Companies · Healthtech

Athelas Inc.Summer 2016Active

MOUNTAIN VIEW · CA, USA · Healthtech · refined from filed group “Other · founded 2016 · http://athelas.com

Diligence memoA one-page analyst read on Athelas Inc. — recommendation, valuation, rhythm, risks.
$54.4M
Total raised · real
1
Rounds
Latest step-up
Top 10%
Sector rank · raised
Series C
Latest stage · inferred · Mon Jan 24 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Athelas Inc. looks over-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the healthtech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.86× the median modeled value of Series C Healthtech companies in 2022–2024 (39 peers) — value vs value, same stage and era.
Dormant
  • Last raise 4.4 yr ago; this sector typically re-raises about every 14 months.
  • Only one round on record and long silent — often defunct, acquired, or gone quiet.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Healthtech

Athelas Inc. is one of 2138 Healthtech companies tracked from MOUNTAIN VIEW, CA, USA, on record since 2016. By capital raised it ranks among the largest (ahead of 91% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Extensible, Integrated Technology that Simplifies Health Systems

At Athelas, powered by Commure, our mission is to simplify healthcare. We have bold ambitions to reimagine the healthcare experience, setting a new standard for how care is delivered and experienced across the industry. Our growing suite of AI solutions spans ambient AI clinical documentation, provider copilots, autonomous coding, revenue cycle management and more — all designed for providers & administrators to focus on what matters most: providing care. Healthcare is a $4.5 trillion industry with more than $500 billion spent annually on administrative costs, and Athelas is at the heart of transforming it. We power over 500,000 clinicians across hundreds of care sites nationwide – more than $10 billion flows through our systems and we support over 100 million patient interactions. With new product launches on the horizon, expansion into additional care segments, and a bold vision to tackle healthcare's most pressing challenges, our ambition is to move from upstart innovator to the industry standard over the next few years. Healthcare's moment for AI-powered transformation is here, and we're building the technology to power it. Come join us in shaping the future of healthcare.

AIHealth TechHealthcareSaaSTelehealthai/mlhealthtech
Find Athelas Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
17
Investors (latest)
2022-01-24
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeries C · 2022-01-24 Raised $54M (real) Modeled valuation $903M (est)$54M$903MSeries C2022

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$54.4M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.

Modeled valuation trajectory
$903.4M
Base estimate est.
$197.7M
Conservative case
$1.9B
Upside case
$362.6M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the healthtech sector profile. Directional, not a quoted figure.

Not enough modeled valuation points to chart a trajectory.

Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
73%
Survival probability
55% low · 85% high
1.32×/yr
Annual markup
1.51×/yr upside case
4.4 yr
Elapsed time used
4.4 yr actual, capped for stale marks
healthtech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
Avg between rounds
Capital velocity
4.4 yr
On record since
2022
First round
1
Rounds on file
How it compares to the market

Benchmarked against 2138 companies in Healthtech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 12× above median
This company$54.4M
Sector median$4.5M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.2× above median
This company$54.4M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 27× above median
This company$903.4M
Sector median$33.8M

Raised more than 91% of sector peers (real $). Modeled value above 97% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #3 of 39.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Freedom Dental Funding, LLC · Series C Raised $100.0M · modeled $1.1B (est)Elevate Care International Topco LP · Series C Raised $98.4M · modeled $1.0B (est)Hazel Health, Inc. · Series C Raised $86.0M · modeled $817.6M (est)Health Gorilla, Inc. · Series C Raised $58.7M · modeled $816.3M (est)Employee Health Holdings, LP · Series C Raised $78.8M · modeled $779.7M (est)Magnolia Medical Technologies, Inc. · Series C Raised $94.2M · modeled $728.3M (est)Allied Health MSO Holdco, LLC · Series C Raised $62.8M · modeled $724.9M (est)Pearl Health, Inc. · Series C Raised $55.5M · modeled $721.8M (est)Veridian Healthcare Holdings LLC · Series C Raised $63.0M · modeled $692.5M (est)Accompany Health, Inc. · Series C Raised $56.3M · modeled $680.7M (est)Alleviant Medical, Inc. · Series C Raised $148.8M · modeled $677.4M (est)Athelas Inc. (this company) Raised $54.4M · modeled $903.4M (est)Athelas Inc.
CompanyStageRaised · realValue · estvs peer med.
Freedom Dental Funding, LLCSeries C$100.0M$1.1B2.33×
Elevate Care International Topco LPSeries C$98.4M$1.0B2.07×
Athelas Inc. this companySeries C$54.4M$903.4M1.86×
Hazel Health, Inc.Series C$86.0M$817.6M1.68×
Health Gorilla, Inc.Series C$58.7M$816.3M1.68×
Employee Health Holdings, LPSeries C$78.8M$779.7M1.60×
Magnolia Medical Technologies, Inc.Series C$94.2M$728.3M1.50×
Allied Health MSO Holdco, LLCSeries C$62.8M$724.9M1.49×
Pearl Health, Inc.Series C$55.5M$721.8M1.48×
Veridian Healthcare Holdings LLCSeries C$63.0M$692.5M1.42×
Accompany Health, Inc.Series C$56.3M$680.7M1.40×
Alleviant Medical, Inc.Series C$148.8M$677.4M1.39×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$54.4M2022-01-24$362.6M$903.4M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$54.4M2022-01-24
    • First recorded raise — entered as Series C.
    • 17 investors on this round.
Intelligence
Modeled next raise
$87.0M
Modeled next size est.range $56.6M$139.2M
Last step-up
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Hemant Taneja20 other2022-01
Deepika Bodapati1 other2022-01
Tanay Tandon1 other2022-01
Registry & provenance

Athelas Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1857376
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Commure, Inc.HealthtechGrowth/Late$1.9B$56.3Mnetwork3 shared operators · same sector
Linus Health, Inc.HealthtechSeries C$53.8M$859.9Msame sector · same stage
Sprinter Health, Inc.HealthtechSeries C$55.0M$378.8Msame sector · same stage
FCA Health Innovations II QP, LPHealthtechSeries C$55.1M$1.3Bsame sector · same stage
Pearl Health, Inc.HealthtechSeries C$55.5M$721.8Msame sector · same stage
Health Sapiens, LLCHealthtechSeries C$52.6M$1.3Bsame sector · same stage
Accompany Health, Inc.HealthtechSeries C$56.3M$680.7Msame sector · same stage
XO Health Inc.HealthtechSeries C$52.2M$323.7Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Commure, Inc.
Commure is reshaping the healthcare landscape with AI-powered solutions that streamline operations, reduce costs, and improve patient and provider experiences.
HealthtechGrowth/Late$56.3M85%
AIOS
Building AI-native infrastructure for the next era of care.
AI / ML79%
Healthcare, Inc.HealthtechSeries D+$4.0B76%
Asha Health
We help medical practices become AI-native
AI / ML76%
Attunement
Attunement turns fragmented behavioral health records into structured…
Healthtech76%
Avelis Health
We audit medical claims for self-insured employers and health plans.
Healthtech76%
CombineHealth
Automating Healthcare Revenue Cycle Management with AI Workforce
HR / Worktech76%
Knowtex
Making doctors 2x more efficient with AI note-taking & charge capture
Healthtech76%
Frequently asked
How much funding has Athelas Inc. raised?
Athelas Inc. has raised approximately $54.4M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is Athelas Inc.'s estimated valuation?
Provath's modeled valuation for Athelas Inc. is approximately $903.4M (modeled range $197.7M–$1.9B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Athelas Inc. at?
Athelas Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Mon Jan 24.
What does Athelas Inc. do and where is it based?
Athelas Inc. operates in the Healthtech sector, based in MOUNTAIN VIEW, CA, USA. Extensible, Integrated Technology that Simplifies Health Systems
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