Funding profile · Medical device cybersecurity

Medcrypt

Four Form D filings since 2016 record $39.69 million sold. The company’s own boilerplate still said “more than $36 million” three months after the largest of them closed. The gap is a debt round nobody announced.

$39.69MTotal sold across four Medcrypt Form D filings, 2016 to 2025
$8.30MDebt sold in the February 2025 filing, with no press release
$36.4MTotal the company was still citing in May 2025, company-reported
$276KRaised by a Wharton alumni SPV from 22 investors, 2021

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

Rounds at a glance

When Round Amount Investors Source
Sep 2016 Seed $750,000 announced; $739,990 filed Safeguard Scientifics, plus angels including the Wharton Alumni Angel Network Form D + release
2018 Seed extension $1.9M reported Eniac Ventures, Nex Cubed, Oronoco, Sway, Friedman BioVentures Independent
May 2019 Series A $5.3M announced; $5,455,372 filed Section 32, Eniac Ventures, Y Combinator Form D + release
Aug 2021 SPV: a series of Wharton Alumni Angels Fund $275,730 22, managed by Assure Fund Management II Form D
Nov 2022 Series B $25M announced; $25,191,432 filed Intuitive Ventures, Johnson & Johnson Innovation, Section 32, Eniac, Anzu, Dolby Family, Alumni Ventures Form D + release
Jan 2023 Series B extension Undisclosed; total stated $36.4M Dexcom Ventures Company release
Feb 2025 Debt $8,301,480 of $8,669,780 18, not named Form D

What the filings show

MedCrypt Inc. · Form D · filed Feb 19, 2025

First sale
Feb 4, 2025
Security
Debt
Offered
$8,669,780
Sold
$8,301,480 · $368,300 remaining
Investors
18 · average about $461,000
Exemption
Rule 506(b)
Related persons
Michael Kijewski (officer, director); Vidya Murthy (officer); Mike Pellini, Andrew Conrad, Gary Kurtzman, Tamir Meiri (directors)
Filing
SEC EDGAR, CIK 0001681688

MedCrypt Inc. · Form D · filed Nov 8, 2022

First sale
Oct 4, 2022
Security
Equity
Offered
$25,583,928
Sold
$25,191,432 · $392,496 remaining
Investors
31 · average about $813,000
Exemption
Rule 506(b)
Related persons
Michael Kijewski, Brett Falik (officers); Eric Pancoast, Michael McNeil, Timothy Young, Gary Kurtzman (directors)
Filing
SEC EDGAR, CIK 0001681688

Medcrypt, a Series of Wharton Alumni Angels Fund, LLC · Form D · filed Aug 23, 2021

First sale
Aug 19, 2021
Type
Pooled investment fund, single-company series
Sold
$275,730 of $275,730
Investors
22 · average about $12,500 · minimum $5,000
Exemptions
Rule 506(b); Investment Company Act 3(c)(1)
Related persons
Assure Fund Management II LLC (manager); Richard Thoms, Jeremy Neilson
Filing
SEC EDGAR, CIK 0001877808 · amended Jan 12, 2026 as WAAIV LLC, Series 001

Reading the filings

  1. A debt round the company has never mentioned.The February 19, 2025 filing records $8,301,480 of debt sold to 18 investors, about $461,000 each. Add it to the $36.4 million reported after the January 2023 Series B extension and the total is roughly $44.7 million. The boilerplate on the May 29, 2025 product release still read “more than $36 million.”
  2. Filed totals run ahead of announced ones, every time.Announced $750,000 in 2016, filed $739,990. Announced $5.3 million in 2019, filed $5,455,372. Announced $25 million in 2022, filed $25,191,432, which is 98.5% of the $25,583,928 offered. The four filings sum to $39,688,274.
  3. One reported round has no Form D at all.MedCity News reported a $1.9 million seed in 2018 led by Eniac Ventures. No filing sits under CIK 0001681688 between August 2016 and May 2019. Issuers raising under Section 4(a)(2) file no Form D, so the gap is not evidence that nothing happened.
  4. The angels came in through a Wharton vehicle, and it followed the CEO.In August 2021, between the Series A and the Series B, a series of the Wharton Alumni Angels Fund raised $275,730 from 22 investors at a $5,000 minimum, about $12,500 each, with $10,500 for organizational expenses, roughly 3.8% of the raise. Kijewski is a Wharton alumnus, and the 2016 seed release names the Wharton Alumni Angel Network. The vehicle filed an amendment on January 12, 2026 under a new name and a Nevada address, figures unchanged.
  5. The board turned over, and one investor now holds two seats.The 2016 filing lists Kijewski, Eric Pancoast and Brett Hemenway Falk as officer-directors. By 2025 the directors are Mike Pellini, Andrew Conrad, Gary Kurtzman and Tamir Meiri. Pellini and Conrad are both associated with Section 32, which led the 2019 Series A. Kurtzman, the Safeguard managing director who taught Kijewski at Wharton, is the only director on both the 2019 and 2025 filings.
  6. Debt after equity is a choice.The last equity Form D is November 2022. The next filing, more than two years later, is debt. No Series C has been announced as of September 22, 2026.

Commercial signals

Signal Detail Source type
Regulatory position No FDA 510(k) or PMA in its own name. It sells into other companies’ submissions under FD&C Act section 524B, effective March 29, 2023. Public record
Customers 8 of the top 10 global manufacturers and 250 or more projects in 12 months, stated May 2025. The home page on September 11, 2026 states 13 of the top 50 and 200 or more projects. None named. Company-stated
Approval rate A claimed 100% FDA approval rate with a guarantee. No public FDA data exists against which to check it. Company-stated
Acquisition MedISAO, August 13, 2020, bringing an information sharing organization and an SBOM tool. Terms undisclosed. Company release
Partnerships Tidelift and NetRise (2023); BioT, Extra Security, Real-Time Innovations, Stratigos Security (November 2024); Thirdwayv (October 2025). Partner-stated

What to watch

  • A Form D for a Series C. The last equity filing is nearly four years old.
  • Whether the company revises the “more than $36 million” figure to reflect the February 2025 debt.
  • Whether Section 32’s two board seats precede a priced round or a sale.
  • Any named customer, or any revenue figure that is not a ratio.
  • EU Cyber Resilience Act reporting, which the company dates to September 11, 2026.

The Medcrypt story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Zenflow: Shared investor: Assure Fund Management. A small nitinol coil that props open the prostatic urethra, delivered through a flexible scope and removable at any time
  • Rebellyous Foods: Shared investor: Assure Fund Management. A Seattle company that builds the machines that make plant-based chicken, and sells the chicken mostly into school cafeterias
  • Standard Cyborg: Shared investor: Assure Fund Management. A Y Combinator startup that printed shower legs for amputees, became the software prosthetists used to design sockets, then became a computer vision SDK
  • Synapticure: Shared investor: Assure Fund Management. A virtual specialty clinic for ALS, Parkinson’s and dementia, built by an ALS patient and his caregiver

Sources

  1. Public recordForm D, MedCrypt Inc., debt offering, CIK 0001681688SEC · Feb 19, 2025
  2. Public recordForm D, MedCrypt Inc., Series BSEC · Nov 8, 2022
  3. Public recordForm D, MedCrypt Inc., Series ASEC · May 8, 2019
  4. Public recordForm D, MedCrypt Inc., first offeringSEC · Aug 9, 2016
  5. Public recordForm D and Form D/A, CIK 0001877808SEC · Aug 23, 2021 and Jan 12, 2026
  6. IndependentMedCrypt lands $25M injection to secure vulnerable medical devicesTechCrunch · Nov 1, 2022
  7. IndependentMedCrypt raises $5.3 million Series A roundMedCity News · May 12, 2019
  8. IndependentMedCrypt financials, listing an $8.3M debt roundCB Insights · Sep 22, 2026
  9. CompanyMedCrypt Raises $750,000 Seed RoundPR Newswire · Sep 13, 2016
  10. CompanyMedCrypt Extends Series B with Dexcom VenturesPR Newswire · Jan 24, 2023
  11. CompanyMedcrypt Expands Platform CapabilitiesPR Newswire · May 29, 2025
  12. CompanyMedcrypt home page and about pageMedcrypt · Sep 22, 2026

Compiled from SEC and FDA public 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 Medcrypt. This page is not an offer to sell or a recommendation to buy any security.