Diligence memo · auto-generated · as of July 2, 2026
Empirical Spine, Inc.
Empirical Spine, Inc. looks over-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Empirical Spine, Inc. operates in Other Health Care, based in Morgan Hill.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Empirical Spine, Inc. has raised $25M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series A (a $4.0M–$15M round).
Largest single filing: $15M on 2023-08-25.
Most recent recorded round closed around 2023-08-25.
Valuation (modeled)modeled
Provath models Empirical Spine, Inc. at approximately $96M (range $19M–$252M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 2.61× the median modeled value of Series A Other Health Care companies in 2022–2024 (196 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
Last raise 2.9 yr ago; this sector typically re-raises about every 14 months.
Past due for a raise versus sector cadence — watch for distress or a bridge.
The last round stepped up 1.8× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 87% of Other Health Care peers (5377 compared).
Modeled value ranks above 78% of those peers.
Closest niche peers: CareHarmony, Inc., Dragonfly Endoscopy Inc., NuvoAir Holdings, Inc., Post Acute Recovery, Inc., Micro Interventional Devices, Inc..
Peoplefiled
8 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.