Companies · Healthtech

Outset Medical, Inc.

San Jose · Healthtech · refined from filed group “Other Health Care

Diligence memoA one-page analyst read on Outset Medical, Inc. — recommendation, valuation, rhythm, risks.
$395.4M
Total raised · real
7
Rounds
0.0×
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Fri Jan 03 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Outset Medical, Inc. looks under-valued against its niche peers and is quiet 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.

Under-valued
  • Modeled value is 0.05× the median modeled value of Series D+ Healthtech companies in 2025–2027 (9 peers) — value vs value, same stage and era.
Quiet
  • Last raise 18 mo ago; this sector typically re-raises about every 14 months.
  • Slightly overdue versus sector cadence.
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

Outset Medical, Inc. is one of 2138 Healthtech companies tracked from San Jose. By capital raised it ranks among the largest (ahead of 99% of sector peers), and mid-pack 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
13
Investors (latest)
2025-01-03
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 A · 2010-02-22 Raised $9.5M (real) Modeled valuation $214M (est)Series A2010Series A · 2010-02-22 Raised $4.5M (real) Modeled valuation $102M (est)Series A2010Series C · 2015-05-05 Raised $60M (real) Modeled valuation $1.5B (est)Series C2015Series C · 2017-04-19 Raised $76M (real) Modeled valuation $2.0B (est)Series C2017Series C · 2017-06-30 Raised $4.3M (real) Modeled valuation $110M (est)Series C2017Series D+ · 2018-08-20 Raised $132M (real) Modeled valuation $3.4B (est)Series D+2018Series D+ · 2020-01-27 Raised $115M (real) Modeled valuation $3.0B (est)Series D+2020Series D+ · 2025-01-03 Raised $3.9M (real) Modeled valuation $36M (est)Series D+2025+$4.5M+$60M+$76M+$4.3M+$132M+$115M+$3.9MCumulative $405M

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$9.5M · 2010
Series A extension$4.5M · 2010
Series C$59.6M · 2015no Series B on file
Series C extension$76.5M · 2017
Series C extension$4.3M · 2017
Series D+$131.7M · 2018
Series D+ extension$115.0M · 2020
Series D+ extension$3.9M · 2025

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
$36.2M
Base estimate est.
$20.7M
Conservative case
$47.5M
Upside case
$32.4M
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 $214.5M · 2010-02-222010Series A · modeled $101.6M · 2010-02-22Series C · modeled $1.5B · 2015-05-05Series C · modeled $2.0B · 2017-04-19Series C · modeled $109.7M · 2017-06-30Series D+ · modeled $3.4B · 2018-08-20Series D+ · modeled $3.0B · 2020-01-27Series D+ · modeled $36.2M · 2025-01-032025
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
1.5 yr
Elapsed time used
1.5 yr actual, capped for stale marks
healthtech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
25 mo
Avg between rounds
$26.6M/yr
Capital velocity
16.4 yr
On record since
2010
First round
8
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) 89× above median
This company$395.4M
Sector median$4.5M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.0× of median
This company$3.9M
Sector median$115.5M
Modeled value — vs sector median (estimate, all stages) 1.1× above median
This company$36.2M
Sector median$33.8M

Raised more than 99% of sector peers (real $). Modeled value above 56% 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 #8 of 9.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)Ambience Healthcare, Inc. · Series D+ Raised $195.0M · modeled $1.2B (est)Supira Medical, Inc. · Series D+ Raised $220.7M · modeled $1.1B (est)SetPoint Medical Corp · Series D+ Raised $333.7M · modeled $1.0B (est)Kensana Health Inc. · Series D+ Raised $120.0M · modeled $945.0M (est)Imperative Care, Inc. · Series D+ Raised $584.7M · modeled $713.0M (est)Twin Health, Inc. · Series D+ Raised $243.2M · modeled $421.6M (est)Saluda Medical, Inc. · Series D+ Raised $180.0M · modeled $232.4M (est)Apollo Medical Holdings, Inc. · Series D+ Raised $312.8M · modeled $11.2M (est)Outset Medical, Inc. (this company) Raised $395.4M · modeled $36.2M (est)Outset Medical, Inc.
CompanyStageRaised · realValue · estvs peer med.
Ambience Healthcare, Inc.Series D+$195.0M$1.2B1.64×
Supira Medical, Inc.Series D+$220.7M$1.1B1.49×
SetPoint Medical CorpSeries D+$333.7M$1.0B1.43×
Kensana Health Inc.Series D+$120.0M$945.0M1.33×
Imperative Care, Inc.Series D+$584.7M$713.0M1.00×
Twin Health, Inc.Series D+$243.2M$421.6M0.59×
Saluda Medical, Inc.Series D+$180.0M$232.4M0.33×
Outset Medical, Inc. this companySeries D+$395.4M$36.2M0.05×
Apollo Medical Holdings, Inc.Series D+$312.8M$11.2M0.02×
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$9.5M2010-02-22$43.2M$214.5M85%
Series A$4.5M2010-02-22$20.5M$101.6M85%
Series C$59.6M2015-05-05$397.3M$1.5B85%
Series C$76.5M2017-04-19$509.9M$2.0B90%
Series C$4.3M2017-06-30$28.6M$109.7M90%
Series D+$131.7M2018-08-20$1.1B$3.4B90%
Series D+$115.0M2020-01-27$958.3M$3.0B90%
Series D+$3.9M2025-01-03$32.4M$36.2M90%
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$9.5M2010-02-22
    • First recorded raise — entered as Series A.
    • 5 investors on this round.
  2. Series A$4.5M2010-02-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  3. Series C$59.6M2015-05-05
    • Raised again after 62 mo — slower than the ~14 mo sector norm.
    • Round 13.2× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 11 investors on this round.
  4. Series C$76.5M2017-04-19
    • Raised again after 23 mo — slower than the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 27 investors on this round.
  5. Series C$4.3M2017-06-30
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 17.8× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Series D+$131.7M2018-08-20
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 30.7× larger than the prior — scaling up.
    • 27 investors on this round.
  7. Series D+$115.0M2020-01-27
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 20 investors on this round.
  8. Series D+$3.9M2025-01-03
    • Raised again after 59 mo — slower than the ~14 mo sector norm.
    • Round 29.6× smaller than the prior — bridge or down round.
    • 13 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~25mo cadence
$3.9M
Modeled next size est.range $3.9M$6.2M
0.0×
Last step-up
$26.6M/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
Noah Knauf8 other2010-02
Michael Baker7 other2010-02
Tony Chou6 other2010-02
Elizabeth H. Weatherman5 other2010-02
Sean Carney5 other2010-02
D. Keith Grossman4 other2015-05
In Seon Hwang4 other2017-04
Thomas J. Carella3 other2020-01
Dale Jones2 other2025-01
Jeff Mack2 other2015-05
Keith Grossman2 other2025-01
Bess Weatherman1 other2015-05
Patrick T Hackett1 other2025-01
Andrea Saia2025-01
Annette Rodriguez2017-04
Brent Lang2025-01
Camilla Macapili Languille2018-08
John T. Brottem2025-01
Joseph J. Rasmussen2010-02
Joseph Rasmussen2010-02
Karen T. Drexler2025-01
Leslie J. Trigg2020-01
Leslie Trigg2015-05
Marc T. Nash2025-01
Registry & provenance

Outset 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
1484612
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.

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Wright Medical Group N.V.HealthtechSeries B$50.6M$386.6Mnetwork1 shared operator · same sector
Renibus Therapeutics, Inc.PharmaceuticalsSeries D+$180.1M$1.7Bnetwork1 shared operator · same stage
Constitution Medical Investors, Inc.BiotechnologySeries B$48.4M$490.2Mnetwork2 shared operators
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
Ascent Medical Management, Inc.HealthtechPre-Seed$6.0M88%
AscentX Medical, Inc.HealthtechSeed$7.5M86%
Ascent Care Partners, LLCHealthtechSeed$55.5M86%
Pursuant Health, Inc.HealthtechSeries A$12.7M86%
Landmark Health Management LLCHealthtechPre-Seed$5.2M85%
Deacon Health, Inc.HealthtechPre-Seed$929K84%
Foresee Medical, Inc.HealthtechSeries A$6.1M84%
Headstart Health, Inc.HealthtechSeed$14.5M84%
Frequently asked
How much funding has Outset Medical, Inc. raised?
Outset Medical, Inc. has raised approximately $395.4M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Outset Medical, Inc.'s estimated valuation?
Provath's modeled valuation for Outset Medical, Inc. is approximately $36.2M (modeled range $20.7M–$47.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Outset Medical, Inc. at?
Outset Medical, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Fri Jan 03.
What does Outset Medical, Inc. do and where is it based?
Outset Medical, Inc. operates in the Healthtech sector, based in San Jose.
Explore related

See where Outset Medical, 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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