Funding profile · Urology devices

Zenflow

Three priced rounds over seven years and $75.3 million of equity recorded as sold. The filings and the announcements do not line up on the last one.

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

Rounds at a glance

What the filings show

Reading the filings

1. The announced Series C is bigger than the filed one.On November 18, 2024 the company said it had closed a $24 million round. The Form D filed the next day reports $19,422,855 sold of $25,203,352 offered, leaving $5,780,497 unsold. No amendment has followed in the 22 months since, so the record still shows $4.6 million less than the release.
2. Half the investors, the same money, every round.Series A: $31,494,746 from 86, about $366,200 each. Series B: $24,368,845 from 43, about $566,700 each. Series C at filing: $19,422,855 from 36, about $539,500 each.
3. The first three years left no trail in EDGAR.The CIK opened in 2017; the first filing covers a September 2017 first sale. The $5.2 million of mostly angel money a founder described raising from 2015 to 2017 appears in no Form D, and none was filed under the earlier corporate name, Torix Medical, Inc. Issuers raising under Section 4(a)(2) file nothing, so the gap is not evidence that nothing moved.
4. Two pooled vehicles carried the angels.Propel took $257,000 from 12 people at a $3,000 minimum alongside the Series A, spending $11,872 of it on organizational costs, 4.6 percent. GS Zenflow LLC, run by the Golden Seeds angel network, reports a first sale of June 1, 2015 and filed its first Form D on June 12, 2024, nine years later, then added $132,433 by amendment in step with the Series C.
5. The board tells the leadership story first.Nick Damiano is an executive officer and director on the 2017 and 2021 filings and absent from the 2024 one. Shreya Mehta appears on all of them. The 2024 filing adds John Beck as an executive officer and Blayne Roeder and Susan Stimson as directors, taking the list to eight names.
6. Every round was papered before it was published, except the last.The Series A amendment landed 42 days before the announcement, the Series B 13 days before. The Series C was announced one day ahead of its filing, and it is the one that does not reconcile.

Commercial signals

What to watch

• An amended Series C Form D, which would settle $19.4 million against $24 million.
• A Series D or a strategic transaction; the last filed round is two years old.
• Whether Cook Medical converts an equity position into a distribution agreement.
• A published price and a payment pathway, without which the four named centers stay four.

The Zenflow story on Healthcare DiscoveryHealthcare Discovery

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Sources

1. Public recordForm D and Form D/A, Zenflow, Inc., CIK 0001718715SEC · 2017, 2021, 2024
2. Public recordForm D and Form D/A, GS Zenflow LLC, CIK 0002019207SEC · Jun 12 and Nov 22, 2024
3. Public recordForm D, Propel (Zenflow · Series A), LLC, CIK 0001719880SEC · Dec 14, 2017
4. Public recordNSF award 1520412; NIH RePORTER R44DK112587 and R44DK124094NSF and NIDDK · 2015 to 2020
5. Public recordFDA PMA P250007 and 510(k) K251140FDA · 2025
6. IndependentBREEZE trial meets efficacy and safety endpointsRenal and Urology News · Jun 4, 2026
7. IndependentStanford spin-out Zenflow raises $31MMedCity News · Feb 9, 2018
8. CompanyZenflow announces $24 million financing round to fund FDA filingGlobeNewswire · Nov 19, 2024
9. CompanyZenflow announces U.S. commercialization progress with four centersGlobeNewswire · Sep 8, 2026

Compiled from SEC, NSF, NIH 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 Zenflow. This page is not an offer to sell or a recommendation to buy any security.