Companies · Healthtech

Nalu Medical, Inc.

CARLSBAD · Healthtech · refined from filed group “Other Health Care

Diligence memoA one-page analyst read on Nalu Medical, Inc. — recommendation, valuation, rhythm, risks.
$127.0M
Total raised · real
2
Rounds
0.8×
Latest step-up
Top 4%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Dec 21 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Nalu Medical, Inc. looks fair against its niche peers and is at-risk 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.

Fair
  • Modeled value is 1.12× the median modeled value of Series D+ Healthtech companies in 2022–2024 (17 peers) — value vs value, same stage and era.
  • Within the normal band (112% of peer median) for its niche.
At-risk
  • Last raise 2.5 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.
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

Nalu Medical, Inc. is one of 2138 Healthtech companies tracked from CARLSBAD. By capital raised it ranks among the largest (ahead of 97% 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.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
16
Investors (latest)
2023-12-21
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$500M$1.0B$1.5B$2.0BSeries A · 2015-06-26 Raised $12M (real) Modeled valuation $269M (est)$12M$269MSeries A2015Series D+ · 2023-12-21 Raised $115M (real) Modeled valuation $1.4B (est)$115M$1.4BSeries D+2023Series C · 2023-12-21 Raised $85M (real) Modeled valuation $835M (est)$85M$835MSeries C2023Series C · 2023-12-21 Raised $65M (real) Modeled valuation $638M (est)$65M$638MSeries C2023+$115M+$85M+$65MCumulative $277M

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 A$11.9M · 2015
Series D+$115.1M · 2023no Series B / Series C on file
Bridge · Series D+-stage$85.1M · 2023smaller follow-on
Bridge · Series D+-stage$65.0M · 2023smaller follow-on

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series B — 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
$1.4B
Base estimate est.
$612.9M
Conservative case
$2.0B
Upside case
$958.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the healthtech sector profile. Directional, not a quoted figure.

Series A · modeled $269.0M · 2015-06-262015Series D+ · modeled $1.4B · 2023-12-21Series C · modeled $835.4M · 2023-12-21Series C · modeled $638.4M · 2023-12-212023
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
80%
Survival probability
64% low · 88% high
1.25×/yr
Annual markup
1.40×/yr upside case
2.5 yr
Elapsed time used
2.5 yr actual, capped for stale marks
healthtech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
34 mo
Avg between rounds
$15.0M/yr
Capital velocity
11.0 yr
On record since
2015
First round
4
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) 28× above median
This company$127.0M
Sector median$4.5M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.6× of median
This company$65.0M
Sector median$115.5M
Modeled value — vs sector median (estimate, all stages) 40× above median
This company$1.4B
Sector median$33.8M

Raised more than 97% of sector peers (real $). Modeled value above 98% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) 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 #6 of 17.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0B$10.0BCapital raised (log)Monogram Health Holdings, Inc. · Series D+ Raised $535.1M · modeled $5.5B (est)Lyra Health, Inc. · Series D+ Raised $867.7M · modeled $4.3B (est)Aledade, Inc. · Series D+ Raised $662.6M · modeled $3.5B (est)Clarify Health Solutions, Inc. · Series D+ Raised $372.7M · modeled $2.9B (est)Insightec Ltd · Series D+ Raised $436.4M · modeled $1.6B (est)RefleXion Medical, Inc. · Series D+ Raised $413.0M · modeled $1.3B (est)Altus Community Healthcare, LP · Series D+ Raised $330.5M · modeled $1.2B (est)Rightway Healthcare, Inc. · Series D+ Raised $205.8M · modeled $1.2B (est)Medical Microinstruments, Inc. · Series D+ Raised $103.0M · modeled $1.2B (est)Spring Care, Inc. · Series D+ Raised $385.9M · modeled $1.0B (est)K Health, Inc. · Series D+ Raised $353.4M · modeled $915.7M (est)Nalu Medical, Inc. (this company) Raised $127.0M · modeled $1.4B (est)Nalu Medical, Inc.
CompanyStageRaised · realValue · estvs peer med.
Monogram Health Holdings, Inc.Series D+$535.1M$5.5B4.56×
Lyra Health, Inc.Series D+$867.7M$4.3B3.56×
Aledade, Inc.Series D+$662.6M$3.5B2.86×
Clarify Health Solutions, Inc.Series D+$372.7M$2.9B2.38×
Insightec LtdSeries D+$436.4M$1.6B1.31×
Nalu Medical, Inc. this companySeries D+$127.0M$1.4B1.12×
RefleXion Medical, Inc.Series D+$413.0M$1.3B1.07×
Altus Community Healthcare, LPSeries D+$330.5M$1.2B1.02×
Rightway Healthcare, Inc.Series D+$205.8M$1.2B1.00×
Medical Microinstruments, Inc.Series D+$103.0M$1.2B0.97×
Spring Care, Inc.Series D+$385.9M$1.0B0.86×
K Health, Inc.Series D+$353.4M$915.7M0.76×
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 A$11.9M2015-06-26$54.2M$269.0M85%
Series D+$115.1M2023-12-21$958.8M$1.4B90%
Series C$85.1M2023-12-21$567.1M$835.4M90%
Series C$65.0M2023-12-21$433.3M$638.4M90%
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 A$11.9M2015-06-26
    • First recorded raise — entered as Series A.
    • 10 investors on this round.
  2. Series D+$115.1M2023-12-21
    • Raised again after 102 mo — slower than the ~14 mo sector norm.
    • Round 9.7× larger than the prior — scaling up.
    • 29 investors on this round.
  3. Series C$85.1M2023-12-21
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 29 investors on this round.
  4. Series C$65.0M2023-12-21
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 16 investors on this round.
Intelligence
2026 ~Q4
Modeled next raise · ~34mo cadence
$65.0M
Modeled next size est.range $65.0M$104.0M
0.8×
Last step-up
$15.0M/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
William A. Burke2 other2023-12
Jeffrey A. Swiecki1 other2023-12
Keegan A. Harper1 other2023-12
Keegan Harper1 other2015-06
Michael J. Partsch1 other2015-06
Shahzad J. Malik1 other2015-06
Alexander A. AuWerter2023-12
Allen A. Meacham2023-12
Bick A. Sellers2023-12
Eric A. Snyder2023-12
Eric J. Snyder2023-12
Geoff A. Pardo2023-12
Hugo A. Harrod2023-12
Jonathan A. Ruais2023-12
Juliet A. Bakker2023-12
Juliet J. Bakker2015-06
Lee A. Hartley2023-12
Robert A. Mittendorff2023-12
Scott J. Murano2015-06
Thomas A. West2023-12
Victor A. Tong2023-12
William J. Dawson2023-12
Registry & provenance

Nalu Medical, 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
1647424
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
Vertiflex, Inc.Other Health CareSeries C$134.1M$1.0Bnetwork2 shared operators
Kensana Health Inc.HealthtechSeries D+$120.0M$945.0Msame sector · same stage
HealthVerity, Inc.HealthtechSeries D+$146.2M$2.1Bsame sector · same stage
Mainstay Medical Holdings plcHealthtechSeries D+$108.0M$2.4Bsame sector · same stage
binx health LtdHealthtechSeries D+$103.6M$2.2Bsame sector · same stage
Medical Microinstruments, Inc.HealthtechSeries D+$103.0M$1.2Bsame sector · same stage
Swift Health Systems Inc.HealthtechSeries D+$172.6M$2.0Bsame sector · same stage
Saluda Medical, Inc.HealthtechSeries D+$180.0M$232.4Msame 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
Nava Health Md, Inc.HealthtechSeed$458K89%
NoHo Health, Inc.HealthtechSeries C$1.0B86%
Navinata Health, Inc.HealthtechPre-Seed$19.7M86%
IGI Medical Technologies, LLCHealthtechSeries A$103.8M85%
Acessa Health Inc.HealthtechSeries A$203.8M84%
Nview Health, Inc.HealthtechSeed$49.9M84%
Enara Health, Inc.HealthtechSeries A$24.2M84%
Naima Health LLCHealthtechPre-Seed$1.5M84%
Frequently asked
How much funding has Nalu Medical, Inc. raised?
Nalu Medical, Inc. has raised approximately $127.0M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Nalu Medical, Inc.'s estimated valuation?
Provath's modeled valuation for Nalu Medical, Inc. is approximately $1.4B (modeled range $612.9M–$2.0B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Nalu Medical, Inc. at?
Nalu Medical, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Dec 21.
What does Nalu Medical, Inc. do and where is it based?
Nalu Medical, Inc. operates in the Healthtech sector, based in CARLSBAD.
Explore related

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