Funding profile · Healthcare IT, elective care
Decoda Health
A Y Combinator backed EMR startup that says it has raised $4.5 million led by Y Combinator. No SEC Form D backs that figure, and third party trackers report numbers far smaller. Here is what is on the record and what is not.
Data as of September 25, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2023 | Y Combinator, Summer 2023 | Not disclosed | Y Combinator | YC data |
| 2023 | Seed, per Tracxn | Not disclosed; figures shown are not usable | Graphene Ventures, Z Nation Lab | Aggregator |
| Roughly 4 years before Sept 2026 | Convertible note | $500,000 | Y Combinator, Z Nation Lab | CB Insights |
| Undated | Total raised, as marketed on the company site | $4,500,000, led by Y Combinator | Y Combinator; no co-investors named | Company-stated |
What the filings show
Nothing. A search of SEC EDGAR’s company database for Form D notices under “Decoda” and under “Decoda Health” returns no matching filer. The only company with a similar name, Decodable Inc, an unrelated data streaming company, filed its own Form D in February 2022. No Form D for Decoda Health, under any spelling checked, was found on EDGAR.
That absence is not proof that no money changed hands. A raise through convertible notes or SAFEs, or an offering exempt under Section 4(a)(2) rather than Regulation D, would not necessarily generate a Form D, and very early stage YC companies commonly raise this way. What the absence does mean is that none of the dollar figures below carry the independent backing a filed Form D would provide.
Reading the numbers
- The company’s own figure is nearly ten times an aggregator’s figure.Decoda’s investor page states “Decoda raises $4.5M, led by Y Combinator.” CB Insights, an independent data provider, instead shows total raised of $500,000, structured as a convertible note, with Y Combinator and Z Nation Lab as the investors on file, last updated about four years before this September 2026 check. Neither figure is confirmed by a public filing.
- No amount lines up across sources.Tracxn separately lists a 2023 seed round led by Graphene Ventures with Z Nation Lab participating, but the dollar amounts, valuation and revenue multiple shown in that listing are internally inconsistent, single digit thousands that do not read as real financial figures, so they are not usable here beyond confirming the two investor names.
- Two names repeat.Z Nation Lab appears in both CB Insights and Tracxn’s investor lists, and Y Combinator appears in Y Combinator’s own listing, CB Insights and the company’s investor page. Graphene Ventures appears only in Tracxn. No press release naming any of these investors together, and no lead investor beyond Y Combinator, was found.
- The timeline itself is unclear.None of the sources checked, company site included, give a date for the $4.5 million figure or for when it closed. The investor page banner reads as a standing headline rather than a dated announcement.
- Headquarters is also disputed, which matters for where a filing would appear.Y Combinator’s company page lists a Toronto office. BetaKit’s 2023 reporting, CB Insights and GetLatka all describe the company as based in San Francisco. A Form D would list the issuer’s principal place of business, so this is one more reason the absence of a filing is worth flagging rather than explaining away.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Customer base | 150+ clinics live, $100M+ processed annually, per the company’s Y Combinator listing. No independent transaction data found. | Company-stated |
| Revenue estimate | GetLatka estimates $440,000 in 2025 revenue for a 4 person team as of 2024, and separately says it has no funding information on file, a gap that contradicts the company’s own $4.5M claim. | Differs from company claim |
| Team size | Y Combinator lists 19 people. GetLatka’s most recent team figure is 4, dated to 2024. | Differs by source |
| Named customers | Rivas Weight Loss (15 locations), Hebe Medical Spa (3 locations), Lush Medspa and The Refinery Medspa & Wellness (2 locations each), A Fresh Face (1 location), all named in company testimonials. | Company-stated |
| Integration partner | Spakinect, a Good Faith Exam provider with claimed 28 state coverage, is named as an exclusive partner on Decoda’s own site. | Partner-stated |
What to watch
- Any Form D or other SEC filing that would independently confirm the $4.5 million figure, its date and its investors.
- Whether the company or a co-investor names anyone beyond Y Combinator on the record.
- Whether GetLatka, CB Insights or Tracxn update their figures to match the company’s claim, or whether the gap persists.
- Resolution of the Toronto versus San Francisco headquarters question, which affects where any future filing would be registered.
The Decoda Health story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordEDGAR company search, Form D filings for “Decoda” and “Decoda Health”
- IndependentDecoda Health company profile, financials and headquarters listing
- IndependentDecoda Health funding and investors listing
- IndependentDecoda Health revenue, funding and team size estimate
- IndependentMeet the Y Combinator Summer 2023 cohort startups with Canadian connections
- IndependentDecoda Health funding round profile
- CompanyDecoda Health investor page, “Decoda raises $4.5M, led by Y Combinator”
- CompanyDecoda Health company page and Toronto office listing
Compiled from SEC and other public records and published reports as of September 25, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Decoda Health. This page is not an offer to sell or a recommendation to buy any security.