Funding profile · Cell therapy tools

Indee Labs

Eleven years of financing and not one Form D on EDGAR. The traceable money is federal: $3.30 million from the NIH, against about $3.9 million of equity the company last accounted for in 2018. In March 2026 the patents went to a broker.

$3.30MNIH awards on record, FY2020 to FY2023
$5.4MSeed stage funding, company-reported May 2018, equity plus grants
$2.6MLargest disclosed equity round, led by Founders Fund, May 2018
0Form D notices filed by any Indee entity

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

Rounds at a glance

When Round Amount Investors Source
2016 Accelerator Not disclosed IndieBio and SOSV, second class Interview
Before May 2018 Angel round US$1.3M Y Combinator, Jude Gomila, Shaun Maguire, Jaffray Woodriff of Felton Group, LLC Company release
Apr 2018 Australian grant, BioMedTech Horizons US$695K or AU$892K, described at announcement as nearly A$1M MTPConnect, Medical Research Future Fund Company release
May 2018 Seed extension US$2.6M, taking seed stage funding above US$5.4M Led by Founders Fund FF Science, with Main Sequence Ventures and angels Independent
FY2020 to FY2023 Federal awards $3,304,505 NCI, NIAID, NIDDK, NIGMS NIH RePORTER
Apr 2023 Strategic investment Not disclosed BroadOak BioTools Venture Fund, with DeciBio Company release
Through Feb 2025 Other backers acknowledged Not disclosed Social Capital, Savantus, AusIndustry, Axial, Endpoint Ventures, Pioneer Fund Journal disclosure
Mar 2026 Patent portfolio offered for sale or licence No price published Represented by Becker Transactions Broker release

What the filings show

Indee, Inc. and Indee. Pty. Ltd. · Form D · none on file

Company search
EDGAR company search on “indee” returns one registrant, IndeeLift, Inc. of Livermore, California, CIK 0001684254, an unrelated lifting device maker with Form D filings in 2016 and 2018
Full text search
Two documents in EDGAR mention Indee Labs, both filed by SQZ Biotechnologies Co: PREM14A on Jan 12, 2024 and DEFM14A on Jan 23, 2024
Context of those mentions
A competition paragraph naming Basilard BioTech, CellFE, Indee Labs, Kytopen, MxT Biotech, Portal Therapeutics and Navan Technologies
Investors named elsewhere
Y Combinator, Founders Fund FF Science, Main Sequence Ventures, Social Capital, IndieBio and SOSV, BroadOak BioTools Venture Fund, Pioneer Fund, Axial, Endpoint Ventures, Savantus
Reading
Money raised under Section 4(a)(2), or offshore by the Australian entity, requires no Form D, so the absence is not evidence that nothing was raised
Federal identifiers
UEI SMXHTLFW8M47, CAGE 7HT88, awardee name INDEE, INC

Reading the filings

  1. The widely repeated $5.4M is not $5.4M of equity.The May 2018 announcement states that total funds raised to date include US$3.9M in equity and US$1.5M in non-dilutive funding. Those add to $5.4M, the figure headlined as seed funding. Equity was about 72 percent of it.
  2. Non-dilutive money has since overtaken equity.Add the five NIH awards of $3,304,505 to the US$695K Australian grant and non-dilutive funding on the record reaches about $4.0M, against the $3.9M of equity last disclosed in 2018. No equity figure has been published since.
  3. The single largest instrument on the record is a government contract.NCI contract 75N91022C00053 was worth $1,999,646, close to the $2.6M venture round of 2018 and larger than any private round disclosed after it. The BroadOak investment of April 2023 was never sized.
  4. The patents sit in the Australian company.The granted US members of the family, US11052394B2, US11465147B2 and US12030052B2, name Indee. Pty. Ltd. on the record, while the NIH awards were made to INDEE, INC. A buyer is dealing with the offshore entity for the asset and the US entity for the federal history.
  5. The 2026 listing is a capital event in everything but name.No press release followed the China distribution announcement of May 25, 2023. The next public statement, on March 31, 2026, was a brokerage offering the portfolio for acquisition or licensing. For scale, SQZ Biotechnologies sold more than 400 patents and trademarks to Stemcell Technologies for $11.8 million in 2024 after liquidating.

Commercial signals

Signal Detail Source type
Regulatory No FDA 510(k) or PMA record and no registered trial. Hydropore is sold for research use only, built in an ISO 13485-compliant manner. Public record
Installed base More than 20 instruments placed and more than 1,600 chips sold, stated March 2026. No revenue figure has been published. Company-stated
Customers Three of the ten largest pharmaceutical companies, unnamed, plus Stanford’s Cell Therapy Clinic and Moffitt Cancer Center, stated January 2021. Company-stated
Distribution Exclusive China marketing and distribution for Hydropore RUO with Sunko Instruments, May 2023. Partner-stated
Validation Scientific Reports, February 2025, with UCSF, MUSC and Baylor co-authors, funded in part by the two NCI contracts. Public record
Recognition Good Design Award, Engineering, 2024, for Hydropore. Independent

What to watch

  • Whether the portfolio is acquired, and at what price relative to the $11.8 million Stemcell paid for the SQZ estate.
  • Which entity signs any sale, Indee. Pty. Ltd. or Indee, Inc.
  • A first Form D, which would signal a financing rather than an asset sale.
  • Any new NIH award after the last recorded project end date of September 5, 2025.
  • Whether instruments already placed keep a chip supply.

The Indee Labs story on Healthcare DiscoveryHealthcare Discovery

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Sources

  1. Public recordNIH RePORTER, five awards to INDEE, INCNIH · queried Sep 23, 2026
  2. Public recordEDGAR company search on indee, and full text search on Indee LabsSEC · Sep 23, 2026
  3. Public recordSQZ Biotechnologies Co, DEFM14A merger proxy, competition sectionSEC EDGAR · Jan 23, 2024
  4. Public recordUS11052394B2, US11465147B2, US12030052B2, assignee Indee. Pty. Ltd.Google Patents · accessed Sep 23, 2026
  5. Public recordGrant R43AI155018 detail and period of performanceHigherGov
  6. IndependentIndee Labs Closes $2.6M in Seed Funding From Founders Fund’s FF Science and Main Sequence VenturesVentureBeat · May 17, 2018
  7. IndependentIndee Labs Closes $5.4M in Seed FundingVC News Daily · May 18, 2018
  8. IndependentSQZ, months after 80% layoffs, opts for liquidation and $11.8M asset fire sale to StemcellFierce Biotech · Mar 1, 2024
  9. CompanyIndee Labs receives funding to develop gene therapy manufacturing technology in AustraliaPR Newswire · Apr 23, 2018
  10. CompanyIndee Labs Announces Strategic Investment from BroadOak BioTools Venture FundPR Newswire · Apr 12, 2023
  11. BrokerBecker Transactions Announces Global Patent Portfolio Defining Future of Engineered Cell Therapy ManufacturingNational Law Review, EIN Presswire · Mar 31, 2026
  12. Public recordScientific Reports paper acknowledgements and competing interestsScientific Reports · Feb 17, 2025

Compiled from SEC, NIH and patent office records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; companies raising under other exemptions file none. Healthcare Venture Capital Fund holds no position in Indee Labs. This page is not an offer to sell or a recommendation to buy any security.