Funding profile · AI enabled behavioral health

Legion Health

Six Form D filings since 2022, four of them for convertible instruments rather than stock. The June 2026 offering is the first priced equity round on record, and it is more than twice everything raised before it.

$22.1MSold across all Form D offerings on record since 2021
$16.0MSold of $25.0M offered, latest Form D (Jul 2026)
79Investors in the 2026 offering, about $203,000 each
$9.0MStill unsold on the current offering

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

Rounds at a glance

When Round Amount Investors Source
2021 Y Combinator, Summer 2021 Not disclosed Y Combinator YC data
Filed Mar 2022 First offering, first sale Jun 14, 2021 $2,000,000 of $2,000,000 33 · minimum $5,100 Form D
Amended Nov and Dec 2022 Same offering, amended twice $3,665,500 sold 57 · about $64,300 each Form D/A
Filed Sep 2024 Convertible instruments, offering amount indefinite $2,030,000 sold 4 · minimum $10,000 Form D
Announced Oct 2024 Seed, described as $6.3M with no true lead $6.3M announced Alumni Ventures, Y Combinator, Acequia Capital, Soma Capital; angels Ravi Shah, Erica Johnson, Jay Desai Reporting
Filed Nov 2025 Convertible instruments $410,000 of $2,000,000 3 · minimum $2,500 Form D
Filed Jul 2026 Equity and options, first sale Jun 17, 2026 $16,015,934 of $25,000,000 79 · about $202,700 each Form D

What the filings show

Legion Health, Inc. · Form D · filed Jul 1, 2026

First sale
Jun 17, 2026
Offered
$25,000,000 · equity and options to acquire
Sold
$16,015,934 · $8,984,066 remaining
Investors
79 · average about $202,700
Exemption
Rule 506(b)
Related persons
Yash Patel (executive officer, director); Daniel Wilson (executive officer, director); Arthur MacWaters (executive officer, director); Ferdinand Martignetti (director)
Address
2261 Market Street, San Francisco, CA
Filing
SEC EDGAR, CIK 0001916502

Legion Health, Inc. · Form D · filed Sep 25, 2024

First sale
Sep 10, 2024
Offered
Indefinite · options to acquire only
Sold
$2,030,000
Investors
4 · average about $507,500 · minimum investment $10,000
Exemption
Rule 506(b)
Related persons
Yash Patel (CEO and CFO); Arthur MacWaters (President); Daniel Wilson (Secretary)
Address
Austin, TX
Filing
SEC EDGAR, CIK 0001916502

Legion Health, Inc. · Form D/A · filed Dec 12, 2022

First sale
Jun 14, 2021
Offered
Indefinite, raised from $2,000,000 at the original filing
Sold
$3,665,500
Investors
57 · average about $64,300
Exemption
Rule 506(b)
Related persons
Yash Patel, Arthur MacWaters, Daniel Wilson
Address
Carrollton, TX
Filing
SEC EDGAR, CIK 0001916502

Reading the filings

  1. 2026 is the first priced round on record.Every filing from 2022 through 2025 reports only options to acquire, the box a company checks for SAFEs and convertible notes. The July 2026 filing is the first to report equity. Five years of operating capital came in on instruments that postponed setting a price; the $25 million offering is where a price got set.
  2. The check size tripled.The 2022 offering closed at $3,665,500 across 57 investors, about $64,300 each. The 2026 offering reports $16,015,934 across 79 investors, about $202,700 each. The investor count barely moved while the money multiplied, which is what a round looks like when institutions replace a long angel list.
  3. The announced number and the filed numbers do not reconcile.The company announced $2 million in 2022 and $6.3 million in October 2024, which profile sites round to about $8.3 million. The filings covering that period report $3,665,500, then $2,030,000, then $410,000, which is $6,105,500. The New York Post reported $7 million in March 2026. Three sources, three numbers, and none of them matches the filings.
  4. A board seat appeared with the money.Ferdinand Martignetti joins the 2026 filing as a director and is the first related person on any Legion filing who is not a founder. SEC filings list him as a promoter for Nava Ventures II, L.P., a San Francisco pooled investment fund. No lead investor has been announced for the round.
  5. The capital followed the regulator, not the other way round.Utah signed the agreement on March 19, 2026. The press ran late March into April. The first sale of the new round is dated June 17, 2026, three months later. The filing itself landed on July 1, within the fifteen day window.
  6. The address moved with the strategy.Carrollton, Texas on the 2022 filings, Austin in 2024, Carrollton again in 2025, San Francisco in 2026. The 2026 filing also lists Legion Health, LLC as a previous name.

Commercial signals

Signal Detail Source type
Regulatory Utah sandbox agreement signed Mar 19, 2026, twelve month term, renewals of fifteen medications only. State page dated Sep 3, 2026 says the demonstration period has not started. Public record
Pricing Reported as a $19 per month subscription by The Verge and $20 per month by the New York Post. Independent
Payer position CEO estimated the clinic was in network for 99% of Texas patients on commercial or ACA exchange individual plans (2024). Company-stated
Headcount Team size 11 on the Y Combinator profile as of September 2026. YC data
Clinical evidence No FDA record, no registered trial, no peer reviewed paper found. Not found

What to watch

  • An amended Form D closing the remaining $8,984,066, or a new filing if the round is restructured.
  • A named lead investor, and whether Nava Ventures II is confirmed as the source of the new board seat.
  • Whether the Utah demonstration period starts before the twelve month term runs down.
  • A second state agreement, against a company statement that the service goes nationwide in 2026.
  • Any revenue or patient volume disclosure. None has been published.

The Legion Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Digi-Prex: Shared investor: Soma Capital. A WhatsApp-first subscription pharmacy for chronic disease patients in Hyderabad, funded in one of India’s largest 2019 seed rounds
  • Cairns Health: Shared investor: Soma Capital. A voice controlled care companion, Luna, that watches over older adults at home using radar instead of cameras
  • Oto: Shared investor: Acequia Capital. A London company selling app delivered cognitive behavioural therapy for tinnitus, first to patients and now through audiology clinics
  • DirectShifts: Shared investor: Soma Capital. A New York software platform that tries to replace the traditional locum tenens and travel nursing agency with an app

Sources

  1. Public recordForm D, Legion Health, Inc., CIK 0001916502SEC · Jul 1, 2026
  2. Public recordForm D and Form D/A filings, Legion Health, Inc.SEC · Mar 2022, Nov 2022, Dec 2022, Sep 2024, Nov 2025
  3. Public recordAuthorized AI Pilots and the Legion Health pilot pageUtah Department of Commerce · 2026
  4. IndependentLegion Health raises $16M of planned $25M roundDealroom.co · Jul 1, 2026
  5. IndependentLegion Health Pivots to Digital AI-Enabled Psychiatry, Raises Over $6MBehavioral Health Business, Chris Larson · Oct 16, 2024
  6. IndependentThis chatbot can prescribe psych meds. Kind of.The Verge, Robert Hart · Apr 3, 2026
  7. IndependentArtificial intelligence will see you now: Bots to prescribe mental health drugsNew York Post, Lydia Moynihan · Mar 27, 2026
  8. ProfileFerdinand Martignetti, Nava Ventures II investor profileStartupFundraising.com
  9. CompanyLegion Health company page, team size and launch postY Combinator · accessed Sep 2026

Compiled from SEC filings, Utah state records and published reports as of September 22, 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 Legion Health. This page is not an offer to sell or a recommendation to buy any security.