Funding profile · Respiratory monitoring

Makani Science

An FDA-cleared wearable respiration monitor funded by an accelerator, a seed preferred round, a Y Combinator SAFE and a crowdfunding campaign that closed at 3 percent of its ceiling. The company has never filed a Form D, and its Regulation Crowdfunding reports say more than its press does.

$1.02MSeed 1 Preferred sold, Nov 2020, Section 4(a)(2)
$39,396Closed in the 2023 crowdfunding round, of a $1.23M maximum
$312,123Cash at Dec 31, 2025, all of the company’s assets
$733,955NIH obligations on R61HL177500, FY2025 and FY2026

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

Rounds at a glance

When Round Amount Investors Source
2019 Accelerator investment $550,000 reported Koa Accel Reporting
Nov 24, 2020 Seed 1 Preferred Stock $1,024,093.82 3,531,358 shares, holders not named Form C-AR
Jul 30, 2021 SAFE, Section 4(a)(2) $480,000 Booked in the same filing as a Y Combinator SAFE, cap $12,000,000 Form C-AR
Dec 2022 to Mar 2023 Regulation Crowdfunding, common at $0.67 $39,395.63 of a $1,234,999.61 maximum StartEngine investors, 65,590 shares issued Form C-U
Converted by 2024 Founder and accelerator SAFEs $25,000 and $250,000 Francis Duhay and Koa Accel, into Series Seed-2 Form C-AR
During 2025 Long-term debt appears $1,439,800 at year end, from zero Not named Form C-AR
2025 to 2027 NIH R61 award $733,955 obligated NHLBI NIH
May 2025 Round announced $10,000,000 None named Company-stated
Open at Apr 2026 Pre-Series A $5,000,000 target None named Company-stated

What the filings show

Makani Science Inc. · Form C-AR · filed Apr 29, 2026

Period
Year ended Dec 31, 2025
Cash
$312,123, against $37,664 a year earlier
Revenue
$111,059, against $0 a year earlier
Net loss
$408,859, against $258,997
Debt
$84,464 short term, $1,439,800 long term, from zero a year earlier
Employees
3
Holders above 10 percent
Koa Accel LLC 19.11 percent of Series Seed-2; Francis Duhay 16.51 percent of common; Michelle Khine 14.01 percent
Filing
SEC EDGAR, CIK 0001960426

Makani Science Inc. · Form C-U · filed Apr 3, 2023

Offering
Common stock at $0.67, minimum $9,999.75, maximum $1,234,999.61
Closed
$39,395.63 and 65,590 securities, deadline Mar 30, 2023
Intermediary
StartEngine Capital, LLC, fee up to 9 percent plus 3 percent in securities
Filing
SEC EDGAR, file number 020-31559

Reading the filings

  1. The crowd round closed at 3 percent of its ceiling.$39,395.63 against a $1,234,999.61 maximum is 3.2 percent. At $0.67 a share that cash buys 58,799 shares, yet 65,590 were issued, so about 6,791 were bonus shares under the offering’s perks. Kingscrowd recorded $83,899 invested at the Mar 30, 2023 close; the Form C-U filed four days later reports $39,395.63. Investors may cancel up to 48 hours before a close, the usual reason a committed total lands above a closed one.
  2. A $10 million round does not appear on the balance sheet.A May 14, 2025 item states: “Makani Science is thrilled to announce a successful funding round in which we raised $10,000,000.” The company’s annual report for that year shows $312,123 of cash, $111,059 of revenue, a $408,859 loss and $1,439,800 of long-term debt. Nothing near $10 million entered the accounts.
  3. The bridge shows up a year after it was described.In June 2024 the Orange County Business Journal reported $3.5 million raised to date, including a recent $1.5 million bridge round. The filings put long-term debt at zero on Dec 31, 2024 and $1,439,800 on Dec 31, 2025.
  4. No Form D exists because none was required.The $1,024,093.82 Seed 1 round and the $480,000 SAFE both relied on Section 4(a)(2), which carries no Form D obligation. Aggregators reading only Form D data report about $125,000 raised, understating the record by more than an order of magnitude.
  5. The April 2026 filing names two chief executives.Its signature page carries Greg Buchert as CEO and director, while the body of the same report lists Michael Chu as CEO and co-founder since October 2021, holding 10 percent and paid $60,000 a year.

Commercial signals

Signal Detail Source type
Regulatory 510(k) K233953, cleared Mar 28, 2025, adults 22 and older, non-ambulatory, rate only. Public record
Revenue $111,059 in 2025, the first reported. Zero in every prior year back to 2020. Public record
Runway The annual report states: “Current cash balance will allow us to operate until end of June of 2026.” Public record
Headcount Three employees in every Form C filing from 2022 to 2026. Public record
Manufacturing Wistron Medical Technology Corporation, Taiwan, named as contract manufacturer in the 510(k) summary. Public record
Launch timing Reported in May 2025 as a launch by the end of that year. The April 2026 filing plans a second 510(k) by the end of 2027 and commercialization in the second half of 2028. Conflict

What to watch

  • Whether the $5 million pre-Series A closes, and whether it brings a Form D, another crowdfunding offering, or neither.
  • The Form C-AR for fiscal 2026, due within 120 days of year end, which will show whether revenue repeated.
  • What the $1,439,800 of long-term debt converts into, and at what price.
  • Whether the NIH R61 reaches its R33 phase before the project period ends in February 2027.

The Makani Science story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • MentalHappy: Shared investor: Intermediary Startengine Capital. Software for hosting online support groups, sold to individual facilitators and to health organizations
  • Vena Vitals: Also in Medical Devices. A soft sticker, built on wrinkled metal from a UC Irvine lab, that reads blood pressure beat by beat
  • HelpWear: Also in Medical Devices. A Toronto company building an arm worn ECG monitor meant to be kept on for months rather than days
  • Vena Medical: Also in Medical Devices. A sub-millimetre camera that looks forward from inside a brain artery, and a balloon catheter built to pull a clot out on the first try

Sources

  1. Public recordForm C-AR annual report and exhibit, year ended Dec 31, 2025SEC · Apr 29, 2026
  2. Public recordForm C-U progress updateSEC · Apr 3, 2023
  3. Public recordForm C offering statement and Form C/A amendmentSEC · Dec 2022 and Feb 2023
  4. Public recordNIH RePORTER, project R61HL177500NHLBI · FY2025 and FY2026
  5. Public recordFDA 510(k) clearance letter and summary, K233953FDA · Mar 28, 2025
  6. IndependentIrvine Startup Introduces Bandage-Sized Respiratory MonitorOrange County Business Journal · Jun 2024
  7. IndependentFDA Clears Makani Science’s Bandage-Sized Respiratory MonitorOrange County Business Journal · May 2025
  8. IndependentFamiliar Start, With Makani, MicrodermicsOrange County Business Journal · Sep 2019
  9. IndependentMakani Science on StartEngine 2022Kingscrowd · Dec 2022
  10. CompanyMakani Science Secures $10M to Pioneer the World’s First Continuous Respiration MonitorSignalbase · May 14, 2025

Compiled from SEC, NIH and FDA public records and published reports as of September 22, 2026. Form C notices report offerings under Regulation Crowdfunding; amounts reflect the filing date and may not capture later sales. Offerings made under Section 4(a)(2) require no Form D and may leave no filing at all. Healthcare Venture Capital Fund holds no position in Makani Science. This page is not an offer to sell or a recommendation to buy any security.