comprehend, combining strengthsOutsourcing-Pharma · Aug 13, 2019
  7. IndependentSaama Technologies Acquires Comprehend SystemsClinical Research News · Aug 14, 2019
  8. CompanyComprehend Systems Secures $1.2MM in Seed FundingFierce Biotech · Nov 2011
  9. CompanyComprehend Systems Closes $15 Million Series C FundingPR Newswire · Feb 6, 2017
  10. AcquirerCarlyle growth investment of up to $430 Million in SaamaCarlyle · Oct 20, 2021

Compiled from SEC, USPTO and court records 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 Comprehend Systems or Saama. This page is not an offer to sell or a recommendation to buy any security.