Funding profile · Neurosurgical navigation and robotics

Zeta Surgical

Six FDA clearances, one announced venture round, and an SEC record that covers about 59 percent of the capital the company has publicly claimed. Nothing has been filed since November 2023.

$5.45MAnnounced to date: a $250K pre-seed plus a $5.2M seed, company and press reported
$3.08MTotal sold across every Form D on file, 2018 to 2023
$1.08MSold of $2.0M offered, latest Form D (Nov 2023)
34 mo.Since the last Form D reached EDGAR

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

Rounds at a glance

When Round Amount Investors Source
2018 to 2022 Convertible notes, amended twice $1,500,000 sold of $1,500,000 18, unnamed Form D
2019 Y Combinator, Summer 2019 Not disclosed Y Combinator YC data
Before Mar 2022 Pre-seed $250,000 Y Combinator, Plug and Play Ventures TechCrunch
2021 to 2022 Second note offering $500,000 sold of $500,000 4, unnamed Form D
Mar 2022 Seed, announced $5.2M Innospark Ventures (lead), TSVC, Y Combinator, Trevor Fetter Company release
Oct to Nov 2023 Series seed preferred $1,081,301 sold of $2,000,000 14. Counsel names Y Combinator, Particle Accelerator Investment Limited, Valera Capital, Innospark, TSVC, Artesian Form D and law firm
2018 to 2026 Federal grants None found No NIH or NSF award to either corporate name Not found

What the filings show

Z Imaging Inc., later Zeta Surgical Inc. · Form D plus two amendments · filed May 29, 2020, Jan 25, 2021 and Mar 2, 2022

First sale
Apr 30, 2018
Offered
$900,000, raised to $1,300,000, then $1,500,000
Sold
$530,000, then $1,300,000, then $1,500,000
Investors
6, then 17, then 18 · average about $83,333 at close
Securities
Debt and options to acquire
Exemption
Rule 506(b)
Related persons
Jose Maria Amich Manero, Raahil Sha, Emanuel Zareh, William Gormley
Filing
SEC EDGAR, CIK 0001812531. Year of incorporation reported as 2017

Zeta Surgical Inc. · Form D · filed Mar 2, 2022

First sale
Aug 13, 2021
Offered
$500,000
Sold
$500,000, nothing remaining
Investors
4 · average $125,000
Securities
Debt and options to acquire
Related persons
Amich and Sha (officers and directors); Zareh and Gormley (directors)
Filing
Accession 0001812531-22-000004

Zeta Surgical Inc. · Form D · filed Nov 13, 2023

First sale
Oct 27, 2023
Offered
$2,000,000 equity
Sold
$1,081,301 · $918,699 remaining
Investors
14 · average about $77,236
Exemption
Rule 506(b)
Related persons
Amich and Sha (officers and directors); Matt Fates (director)
Filing
Accession 0001812531-23-000001

Reading the filings

  1. The announced seed round has no equity Form D behind it.The company announced a $5.2 million seed on March 10, 2022. The only Form D activity near that date is an amendment to the 2018 note offering and a fresh $500,000 note offering, both filed March 2, both debt rather than equity. The first equity Form D arrived on November 13, 2023 and reports $1,081,301 sold. Every Form D added together comes to $3,081,301, about 59 percent of the $5.45 million announced. An issuer selling under Section 4(a)(2) files no Form D, so the gap is not proof that money did not move.
  2. Two filings landed eight days before the press release.Form D is due within 15 days of first sale. The March 2, 2022 pair reports a first sale of August 13, 2021, which is late by that measure and suggests the notes sat outstanding for months while a priced round was assembled. The March 10 announcement then presented the result as one $5.2 million event.
  3. The checks are small and the count is high.Eighteen investors for $1.5 million is about $83,300 each. Fourteen investors for $1,081,301 is about $77,200 each. Neither looks like a fund led round of the announced size. It looks like angels and small vehicles, with the lead investor’s own commitment itemised nowhere.
  4. The issuer changed its name mid offering.CIK 0001812531 filed as Z Imaging Inc. in 2020 and 2021, then as Zeta Surgical Inc. from March 2022, with the address moving from Cambridge to Boston. The 2021 filing reports 2017 as the year of incorporation, while the company and its Y Combinator listing give 2018 as the founding year.
  5. The board shrank as the round priced.Every filing through March 2022 lists four related persons: the two founders plus directors Emanuel Zareh and William Gormley, the co-founder and chief medical officer. The November 2023 filing lists three: the founders plus Matt Fates, a Boston director appearing for the first time.
  6. Nothing has been filed for 34 months.The 2023 offering still showed $918,699 unsold. No amendment closed it and no new Form D has followed, through six FDA clearances, a first commercial deployment and a plan to open a European hub.

Commercial signals

Signal Detail Source type
Regulatory Six 510(k) clearances between Sep 8, 2023 and Jul 9, 2026, all to Zeta Surgical. Codes HAW, SGE and QFF. Public record
First customer HOPE Therapeutics, West Palm Beach, Florida, an NRx Pharmaceuticals subsidiary, announced May 26, 2026. A first patient at a HOPE clinic in Sarasota followed in June. Company-stated
Pilots A Pioneers pilot programme from November 2024 and a Big Ten Neurosurgical Consortium pilot announced May 2026. No hospital named. Company-stated
Headcount 11 globally, reported by the chief executive in March 2026. The Y Combinator listing gives 12. Company-stated
International European engineering hub planned for the Greater Zurich Area, CE mark named as a 12 to 24 month goal. Company-stated
Revenue No figure disclosed or independently reported. The 2023 Form D declines to disclose a revenue range. Not found

What to watch

  • A Form D for any round raised since November 2023.
  • An amendment closing the $918,699 still shown as unsold.
  • Named hospital customers from the Big Ten pilot, and any revenue disclosure.
  • Whether the Zurich hub is funded from existing cash or triggers a new raise.
  • Board additions. One outside director is a thin governance line for a company with six clearances.

The Zeta Surgical story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Perceptive Technologies: Shared investor: Innospark Ventures. A handheld scanner that sees inside a tooth with infrared light instead of X-rays, and a robot arm that cuts the tooth
  • AesculaTech: Shared investor: Play Ventures. A Los Angeles materials company whose cold liquid sets into a custom plug inside the tear duct
  • Persist AI: Shared investor: Innospark Ventures. A robotic laboratory in West Sacramento that builds and tests long acting injectable formulations by the hundred, rented to drug companies through a web browser
  • Illuminant Surgical: Also in Medical Devices. A projector on a boom arm that paints a patient’s scan onto their own skin while the surgeon works

Sources

  1. Public recordForm D, Z Imaging Inc., CIK 0001812531SEC · May 29, 2020
  2. Public recordForm D/A, Z Imaging Inc.SEC · Jan 25, 2021
  3. Public recordForm D/A and Form D, Zeta Surgical Inc.SEC · Mar 2, 2022
  4. Public recordForm D, Zeta Surgical Inc.SEC · Nov 13, 2023
  5. Public recordFDA 510(k) records K230661 through K261471FDA · 2023 to 2026
  6. IndependentZeta Surgical comes out of stealth with a $5.2M raiseTechCrunch · Mar 10, 2022
  7. InterviewZeta Surgical success storyGreater Zurich Area · Mar 2, 2026
  8. CompanyZeta Surgical raises $5.2M in seed financingPR Newswire · Mar 10, 2022
  9. CompanyFirst commercial deployment at HOPE TherapeuticsPR Newswire · May 26, 2026
  10. PartnerWhite & Case advises Zeta Surgical Inc. on preferred stock financingWhite & Case LLP · Nov 9, 2023

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 Zeta Surgical. This page is not an offer to sell or a recommendation to buy any security.