Companies · Other Health Care

Carmell Corp

PITTSBURGH · Other Health Care

Diligence memoA one-page analyst read on Carmell Corp — recommendation, valuation, rhythm, risks.
$6.0M
Total raised · real
4
Rounds
0.2×
Latest step-up
Top 33%
Sector rank · raised
Seed
Latest stage · inferred · Mon Mar 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

Carmell Corp looks under-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.

Under-valued
  • Modeled value is 0.10× the median modeled value of Seed Other Health Care companies in 2025–2027 (105 peers) — value vs value, same stage and era.
Active
  • Last raise 4 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

Carmell Corp is one of 5376 Other Health Care companies tracked from PITTSBURGH. By capital raised it ranks mid-pack (ahead of 68% of sector peers), and in the long tail by modeled valuation est..

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

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2021
Year incorporated
2026-03-16
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$5.0M$10M$15M$20MSeed · 2024-04-11 Raised $3.0M (real) Modeled valuation $15M (est)$3.0M$15MSeed2024Seed · 2025-01-02 Raised $1.9M (real) Modeled valuation $6.6M (est)$1.9M$6.6MSeed2025Seed · 2025-01-16 Raised $975K (real) Modeled valuation $3.4M (est)$975K$3.4MSeed2025Seed · 2026-03-16 Raised $200K (real) Modeled valuation $426K (est)$200K$426KSeed2026+$1.9M+$975K+$200KCumulative $6.0M

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
Seed$3.0M · 2024
Seed extension$1.9M · 2025
Seed extension$975K · 2025
Seed extension$200K · 2026

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$426K
Base estimate est.
$169K
Conservative case
$715K
Upside case
$1.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the health care sector profile. Directional, not a quoted figure.

Seed · modeled $14.6M · 2024-04-112024Seed · modeled $6.6M · 2025-01-02Seed · modeled $3.4M · 2025-01-16Seed · modeled $426K · 2026-03-162026
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
38%
Survival probability
17% low · 58% high
1.54×/yr
Annual markup
2.01×/yr upside case
0.3 yr
Elapsed time used
0.3 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$3.1M/yr
Capital velocity
2.2 yr
On record since
2024
First round
4
Rounds on file
How it compares to the market

Benchmarked against 5376 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) 2.5× above median
This company$6.0M
Sector median$2.4M
Latest round — vs other Seed rounds in sector (real $, this stage) 0.1× of median
This company$200K
Sector median$1.7M
Modeled value — vs sector median (estimate, all stages) 0.0× of median
This company$426K
Sector median$22.1M

Raised more than 68% of sector peers (real $). Modeled value above 2% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) 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 #102 of 105.

This companyCohort peer
$100K$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Xymogen, Inc. · Seed Raised $62.4M · modeled $12.3M (est)Willow Life Sciences, Inc. · Seed Raised $4.0M · modeled $12.0M (est)ManyClicks, Inc. · Seed Raised $4.0M · modeled $11.6M (est)Sterile State, Inc. · Seed Raised $3.2M · modeled $11.4M (est)Limber Prosthetics, Inc. · Seed Raised $3.8M · modeled $11.1M (est)Othership Inc. · Seed Raised $3.7M · modeled $11.0M (est)Ps-Fertility, Inc. · Seed Raised $3.5M · modeled $11.0M (est)Eagle Onsite, Llc · Seed Raised $3.5M · modeled $10.6M (est)ForCast Orthopedics, Inc. · Seed Raised $3.8M · modeled $10.6M (est)1888 Equity LLC · Seed Raised $3.0M · modeled $10.5M (est)Arrellio, Inc. · Seed Raised $3.5M · modeled $10.0M (est)Kindbridge Corp · Seed Raised $5.4M · modeled $9.9M (est)Carmell Corp (this company) Raised $6.0M · modeled $426K (est)Carmell Corp
CompanyStageRaised · realValue · estvs peer med.
Xymogen, Inc.Seed$62.4M$12.3M2.89×
Willow Life Sciences, Inc.Seed$4.0M$12.0M2.84×
ManyClicks, Inc.Seed$4.0M$11.6M2.75×
Sterile State, Inc.Seed$3.2M$11.4M2.70×
Limber Prosthetics, Inc.Seed$3.8M$11.1M2.63×
Othership Inc.Seed$3.7M$11.0M2.61×
Ps-Fertility, Inc.Seed$3.5M$11.0M2.59×
Eagle Onsite, LlcSeed$3.5M$10.6M2.51×
ForCast Orthopedics, Inc.Seed$3.8M$10.6M2.50×
1888 Equity LLCSeed$3.0M$10.5M2.48×
Arrellio, Inc.Seed$3.5M$10.0M2.35×
Kindbridge CorpSeed$5.4M$9.9M2.33×
Carmell Corp this companySeed$6.0M$426K0.10×
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.
Seed$3.0M2024-04-11$15.0M$14.6M90%
Seed$1.9M2025-01-02$9.3M$6.6M90%
Seed$975K2025-01-16$4.9M$3.4M90%
Seed$200K2026-03-16$1.0M$426K90%
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. Seed$3.0M2024-04-11
    • First recorded raise — entered as Seed.
    • 19 investors on this round.
  2. Seed$1.9M2025-01-02
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 14 investors on this round.
  3. Seed$975K2025-01-16
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  4. Seed$200K2026-03-16
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 4.9× smaller than the prior — bridge or down round.
    • 1 investor on this round.
Intelligence
2026 ~Q4
Modeled next raise · ~8mo cadence
$200K
Modeled next size est.range $200K$320K
0.2×
Last step-up
$3.1M/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
Rajiv Shukla1 other2025-01
Bryan Cassaday2025-01
Bryan S. Cassaday2025-01
David S. Anderson2024-04
Gilles S. Spenlehauer2024-04
Janakiram Ajjarapu2026-03
Kathryn Gregory2025-01
Kathryn S. Gregory2024-04
Kendra S. Bracken-Ferguson2025-01
Patrick S. Sturgeon2024-04
Rajiv S. Shukla2024-04
Richard S. Upton2024-04
Scott Frisch2025-01
Scott S. Frisch2025-01
Registry & provenance

Carmell Corp 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
1842939
SEC CIK
2021
Incorporated
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
Site Saver, Inc.Other Health CareSeed$6.2M$1.1Msame sector · same stage
Prescribe FIT, Inc.Other Health CareSeed$7.1M$382Ksame sector · same stage
Surgery Centers Of Des Moines LtdOther Health CareSeed$4.9M$1.1Msame sector · same stage
OS1 Holdings, Inc.Other Health CareSeed$4.8M$1.2Msame sector · same stage
Joliet Surgery Center Limited PartnershipOther Health CareSeed$4.7M$728Ksame sector · same stage
SCA-Denver Physicians Holdings, LLCOther Health CareSeed$4.7M$483Ksame sector · same stage
Pelvital Usa, Inc.Other Health CareSeed$4.7M$435Ksame sector · same stage
Encision IncOther Health CareSeed$4.6M$1.4Msame 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
MediCall Inc.Other Health CarePre-Seed$7.3M84%
MCH Ventures, Inc.Other Health CareSeed$7.1M84%
Mardil, Inc.Other Health CareSeries A$18.2M83%
Chiefy, Inc.Other Health CareSeries A$33.3M83%
AVG Holdings, Inc.Other Health CareSeries A$282.5M83%
Imel Biotherapeutics, Inc.Other Health CareSeries B$222.3M82%
Pelvital Usa, Inc.Other Health CareSeed$435K82%
Merion, Inc.Other Health CareSeries A$90.1M82%
Frequently asked
How much funding has Carmell Corp raised?
Carmell Corp has raised approximately $6.0M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Carmell Corp's estimated valuation?
Provath's modeled valuation for Carmell Corp is approximately $426K (modeled range $169K–$715K). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Carmell Corp at?
Carmell Corp's latest modeled financing stage is Seed. Its most recent recorded round closed around Mon Mar 16.
What does Carmell Corp do and where is it based?
Carmell Corp operates in the Other Health Care sector, based in PITTSBURGH.
Explore related

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

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