Funding profile · Hospital operations software

Qventus

Four disclosed rounds, $200 million reported, and not a single filing with the SEC. The capital record for this company exists only in press releases and reporting.

$200MTotal raised to date, company-reported (Jan 2025)
$105MSeries D led by KKR, Jan 2025, of which $20M is venture debt
$400M+Valuation attributed to sources by TechCrunch, not confirmed by the company
0Form D notices on file with the SEC

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

Rounds at a glance

When Round Amount Investors Source
2011 to 2016 Seed, as analyticsMD Not disclosed Y Combinator; Stanford StartX Fund Independent
Nov 2016 Series A $13.0M Norwest Venture Partners and Mayfield led; Y Combinator, Stanford StartX Fund Independent
May 2018 Series B $30.0M Bessemer Venture Partners led; NewYork-Presbyterian Hospital, Mayfield Fund, Norwest Independent
Feb 2022 Growth round $50.0M Thomas H. Lee Partners led with Premier Inc.; Thedacare, Bessemer, Mayfield, Norwest Independent
Jan 2025 Series D $105M total: $85M equity, $20M venture debt KKR led, from its Next Generation Technology III Fund; Bessemer; strategic investors Northwestern Medicine, HonorHealth and Allina Health Reporting and release
To date Reported lifetime total $200M Debt lender not named Company-stated

What the filings show

Qventus, Inc. · no Form D · checked Sep 23, 2026

Registrant
None. EDGAR company search returns no matching companies for Qventus, and an empty feed for the atom query
Former name
AnalyticsMD. No Form D under that name either
Full text search
“Qventus” limited to Form D: 0 hits. Unlimited: 42 hits, all in documents filed by unrelated registrants
Rounds unfiled
4 disclosed rounds, 2016 to 2025, totaling about $198M
Likely exemption
Section 4(a)(2), which carries no notice requirement, rather than Regulation D
Consequence
No investor counts, no first sale dates, no related person list, no board composition is available from any public filing
Filing
SEC EDGAR, no CIK assigned

Reading the filings

  1. There is nothing to file against.A company that raised roughly $198 million across four named rounds has left no Form D, no CIK and no EDGAR registrant. Issuers selling under Section 4(a)(2) rather than Regulation D file no notice at all, so the absence is lawful and common. It does mean every capital figure here traces back to a company statement or an interview, with no filed document behind it.
  2. A fifth of the headline round is debt.The $105 million Series D is $85 million of equity plus $20 million of venture debt, which Garg told Business Insider was optional and whose lender he declined to name. Add the equity across the four rounds and the figure is $13M plus $30M plus $50M plus $85M, or $178 million. The reported $200 million total includes debt the company said it did not need.
  3. The pre-2025 arithmetic is exact.$13M plus $30M plus $50M is $93 million, the precise total Garg gave Axios in February 2022. Seed capital raised from 2011 to 2016, including the Y Combinator and Stanford StartX money, is therefore not inside the reported total. TechCrunch cited PitchBook at about $95 million before the Series D, a $2 million spread against the company figure.
  4. Three customers are now shareholders.Northwestern Medicine, HonorHealth and Allina Health invested in the Series D. All three are also named reference customers, co-development partners, and sources of outcome figures the company publishes. Northwestern Medicine is credited with 1,300 hours of monthly OR capacity and a 15x annualized return, a number from a partner holding equity.
  5. Valuation is reported, not disclosed.TechCrunch put the Series D valuation above $400 million on sources and noted a 2022 mark around $200 million. The company declined to confirm either. A doubling across three years, against a business that grew its customer base four-fold over the same period, implies the multiple contracted rather than expanded.
  6. Breakeven is a target, not a result.Garg told TechCrunch the company was “very close to breaking even” and reported 120 percent net retention, a four-fold customer increase and three-fold core business growth since 2022. He told Business Insider he hoped to hit cash flow breakeven by the end of 2025. No revenue figure has been disclosed and no confirmation has appeared since.

Commercial signals

Signal Detail Source type
Footprint More than 180 hospital facilities, April 2026, up from more than 150 in May 2025 and about 60 to 65 hospitals in 2018. Company-stated
Independent ranking Best in KLAS 2025, Capacity Optimization Management: Qventus 92.1 from 16 organizations, LeanTaaS iQueue 95.6 from 19, market average 93.4. Independent
Competitive structure LeanTaaS bought Hospital IQ in January 2023 at a combined valuation above $1 billion, after a Bain Capital growth investment. Epic launched a no-cost OR Marketplace feature in 2025. Independent
EHR alignment Joined Oracle’s partner program March 2026; live at nearly 60 hospitals and health systems using Oracle Health and in more than 600 operating rooms. Company-stated
Retention 100 percent of clients say they consider Qventus part of their long term strategy, repeated in company boilerplate since 2025. KLAS recorded 100 percent yes answers from 16 organizations in November 2024. KLAS and company
Clinical evidence No peer reviewed study of the platform is indexed in PubMed. Not found
Certification No HITRUST certification and no SOC 2 report located in public sources. Not found

What to watch

  • Any SEC filing. A first Form D would be the first filed document in the company’s history.
  • Confirmation, or abandonment, of the end of 2025 cash flow breakeven target.
  • The 2026 KLAS scores, and whether the 3.5 point gap to LeanTaaS moves.
  • Whether the three health system shareholders add capital, and whether any new strategic investor is a health system rather than a fund.
  • An acquirer. The category consolidated once already in 2023.

The Qventus story on Healthcare DiscoveryHealthcare Discovery

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Sources

  1. Public recordSEC EDGAR company search and full text search for Qventus and AnalyticsMDSEC · checked Sep 23, 2026
  2. Public recordPubMed searches for Qventus, no title or abstract recordsNLM · checked Sep 23, 2026
  3. IndependentMore money comes to AI healthcare: Qventus nabs $105M at $400M+ valuationTechCrunch, Ingrid Lunden · Jan 13, 2025
  4. IndependentHealthcare AI startup Qventus just raised $105 million from private equity giant KKRBusiness Insider, Rebecca Torrence · Jan 14, 2025
  5. IndependentQventus pockets $105M series D backed by KKRFierce Healthcare, Emma Beavins · Jan 14, 2025
  6. IndependentTHL leads $50M growth investment in QventusAxios, Sarah Pringle · Feb 28, 2022
  7. IndependentQventus receives $30M investment to bring AI to hospital workflowsMobiHealthNews · May 14, 2018
  8. Independent2025 Best in KLAS, Capacity Optimization ManagementKLAS Research · 2025
  9. CompanyQventus announces $105 million investment, Series D led by KKRBusiness Wire · Jan 13, 2025
  10. CompanyQventus announces $50 million growth capital round led by THLQventus newsroom · Feb 28, 2022
  11. CompanyQventus joins Oracle’s partner programBusiness Wire · Mar 5, 2026
  12. PartnerLeanTaaS acquires Hospital IQBusiness Wire · Jan 10, 2023

Compiled from SEC records, KLAS Research rankings, PubMed and published reports as of September 23, 2026. Qventus has no Form D on file; Regulation D notices report offerings and amounts as of a filing date, and no such notice exists for this issuer. Healthcare Venture Capital Fund holds no position in Qventus. This page is not an offer to sell or a recommendation to buy any security.