Funding profile · Supportive oncology and home infusion

Luminate Medical

A University of Galway spin-out with three Form D filings, $33.2 million sold on them, and a company-stated total above $50 million. The gap is where the Irish grants and a US bank sit.

$50M+Total funding to date, company-stated (Jan 2026)
$33.2MSold across three Form D filings
$17.0MSold of $17.5M offered, latest filing (Nov 2025)
€12.9MThree Irish DTIF awards, company-stated

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

Rounds at a glance

When Round Amount Investors Source
2019 to 2021 Commercialisation Fund, then YC Summer 2021 Not disclosed Enterprise Ireland; Y Combinator Reported
May 2022 Seed plus grants $5M+ SciFounders, Elkstone, Faber Reported
2022 and 2023 DTIF awards 1 and 2 €2.1M and €4.4M Irish Government, via Enterprise Ireland Company timeline
Jun 2023 EIC Accelerator Not published for Luminate alone European Innovation Council Enterprise Ireland
May 2024, announced Sep 2024 Series A $13,653,998 of $17,953,999 offered; announced as $15M Led by ARTIS Ventures; Metaplanet, Lachy Groom, 8VC, SciFounders, Faber Form D
Nov 2024, announced Dec 2024 Series A extension, options and securities to be acquired $2,500,000 of $2,500,000 Led by Atlantic Bridge; Finn Murphy of Nebular, Steve Pacelli Form D
Apr 2025 DTIF award 3, Lotus project €6.4M Irish Government; with Gentian Health and two universities Reported
Nov 2025, announced Jan 2026 Series A expansion $17,001,662 of $17,500,000 offered; announced as $21M Co-led by ARTIS Ventures and Lachy Groom; Western Alliance Life Sciences and existing backers Form D

What the filings show

Luminate Medical Inc. · Form D · filed Nov 24, 2025

First sale
Nov 13, 2025
Offered
$17,500,000 equity
Sold
$17,001,662 · $498,338 remaining
Investors
18 · average about $944,500
Exemption
Rule 506(b) · no non-accredited investors
Related persons
Aaron Hannon (executive officer, director); Barbara Oliveira, Austin Walne, Steven Pacelli and Robert Green (directors)
Filing
SEC EDGAR, CIK 0002022415 · Delaware corporation, Galway

Luminate Medical Inc. · Form D · filed Jan 10, 2025

First sale
Nov 1, 2024
Offered
$2,500,000 · options and securities to be acquired, not equity
Sold
$2,500,000 · nothing remaining
Investors
6 · average about $416,700
Exemption
Rule 506(b)
Related persons
Hannon and Oliveira (executive officers, directors); Austin Walne and Steven Pacelli (directors)
Filing
SEC EDGAR, CIK 0002022415

Luminate Medical Inc. · Form D · filed May 15, 2024

First sale
May 6, 2024
Offered
$17,953,999 equity
Sold
$13,653,998 · $4,300,001 remaining
Investors
46 · average about $296,800
Exemption
Rule 506(b)
Related persons
Hannon and Oliveira (executive officers, directors); Austin Walne and Patricia Smith (directors)
Filing
SEC EDGAR, CIK 0002022415 · year of incorporation 2021

Reading the filings

  1. Every announcement trails its filing by months.The Series A first sale was May 6, 2024 and the Form D landed May 15, but the round was not announced until September 18. The 2025 expansion sold on November 13, filed November 24, and was announced on January 7, 2026. EDGAR knew before the market did.
  2. The announced totals run ahead of the filings.September 2024 announced $15 million against $13,653,998 sold. January 2026 announced $21 million against $17,001,662 sold, a gap of about $4.0 million. That release names Western Alliance Life Sciences, a bank lending group, and lists Bridge Bank among backers. A debt facility would not appear on a Regulation D equity notice, which is one plain explanation. No amended Form D has been filed to settle it.
  3. Cheque size tripled while the investor count fell by more than half.In May 2024, 46 investors had put in $13,653,998, about $296,800 each. In November 2025, 18 had put in $17,001,662, about $944,500 each: angels replaced by institutional leads.
  4. The December 2024 extension was not plain equity.Its Form D reports options to acquire and securities to be acquired, sold to six investors for exactly $2,500,000. Add it to the May 2024 filing and the Series A comes to $16,153,998 on the record against the $17.5 million announced.
  5. The board turned over, and the lead was seated early.Austin Walne, a senior partner at ARTIS Ventures, is a director on the May 2024 filing, four months before ARTIS was named publicly as lead. Patricia Smith appears only in 2024; Steven Pacelli joins in January 2025, Robert Green in November 2025. Barbara Oliveira is filed as an executive officer and director in 2024 and January 2025, and as a director only in November 2025. Nothing was filed before 2024, which is what happens when raises run through an Irish parent or outside Regulation D.

Commercial signals

Signal Detail Source type
Regulatory No FDA clearance, de novo grant or approval on record for any Luminate device as of Sep 23, 2026. The cleared competitors in this indication are Dignitana and Paxman, under product code PMC. Public record
Clinical PREVAIL (NCT06786078), 85 planned, single arm and open label, record last updated Jan 2025. IMPACT (NCT07142304), 142 planned, randomised and sham controlled, 18 sites, primary completion estimated Aug 2026. Public record
Revenue Lotus home infusion is live and lists the agents it carries. Device launch is stated as 2027; no revenue figures have been published. Company-stated
Headcount 8 in 2022, 16 in 2023, about 35 in late 2024, over 60 in Jan 2026, plus 130 roles announced over three years. Reported
Payer position Scalp cooling took until Nov 2021 for CPT codes and Oct 2023 for a first regional Medicare determination. Luminate is pursuing value-based agreements with plans instead. Public record

What to watch

  • An amended Form D reconciling the announced $21 million with the $17.0 million on file, and whether the $498,338 left open gets taken up.
  • A Form D for any Series B. It is due within 15 days of the first sale, and on this pattern will appear well before any release.
  • IMPACT topline, the first randomised evidence this company will own.
  • Any FDA submission, and the first named Lotus partners against the stated target of 40 clinics.

The Luminate Medical story on Healthcare DiscoveryHealthcare Discovery

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Sources

  1. Public recordForm D, Luminate Medical Inc., CIK 0002022415, three filingsSEC · May 2024, Jan 2025, Nov 2025
  2. Public recordopenFDA device queries; ClinicalTrials.gov NCT06786078 and NCT07142304FDA and NIH · Sep 23, 2026
  3. Public recordEIC Accelerator win for four Enterprise Ireland clientsEnterprise Ireland · Jun 20, 2023
  4. IndependentCancer and neonatal treatments funded under DTIFSilicon Republic · Apr 10, 2025
  5. IndependentGalway’s Luminate Medical raises $21m, plans 130 jobsSilicon Republic · Jan 7, 2026
  6. IndependentGalway healthcare technology company Luminate to create 130 jobsThe Irish Times · Jan 7, 2026
  7. IndependentReports on the 2022 seed and grant raiseForbes and Tech.eu · May and Jun 2022
  8. CompanyLuminate Raises $21 Million in Funding to Expand Home Cancer TreatmentGlobeNewswire · Jan 7, 2026
  9. CompanyLuminate Raises $15 Million Series A after Successful Clinical TrialsUniversity of Galway · Sep 19, 2024
  10. CompanyGalway-Based Luminate Medical Expands Series A to $17.5MEIT Health · Dec 12, 2024
  11. CompanyLuminate website, about and services pagesluminatemed.com · Sep 22, 2026

Compiled from SEC, FDA, ClinicalTrials.gov and Irish and European public records as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date, and debt facilities are not reported on them. Healthcare Venture Capital Fund holds no position in Luminate Medical. This page is not an offer to sell or a recommendation to buy any security.