Funding profile · Retinal screening

Spect

One Form D in 2017, an announced seed round in 2021 with no Regulation D notice behind it, and a foundation check. Total disclosed capital is under $6 million across nine years.

$5.18MTotal raised across 4 rounds, third party database estimate
$1.56MSold of $5.0M offered, the only Form D on file (Sep 2017)
$3.5MSeries Seed announced Nov 2021, no Form D filed
$475KCalifornia Health Care Foundation Innovation Fund investment

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

Rounds at a glance

When Round Amount Investors Source
Summer 2017 Y Combinator, batch S17 Not disclosed Y Combinator YC directory
Aug to Sep 2017 Equity offering, Rule 506(b) $5.0M offered, $1.56M sold at filing 10 investors, not named Form D
Nov 30, 2021 Series Seed $3.5M Led by Morado Ventures, with XTX Ventures, 10x and AME Cloud Release, echoed by trade press
By Nov 2023 Foundation investment $475,000 California Health Care Foundation Innovation Fund Independent
Cumulative All rounds $5.18M Nine institutional investors claimed Database estimate
2017 to 2026 Federal grants $0 No NIH, NSF or SBIR award found Not found

What the filings show

Spect Inc. · Form D · filed Sep 13, 2017

First sale
Aug 22, 2017
Offered
$5,000,000 equity
Sold
$1,560,000 · $3,440,000 remaining
Investors
10 · average $156,000
Exemption
Rule 506(b) · offering not intended to last more than one year
Minimum
$0 minimum outside investment · no sales commissions, no finders fees
Related persons
Rishab Gargeya (executive officer, director); Ankur Gupta (director, signed as President); Theodore Leng
Issuer
Delaware corporation formed 2017 · 456 Kansas Street, Upper Unit, San Francisco, CA 94107
Filing
SEC EDGAR, CIK 0001716651, accession 0001716651-17-000002

Reading the filings

  1. Ten checks of roughly $156,000 each.$1,560,000 divided by 10 investors is $156,000 apiece. That is angel and seed fund sizing, not an institutional lead. The filing names no placement agent and reports zero sales commissions and zero finders fees, so the round was sold by the founders.
  2. Two thirds of the 2017 offering never sold.$5,000,000 was offered and $1,560,000 landed, leaving $3,440,000 on the table. The issuer said the offering was not intended to last more than a year, and no amendment was ever filed to report the balance. Either it closed short or the remainder was raised outside Regulation D.
  3. The 2021 round left no Regulation D trail at all.The $3.5 million Series Seed was announced on Nov 30, 2021 and reported by Ophthalmology Times and MedTech Innovator. EDGAR shows exactly one filing under CIK 0001716651, the 2017 notice. A Form D is due within 15 days of first sale, so the round was either raised under Section 4(a)(2), which requires no notice, or the notice was never filed. Nothing in the filings confirms the $3.5 million.
  4. The filing names a person the founding story later dropped, and omits the one it centers on.Rishab Gargeya signs on as executive officer and director in 2017, Ankur Gupta signs as President, and Theodore Leng appears as a related person. Michael Ricci, described in every later account as co-founder and CEO, is not on the document. MedTech Innovator later reported that Ricci came to the company as a consultant first. One database still lists Gargeya as founder and CEO, which no reporting after 2017 supports.
  5. The largest single disclosed check was philanthropic, not venture.The California Health Care Foundation Innovation Fund put in $475,000, about 9% of the $5.18 million database total, and said it serves on the boards of its investees. For a company selling into Medi-Cal clinics, that is strategic money as much as growth money.
  6. No non-dilutive federal capital, and no regulatory spend to justify.There is no NIH award, no NSF award and no SBIR grant, which is consistent with a business that never filed for FDA marketing authorization and ran no clinical trial. The company sold a service billed under existing CPT codes rather than a device it had to prove.

Commercial signals

Signal Detail Source type
Regulatory No 510(k), PMA or De Novo under the company name. No entry in openFDA device registration and listing. The website listed FDA Registration (Class 2 Exempt). Claim not found in the record
Revenue model Subscription license, device supplied at no upfront cost, clinic bills existing CPT codes and improves HEDIS and MIPS scores. No pricing published. Company-stated
Scale 130 providers across six states as of Nov 2023. More than eight states claimed in Jan 2022. No revenue disclosed at any point. Independent
Channel MedArrive (Jan 2022) and DocGo Inc., Nasdaq DCGO (Jul 2024), which named Spect its preferred diabetic eye exam solution. Terms undisclosed in both. Partner-stated
Clinical evidence No registered trial and no peer reviewed publication under the company name. Not found
Operating status Y Combinator lists Spect as Inactive with team size 7. getspect.com returned Cloudflare errors on Sep 23, 2026 and the last web archive capture is Dec 12, 2025. Public record

What to watch

  • Any Form D, assignment or dissolution filing under CIK 0001716651. There has been none since 2017.
  • Whether DocGo discloses a change of vendor for diabetic eye exams in its public filings.
  • Disposition of the retinal image dataset the company said exceeded 1.5 million images in November 2021.
  • Whether the California Health Care Foundation reports on the outcome of its $475,000 investment.

The Spect story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Abalone Bio: Shared investor: Independent Partners. An East Bay biotech that screens antibodies for what they do to a receptor, not how tightly they stick to it
  • Vena Vitals: Shared investor: Morado Ventures. A soft sticker, built on wrinkled metal from a UC Irvine lab, that reads blood pressure beat by beat
  • BIOS Health: Shared investor: Xtx Ventures. A Cambridge company that set out to build a plug for the nervous system and now sells software that tunes nerve stimulation
  • Sensible Biotechnologies: Shared investor: Independent Partners. A platform that grows therapeutic mRNA inside engineered cells instead of making it in a tube

Sources

  1. Public recordForm D, Spect Inc., CIK 0001716651, accession 0001716651-17-000002SEC · Sep 13, 2017
  2. Public recordEDGAR company filing index for CIK 0001716651, one filing totalSEC · queried Sep 2026
  3. Public recordFDA 510(k), De Novo and device registration searches for SpectopenFDA · no matches, Sep 2026
  4. Public recordSpect company listing, batch S17, status Inactive, team size 7Y Combinator · accessed Sep 23, 2026
  5. IndependentStart-Up Spect Advances Health Equity with Diabetes Eye Exams, reporting the $475,000 investment and 130 providers in six statesCalifornia Health Care Foundation · Nov 20, 2023
  6. IndependentTelemedicine Startup Spect Raises $3.5 Million to Build Digital Eye Screening PlatformMedTech Innovator · Jan 2, 2022
  7. IndependentSpect receives series seed funding for eye disease screening solutionsOphthalmology Times · Nov 30, 2021
  8. DatabaseSpect company profile, total funding and round countTracxn · accessed Sep 2026
  9. CompanySpect Launches to Build Largest Retinal Data Set in the World, with the seed round and investor listPR Newswire · Nov 30, 2021
  10. PartnerDocGo and Spect Partner to Reduce Care Gaps and Improve Eye and Vision HealthBusiness Wire · Jul 9, 2024
  11. CompanySpect website home and value pages, including the FDA registration and compliance claimsgetspect.com, Internet Archive captures through Dec 12, 2025

Compiled from SEC, FDA and other public records and published reports as of September 23, 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 Spect. This page is not an offer to sell or a recommendation to buy any security.