Companies · Other Health Care

Pathware, Inc.

Seattle · Other Health Care

Diligence memoA one-page analyst read on Pathware, Inc. — recommendation, valuation, rhythm, risks.
$12.1M
Total raised · real
4
Rounds
3.2×
Latest step-up
Top 23%
Sector rank · raised
Series A
Latest stage · inferred · Fri Oct 22 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Pathware, Inc. looks fair against its niche peers and is dormant 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.

Fair
  • Modeled value is 1.01× the median modeled value of Series A Other Health Care companies in 2019–2021 (164 peers) — value vs value, same stage and era.
  • Within the normal band (101% of peer median) for its niche.
Dormant
  • Last raise 4.7 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal 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 Other Health Care

Pathware, Inc. is one of 5376 Other Health Care companies tracked from Seattle. By capital raised it ranks in the upper tier (ahead of 78% of sector peers), and in the upper tier 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
6
Investors (latest)
2017
Year incorporated
2021-10-22
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$50M$100M$150M$200MPre-Seed · 2018-08-13 Raised $365K (real) Modeled valuation $11M (est)$365K$11MPre-Seed2018Seed · 2019-06-04 Raised $1.1M (real) Modeled valuation $27M (est)$1.1M$27MSeed2019Seed · 2020-02-28 Raised $2.5M (real) Modeled valuation $62M (est)$2.5M$62MSeed2020Series A · 2021-10-22 Raised $8.1M (real) Modeled valuation $102M (est)$8.1M$102MSeries A2021+$1.1M+$2.5M+$8.1MCumulative $12M

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
Pre-Seed$365K · 2018
Seed$1.1M · 2019
Seed extension$2.5M · 2020
Series A$8.1M · 2021

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$102.2M
Base estimate est.
$10.4M
Conservative case
$410.7M
Upside case
$36.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the health care sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $11.2M · 2018-08-132018Seed · modeled $27.2M · 2019-06-04Seed · modeled $62.0M · 2020-02-28Series A · modeled $102.2M · 2021-10-222021
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.43×/yr
Annual markup
1.80×/yr upside case
4.7 yr
Elapsed time used
4.7 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$3.8M/yr
Capital velocity
7.9 yr
On record since
2018
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) 5.0× above median
This company$12.1M
Sector median$2.4M
Latest round — vs other Series A rounds in sector (real $, this stage) 1.4× above median
This company$8.1M
Sector median$5.6M
Modeled value — vs sector median (estimate, all stages) 4.6× above median
This company$102.2M
Sector median$22.1M

Raised more than 78% of sector peers (real $). Modeled value above 80% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #77 of 164.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)iVinci Partners, LLC · Series A Raised $34.8M · modeled $302.7M (est)InvestCo Tabletop, LLC · Series A Raised $15.0M · modeled $302.7M (est)Mediphore, Inc. · Series A Raised $15.0M · modeled $302.7M (est)Oklahoma Proton Center LLC · Series A Raised $14.0M · modeled $282.5M (est)MicroOptx, Inc. · Series A Raised $17.8M · modeled $278.6M (est)ProxsysRx, Inc. · Series A Raised $14.6M · modeled $259.8M (est)Biolux Research Holdings, Inc. · Series A Raised $12.7M · modeled $256.3M (est)Fountain Life Holdings, LLC · Series A Raised $17.1M · modeled $238.4M (est)Equality Management Holdings, LLC · Series A Raised $14.4M · modeled $232.1M (est)Olympus Ascent Investors, LLC · Series A Raised $11.5M · modeled $232.0M (est)EDS Holdco LLC · Series A Raised $12.3M · modeled $221.3M (est)Zipari, Inc. · Series A Raised $29.6M · modeled $208.3M (est)Pathware, Inc. (this company) Raised $12.1M · modeled $102.2M (est)Pathware, Inc.
CompanyStageRaised · realValue · estvs peer med.
iVinci Partners, LLCSeries A$34.8M$302.7M3.00×
InvestCo Tabletop, LLCSeries A$15.0M$302.7M3.00×
Mediphore, Inc.Series A$15.0M$302.7M3.00×
Oklahoma Proton Center LLCSeries A$14.0M$282.5M2.80×
MicroOptx, Inc.Series A$17.8M$278.6M2.76×
ProxsysRx, Inc.Series A$14.6M$259.8M2.57×
Biolux Research Holdings, Inc.Series A$12.7M$256.3M2.54×
Fountain Life Holdings, LLCSeries A$17.1M$238.4M2.36×
Equality Management Holdings, LLCSeries A$14.4M$232.1M2.30×
Olympus Ascent Investors, LLCSeries A$11.5M$232.0M2.30×
EDS Holdco LLCSeries A$12.3M$221.3M2.19×
Zipari, Inc.Series A$29.6M$208.3M2.06×
Pathware, Inc. this companySeries A$12.1M$102.2M1.01×
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.
Pre-Seed$365K2018-08-13$2.0M$11.2M90%
Seed$1.1M2019-06-04$5.5M$27.2M90%
Seed$2.5M2020-02-28$12.5M$62.0M90%
Series A$8.1M2021-10-22$36.8M$102.2M90%
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. Pre-Seed$365K2018-08-13
    • First recorded raise — entered as Pre-Seed.
    • 6 investors on this round.
  2. Seed$1.1M2019-06-04
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 20 investors on this round.
  3. Seed$2.5M2020-02-28
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
  4. Series A$8.1M2021-10-22
    • Raised 20 mo later, in step with the ~14 mo sector norm.
    • Round 3.2× larger than the prior — scaling up.
    • 6 investors on this round.
Intelligence
2022 ~Q4
Modeled next raise · ~13mo cadence
$24.3M
Modeled next size est.range $15.8M$38.9M
3.2×
Last step-up
$3.8M/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
Michael Moore11 other2018-08
Austin Duke1 other2020-02
Austin Derek Duke2021-10
Derek Thomas2019-06
Jaron Derek Nix2021-10
Jaron Nix2019-06
John "TJ" Meyer2021-10
Michael Derek Thomas2021-10
Richard Derek Philpott2021-10
Richard Philpott2020-02
Rodger Moore2019-06
Registry & provenance

Pathware, 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
1750845
SEC CIK
2017
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
Neomatrix LlcOther Health CareSeries A$12.0M$85.3Msame sector · same stage
Tc Mso, Inc.Other Health CareSeries A$12.0M$100.9Msame sector · same stage
2020, Inc.Other Health CareSeries A$12.0M$82.4Msame sector · same stage
BehaVR Holdings, Inc.Other Health CareSeries A$12.1M$102.0Msame sector · same stage
Respiratory Motion, Inc.Other Health CareSeries A$12.1M$112.8Msame sector · same stage
Correctional Healthcare Companies IncOther Health CareSeries A$12.8M$92.8Msame sector · same stage
Thrive365, LLCOther Health CareSeries A$11.4M$101.3Msame sector · same stage
MVRx, Inc.Other Health CareSeries A$12.8M$118.7Msame 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
PathwaysGI, Inc.Other Health CarePre-Seed$2.9M86%
Patheous Health, Inc.HealthtechSeries A$99.0M86%
3Aware, Inc.Other Health CareSeed$3.4M86%
RxWare, Inc.Other Health CareSeries A$20.0M86%
Eniware LLCOther Health CareSeed$26.5M85%
SiteLabs Inc.Other Health CareSeed$5.5M85%
4D Path Inc.Other Health CareSeries A$95.5M84%
NarrativeDx Inc.Other Health CareSeed$73.7M84%
Frequently asked
How much funding has Pathware, Inc. raised?
Pathware, Inc. has raised approximately $12.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Pathware, Inc.'s estimated valuation?
Provath's modeled valuation for Pathware, Inc. is approximately $102.2M (modeled range $10.4M–$410.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Pathware, Inc. at?
Pathware, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Fri Oct 22.
What does Pathware, Inc. do and where is it based?
Pathware, Inc. operates in the Other Health Care sector, based in Seattle.
Explore related

See where Pathware, 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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