Companies · Other Health Care

ByHeart, Inc.

New York · Other Health Care · https://byheart.com/

Diligence memoA one-page analyst read on ByHeart, Inc. — recommendation, valuation, rhythm, risks.
$378.4M
Total raised · real
6
Rounds
1.0×
Latest step-up
Top 2%
Sector rank · raised
Series C
Latest stage · inferred · Wed Mar 12 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

ByHeart, Inc. looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the health care 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 2.18× the median modeled value of Series C Other Health Care companies in 2025–2027 (20 peers) — value vs value, same stage and era.
Active
  • Last raise 16 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
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 Other Health Care

ByHeart, Inc. is one of 5377 Other Health Care companies tracked from New York. By capital raised it ranks among the largest (ahead of 99% 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

ByHeart is an infant formula company committed to quality, safety, and transparency. Learn more about our mission and path forward.

ByHeart is an infant formula company committed to quality, safety, and transparency. Learn more about our mission and path forward. For the latest on the status of the recall and root cause investigation, please visit our Recall Page. ByHeart was built on the belief that babies deserve better: better science, better ingredients, better safety. The recent outbreak fell short of these values, and we are determined to prevent this from happening again. We have developed a comprehensive plan that reaffirms our commitment to safety and quality and outlines our corrective actions – from new testing methods to enhanced oversight. A note about the Nara Organics June 2026 Recall June 15, 2026 We are following the news and deeply saddened to hear about the Nara infant formula recall. Having recently gone through our own experience, we know these situations are serious and deeply concerning for parents. We have collected substantial data and insights over the past seven months and we have reached out to Nara to offer to share any relevant technical learnings we can that may be helpful as they work through this. We’ll continue to publish what we learn from our investigation, sharing scientific

Find ByHeart, Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
49
Investors (latest)
2025-03-12
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$1.3B$2.5B$3.8B$5.0BSeries B · 2019-06-11 Raised $22M (real) Modeled valuation $487M (est)Series B2019Series C · 2020-03-18 Raised $97M (real) Modeled valuation $2.2B (est)Series C2020Series C · 2021-07-09 Raised $61M (real) Modeled valuation $1.1B (est)Series C2021Series C · 2021-07-09 Raised $62M (real) Modeled valuation $1.1B (est)Series C2021Series C · 2022-12-30 Raised $30M (real) Modeled valuation $357M (est)Series C2022Series C · 2024-03-28 Raised $80M (real) Modeled valuation $700M (est)Series C2024Series C · 2024-03-28 Raised $95M (real) Modeled valuation $835M (est)Series C2024Series C · 2025-03-12 Raised $72M (real) Modeled valuation $494M (est)Series C2025Series C · 2025-03-12 Raised $72M (real) Modeled valuation $494M (est)Series C2025+$97M+$61M+$62M+$30M+$80M+$95M+$72M+$72MCumulative $591M

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 B$22.0M · 2019
Series C$96.9M · 2020
Series C extension$60.6M · 2021
Series C extension$62.2M · 2021
Series C extension$29.6M · 2022
Series C extension$80.0M · 2024
Series C extension$95.5M · 2024
Series C extension$72.2M · 2025
Series C extension$72.2M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 40%.

Modeled valuation trajectory
$493.6M
Base estimate est.
$262.3M
Conservative case
$681.7M
Upside case
$481.2M
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 health care sector profile. Directional, not a quoted figure.

Series B · modeled $487.4M · 2019-06-112019Series C · modeled $2.2B · 2020-03-18Series C · modeled $1.1B · 2021-07-09Series C · modeled $1.1B · 2021-07-09Series C · modeled $356.7M · 2022-12-30Series C · modeled $699.8M · 2024-03-28Series C · modeled $834.9M · 2024-03-28Series C · modeled $493.6M · 2025-03-12Series C · modeled $493.6M · 2025-03-122025
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
73%
Survival probability
55% low · 85% high
1.29×/yr
Annual markup
1.48×/yr upside case
1.3 yr
Elapsed time used
1.3 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$65.8M/yr
Capital velocity
7.1 yr
On record since
2019
First round
9
Rounds on file
How it compares to the market

Benchmarked against 5377 companies in Other Health Care. 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) 156× above median
This company$378.4M
Sector median$2.4M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.6× above median
This company$72.2M
Sector median$45.9M
Modeled value — vs sector median (estimate, all stages) 22× above median
This company$493.6M
Sector median$22.1M

Raised more than 99% of sector peers (real $). Modeled value above 93% 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 #2 of 20.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)RESTOR3D, Inc. · Series C Raised $239.2M · modeled $522.3M (est)SpyGlassPharma, Inc. · Series C Raised $134.8M · modeled $485.1M (est)VantAI Holdings, Inc. · Series C Raised $86.3M · modeled $475.6M (est)BioIntelliSense, Inc. · Series C Raised $140.0M · modeled $329.0M (est)ObjectiveHealth, Inc. · Series C Raised $68.0M · modeled $321.2M (est)VentureMed Group, Inc. · Series C Raised $59.8M · modeled $288.2M (est)Exo Imaging, Inc. · Series C Raised $169.6M · modeled $284.6M (est)InspireMD, Inc. · Series C Raised $117.2M · modeled $248.3M (est)Fonar, Llc · Series C Raised $51.2M · modeled $229.0M (est)MicroTransponder, Inc. · Series C Raised $117.7M · modeled $223.3M (est)Fourth Edge LLC · Series C Raised $119.7M · modeled $222.0M (est)ByHeart, Inc. (this company) Raised $378.4M · modeled $493.6M (est)ByHeart, Inc.
CompanyStageRaised · realValue · estvs peer med.
RESTOR3D, Inc.Series C$239.2M$522.3M2.31×
ByHeart, Inc. this companySeries C$378.4M$493.6M2.18×
SpyGlassPharma, Inc.Series C$134.8M$485.1M2.14×
VantAI Holdings, Inc.Series C$86.3M$475.6M2.10×
BioIntelliSense, Inc.Series C$140.0M$329.0M1.45×
ObjectiveHealth, Inc.Series C$68.0M$321.2M1.42×
VentureMed Group, Inc.Series C$59.8M$288.2M1.27×
Exo Imaging, Inc.Series C$169.6M$284.6M1.26×
InspireMD, Inc.Series C$117.2M$248.3M1.10×
Fonar, LlcSeries C$51.2M$229.0M1.01×
MicroTransponder, Inc.Series C$117.7M$223.3M0.99×
Fourth Edge LLCSeries C$119.7M$222.0M0.98×
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 B$22.0M2019-06-11$122.2M$487.4M90%
Series C$96.9M2020-03-18$645.9M$2.2B90%
Series C$60.6M2021-07-09$403.9M$1.1B90%
Series C$62.2M2021-07-09$414.7M$1.1B90%
Series C$29.6M2022-12-30$197.6M$356.7M90%
Series C$80.0M2024-03-28$533.6M$699.8M90%
Series C$95.5M2024-03-28$636.6M$834.9M90%
Series C$72.2M2025-03-12$481.2M$493.6M90%
Series C$72.2M2025-03-12$481.2M$493.6M90%
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 B$22.0M2019-06-11
    • First recorded raise — entered as Series B.
    • 49 investors on this round.
  2. Series C$96.9M2020-03-18
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 4.4× larger than the prior — scaling up.
    • 99 investors on this round.
  3. Series C$60.6M2021-07-09
    • Raised 16 mo later, in step with the ~14 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 12 investors on this round.
  4. Series C$62.2M2021-07-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 63 investors on this round.
  5. Series C$29.6M2022-12-30
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 14 investors on this round.
  6. Series C$80.0M2024-03-28
    • Raised 15 mo later, in step with the ~14 mo sector norm.
    • Round 2.7× larger than the prior — scaling up.
    • 4 investors on this round.
  7. Series C$95.5M2024-03-28
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 46 investors on this round.
  8. Series C$72.2M2025-03-12
    • Raised 11 mo later, in step with the ~14 mo sector norm.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 49 investors on this round.
  9. Series C$72.2M2025-03-12
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 49 investors on this round.
Intelligence
2025 ~Q4
Modeled next raise · ~9mo cadence
$72.2M
Modeled next size est.range $72.2M$115.5M
1.0×
Last step-up
$65.8M/yr
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
Joshua A. Kazam9 other2021-07
Arie S. Belldegrun4 other2020-03
Amy E. Schulman1 other2020-03
Allan E. Sebbag2020-03
Amy B. Schulman2024-03
Amy S. Schulman2022-12
Anton B. Linderum2024-03
Anton H. Linderum2024-03
Arie B. Belldegrun2024-03
Denice B. Torres2024-03
Devon B. Kuehn2024-03
Devon S. Kuehn2022-12
Elias H. Aoukar2024-03
Elizabeth B. Abrams2025-03
Georg H. Krause-Vilmar2024-03
Georg Krause-Vilmar2024-03
Guy A. Oranim2021-07
Guy B. Oranim2019-06
Hemi B. Zucker2024-03
Hemi E. Zucker2020-03
Hemi S. Zucker2022-12
James E. Bauersmith2020-03
Joshua B. Bradley2024-03
Joshua B. Kazam2019-06
Registry & provenance

ByHeart, 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
1780950
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
IconOVir Bio, Inc.BiotechnologySeries C$97.2M$271.4Mnetwork2 shared operators · same stage
Kite Pharma, Inc.BiotechnologySeries C$79.1M$2.0Bnetwork2 shared operators · same stage
NantCell, Inc.Other Health CareSeries C$301.6M$685.9Msame sector · same stage
Fractyl Laboratories Inc.Other Health CareSeries C$290.1M$309.8Msame sector · same stage
RESTOR3D, Inc.Other Health CareSeries C$239.2M$522.3Msame sector · same stage
Relievant MedSystems IncOther Health CareSeries C$200.1M$523.3Msame sector · same stage
ITC Nexus Holding Company, Inc.Other Health CareSeries C$191.8M$353.7Msame sector · same stage
Moximed, IncOther Health CareSeries C$187.8M$499.6Msame 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
Hello Heart Inc.Other Health CareSeries C$1.0B71%
SentreHEART IncBiotechnologySeries B$992.2M70%
Cognitio Labs
Automating FDA-grade Traceability Requirements with Sensors and AI.
Insurance69%
Gaingels SV Pacific Ventures ByHeart LLCOtherPre-Seed$3.6M68%
Cardiac Insight, Inc.BiotechnologySeries A$184.0M68%
Byonyks Medical Devices, Inc.BiotechnologyPre-Seed$11.6M68%
Heartpoint Global Inc.BiotechnologySeed$147.9M68%
BBy
BBy powders breast milk that's immunologically active & lasts 6 months
Healthtech68%
Frequently asked
How much funding has ByHeart, Inc. raised?
ByHeart, Inc. has raised approximately $378.4M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is ByHeart, Inc.'s estimated valuation?
Provath's modeled valuation for ByHeart, Inc. is approximately $493.6M (modeled range $262.3M–$681.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is ByHeart, Inc. at?
ByHeart, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Wed Mar 12.
What does ByHeart, Inc. do and where is it based?
ByHeart, Inc. operates in the Other Health Care sector, based in New York. ByHeart is an infant formula company committed to quality, safety, and transparency. Learn more about our mission and path forward.
Explore related

See where ByHeart, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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