Funding profile · Digital behavioral health

Stellar Sleep

One $6 million seed round in February 2024, a $100,000 state grant that paid for the only registered study, and no filing of any kind with the SEC. Here is what the public record does and does not contain.

$6.0MSeed round announced Feb 6, 2024, led by Initialized Capital
$6.5MTotal raised across two rounds, per Tracxn (Sep 2026)
$0Reported to the SEC. No Form D on file under any known name
$100KMassachusetts eHealth Institute grant, 2022 challenge winner

Data as of September 24, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2022 Non-dilutive grant $100,000 Massachusetts eHealth Institute, COVID-19 Innovations to Support Healthcare Providers Challenge State agency
Summer 2023 Y Combinator batch Not disclosed Y Combinator YC data
Feb 6, 2024 Seed, first institutional money $6,000,000 Initialized Capital (lead); Y Combinator, Lombardstreet Ventures, Switch Ventures, Moonfire Ventures, Scrum Ventures, 8vdx, Goodwater Release
To Sep 2026 Aggregator total $6.5M over two rounds Not itemised; valuation withheld Tracxn
Any date Regulation D offering None No filer, no filing Not found

What the filings show

SEC EDGAR · no Form D · searched Sep 24, 2026

Registrant search
No CIK for Stellar Sleep, Twenty Nights, Inc or Merlin Collective, LLC
Full text search
Zero documents mention any of the three names
Investment vehicles
No SPV or pooled fund named for the company
Exemption
Unknown. A round sold under Section 4(a)(2) files no Form D
Related persons
No officers or directors on any federal filing
What is on record instead
A company release and eight named investors, corroborated by TechCrunch, Sleep Review, FinSMEs and others

Reading the filings

  1. There are no filings to read.A $6 million round would normally leave a Form D within 15 days of the first sale. None exists here, under the trade name, the legal name on the app copyright (Twenty Nights, Inc) or the App Store seller name (Merlin Collective, LLC). The absence does not mean the money did not move. It means the round was almost certainly papered under Section 4(a)(2), or through YC standard instruments that were never noticed to the SEC. The practical consequence for an outside reader: the $6 million figure rests entirely on the company release and the reporting that repeated it.
  2. Eight names on one round.Initialized Capital led and seven others participated. Split evenly, $6,000,000 across eight investors is $750,000 each, and a led round is never even, so the lead is carrying most of it and several of the others are writing small strategic checks. No allocation has been disclosed and no Form D exists to check it against.
  3. The cheapest money did the clinical work.The $100,000 Massachusetts eHealth Institute grant is about 1.5 percent of the $6.5 million total. It is also the money that funded the only registered study of the product, NCT05991492 at Brigham and Women’s Hospital. Venture capital paid for content, growth and, later, a clinician network. A state innovation challenge paid for the evidence.
  4. This is a small balance sheet in a category with a cleared incumbent.Big Health, which owns the FDA cleared SleepioRx, had raised about $153 million by 2026 and added $23.7 million in February 2026 specifically to chase the new CMS reimbursement codes. Stellar Sleep’s $6.5 million is roughly 4 percent of that. Scale here is not vanity: reimbursement work, clearance work and payer contracting are all capital intensive.
  5. Two and a half years without an announced round.The last raise closed in February 2024. Headcount was 13 in August 2026, up from five at Y Combinator, while the company describes a nationwide clinician network. Thirteen employees and a national network of clinicians only reconcile if the clinicians are contracted rather than employed, which is also what the recruiting page implies.

Commercial signals

Signal Detail Source type
Regulatory No FDA 510(k) or PMA. Sold as a consumer subscription, not prescribed. Public record
Reimbursement CMS created codes G0552 to G0554 in the 2025 Physician Fee Schedule for FDA cleared digital mental health treatments. Nine products qualify. Stellar Sleep is not among them. Public record
Price $60 a month at the 2024 launch, FSA and HSA eligible. The company FAQ states the basic program starts at $188. Full refund inside 30 days. Claims differ
Revenue $1 million annual run rate claimed nine months after the August 2023 launch. Nothing disclosed since. Company-stated
Scale More than 100,000 people served and the largest insomnia clinician network in the country, both asterisked on the site with no substantiation published. Company-stated
Clinical NCT05991492, 60 patients, primary completion estimated July 2026, no results posted, no peer reviewed paper found. Public record
Comparator exits Pear Therapeutics filed Chapter 11 in 2023; Somryst, the first cleared insomnia therapeutic, sold to Nox Health for $3.9 million at a $6.05 million auction. Independent

What to watch

  • A Form D, which would be the first federal record this company has ever produced.
  • A Series A. The seed is two and a half years old and the business model has changed since it closed.
  • Results from NCT05991492, and whether the 500 user efficacy claim is ever published.
  • Whether the company files for a 510(k), which is the only route to the new CMS codes.
  • Payer contracts and claim volume from the clinician network, which is now the revenue story rather than the app.

The Stellar Sleep story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Glass Health: Shared investor: Initialized. An AI tool that reads a one paragraph patient summary and returns a ranked differential diagnosis, now sold alongside an ambient scribe
  • Bodyport: Shared investor: Initialized. A bathroom scale that reads hemodynamic signals through bare feet
  • Data Driven Bioscience: Shared investor: Initialized. A Durham company that sells hospital laboratories a kit for reading a tumor’s DNA and RNA in a single preparation, on the sequencer the lab already owns
  • Mindstate Design Labs: Shared investor: Initialized. A company that ran machine learning over 70,000 trip reports, picked a 40 year old Shulgin tryptamine, and took it through Phase 1 in Leiden

Sources

  1. Public recordSEC EDGAR company and full text search, three company names, no filingsSEC · Sep 24, 2026
  2. Public recordClinicalTrials.gov NCT05991492Brigham and Women’s Hospital · updated Jan 30, 2026
  3. Public recordFDA 510(k) K233577 (Sleepio) and K191716 (Somryst)FDA
  4. Public recordDigital Solution Poised to Transform Sleep HealthMassachusetts eHealth Institute · Apr 17, 2024
  5. IndependentStellar Sleep app gets initial funding for chronic insomniaTechCrunch · Feb 6, 2024
  6. IndependentStellar Sleep Raises $6M in Seed FundingFinSMEs · Feb 7, 2024
  7. Independent$23.7M Secured to Scale FDA-Cleared Digital Sleep TreatmentsSleep Review · Feb 12, 2026
  8. IndependentPear Therapeutics assets sold for $6M at auctionMobiHealthNews · May 19, 2023
  9. IndependentStellar Sleep company profile, funding total and headcountTracxn · Sep 24, 2026
  10. CompanyStellar Sleep Raises $6M, seed funding releaseGlobeNewswire · Feb 6, 2024
  11. CompanyLaunch YC: Stellar Sleep, and company website pagesY Combinator and stellarsleep.com · Sep 24, 2026

Compiled from SEC, FDA, ClinicalTrials.gov and state agency public records and published reports as of September 24, 2026. Form D notices report offerings under Regulation D; companies that raise under Section 4(a)(2) file none, so an absent filing is not evidence that no capital was raised. Healthcare Venture Capital Fund holds no position in Stellar Sleep. This page is not an offer to sell or a recommendation to buy any security.