Funding profile · Clinical drug information

InpharmD

One announced round, no SEC filings, and a set of third party numbers that do not agree with each other. Here is what is on the record for a company that says it has been profitable since before it raised.

$6.05MSeed round announced December 2023, led by 645 Ventures
0Form D notices on file with the SEC under this name
$8MTotal raised as of January 2024, per an investor’s sponsored write up
30+Health systems the company says it now serves

Data as of September 24, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Before 2018 University seed Not disclosed Mercer University, described as a first for the school Reported
Winter 2021 Y Combinator Not disclosed Y Combinator YC directory
Jan 2023 Strategic investment Not disclosed Qlarant Capital Partner release
Dec 2023 Series Seed $6,050,000 Led by 645 Ventures; Atlanta Ventures, Y Combinator, Qlarant Capital, SF ELC, angels Two reports
Jan 2024 Cumulative, as described by an investor $8M 645 Ventures, Atlanta Ventures, Y Combinator and the writer Sponsored post

What the filings show

SEC EDGAR · no filings found · searched Sep 24, 2026

Form D
None
Full text search
EDGAR full text search for the company name returns 0 results
Company search
EDGAR company search for “inpharm” returns no registrant
Other federal records
FDA 510(k) 0, PMA 0, registered trials 0, NIH awards 0, NSF awards 0
Legal name
Listed as InpharmD LLC on an archived Crunchbase profile, December 2023
Counsel on the round
Lowenstein Sandler for 645 Ventures: Chandra K. Shih, Rahul J. Devnani, Spencer Kau
Board
Jon Smith, Vice President at 645 Ventures, reported joining the board

Reading the filings

  1. There is no federal paper trail, and that is not the same as no raise.A Regulation D offering requires a Form D within 15 days of first sale. An issuer selling under Section 4(a)(2) of the Securities Act files nothing at all. Zero filings under this name is therefore consistent with a real $6.05 million round.
  2. The totals do not reconcile.The December 2023 round was $6.05 million. Six weeks later an investor writing a sponsored post said the company had raised $8 million in total, a gap of about $1.95 million. Qlarant Capital’s January 2023 check was never sized, which is the most likely home for the difference. A third party tracker puts total funding at $7 million. None of the three can be checked against a filing.
  3. Profitable and raising at the same time.In the December 2023 announcement the CEO said the company was profitable and wanted the money to last “last indefinitely, as if this is our last round of funding”, adding “We don’t plan to burn too much more cash.” Nearly three years later there is no sign of a follow on round.
  4. The revenue estimates are circular.One tracker reports $15.9 million of revenue, 57 employees and $279,316 of revenue per employee. Multiply 57 by $279,316 and you get $15.92 million, so the revenue figure is derived from the headcount figure rather than observed. A second tracker reports $3.8 million for 2024 and 16 employees, and 16 matches the team size on the company’s own Y Combinator profile. The two estimates are a factor of four apart.
  5. The return claim shrank as the customer base grew.In 2022 the CEO put the return at “like 20 X or, or even greater in some cases.” The 2026 home page advertises 4x or better across more than 30 health systems. Either the early figures came from a small and favorable sample, or the pricing moved.

Commercial signals

Signal Detail Source type
Customers Wellstar, three year contract signed July 2018. UCLA Health, OhioHealth, Emory Healthcare and Piedmont Healthcare named in company posts, September 2026. Reported and company
Usage UCLA Health: 849 inquiries April 2025 to April 2026. OhioHealth: more than 90% of non-P&T requests answered within 3 days, more than 80% of P&T requests within 2 weeks. Company-stated
Pricing Per seat, with volume discounts: $500 per seat per month up to 30 seats, $400 for 30 to 200, $300 for 200 to 1000. Sponsored post
Channel Vizient and Premier described as resellers. Sponsored post
Regulatory No FDA clearance or approval. FDA’s Clinical Decision Support Software guidance, revised January 2026, sets the criteria for software excluded from the device definition; the company has published nothing on where it sits. Public record
Evidence Three PubMed records name the company, all with a company author, none a study of the product. No independent accuracy evaluation found. Not found

What to watch

  • A first Form D. Any priced equity round sold under Regulation D would produce one within 15 days of first sale.
  • A revenue figure from the company rather than a tracker model.
  • Whether headcount tracks the 16 on the Y Combinator profile or the 57 a tracker reports.
  • A peer reviewed evaluation of the product, which would change how the service is bought.

The InpharmD story on Healthcare DiscoveryHealthcare Discovery

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  • Medmonk: Also in Healthcare Services. It began as a pharmacist’s spreadsheet for finding money for patients who could not pay for their drugs
  • Bot MD: Also in Healthcare Services. A Singapore company that started as a chatbot answering doctors’ clinical questions and now sells AI agents running hospital patient engagement over WhatsApp and Viber

Sources

  1. Public recordSEC EDGAR full text and company search for InpharmD: no resultsSEC · Sep 24, 2026
  2. Public recordFDA device databases, ClinicalTrials.gov, NIH RePORTER, NSF awards: no recordsSep 24, 2026
  3. Public recordClinical Decision Support Software guidance, docket FDA-2017-D-6569FDA · Jan 2026
  4. IndependentInpharmD Raises $6.05M in FundingFinSMEs · Dec 2023
  5. IndependentLowenstein represents 645 Ventures in the InpharmD Series SeedLowenstein Sandler · Dec 2023
  6. IndependentTech Startup InpharmD, WellStar Sign Deal To Provide Mobile Medical AppWABE · Aug 2018
  7. InterviewAshish Advani of InPharmD on Saving Hospitals Millions of DollarsFounders and Builders · 2022
  8. InvestorWhy We Invested in InpharmDAtlanta Ventures · Sep 2026
  9. SponsoredClinical Pharmacists, Generative AI, and InpharmD, sponsored post by an investorOut-Of-Pocket · Jan 2024
  10. PartnerQlarant Capital Becomes Investor in InpharmDQlarant · Jan 2023
  11. CompanyAnnouncing Our $6.05m Seed Round, and the funding exclusive reprinted by the companyInpharmD · Dec 2023
  12. CompanyHome page and customer posts naming UCLA Health, OhioHealth, Emory and PiedmontInpharmD and LinkedIn · Sep 2026
  13. Third partyRevenue and headcount estimates from GetLatka and Growjo, and the Y Combinator profileAccessed Sep 24, 2026

Compiled from SEC, FDA and other public records and published reports as of September 24, 2026. No Form D has been filed under this company name; amounts shown are as announced or as reported and have not been confirmed against a filing. Healthcare Venture Capital Fund holds no position in InpharmD. This page is not an offer to sell or a recommendation to buy any security.