Companies · Other Health Care

Project Constellation Holdings, Inc.

Wilmington · Other Health Care

Diligence memoA one-page analyst read on Project Constellation Holdings, Inc. — recommendation, valuation, rhythm, risks.
$44.8M
Total raised · real
5
Rounds
0.6×
Latest step-up
Top 10%
Sector rank · raised
Series B
Latest stage · inferred · Mon Jul 17 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Project Constellation Holdings, Inc. looks under-valued 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 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 0.06× the median modeled value of Series B Other Health Care companies in 2022–2024 (91 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.0 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.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Project Constellation Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
7.7 yr record
Peak capital year was 2019 with $18.5M across 1 filings.
Market position
ahead of 91% of Other Health Care peers
Capital scale is ahead of 91% of Other Health Care peers; modeled value is above 32% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2019: $18.5M across 1 filings.
  • Largest single filing was $18.5M on 2019-03-01.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
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

Project Constellation Holdings, Inc. is one of 5377 Other Health Care companies tracked from Wilmington. By capital raised it ranks among the largest (ahead of 91% 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
4
Investors (latest)
2018
Year incorporated
2023-07-17
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$125M$250M$375M$500MSeries A · 2018-10-26 Raised $14M (real) Modeled valuation $272M (est)$14M$272MSeries A2018Series B · 2019-03-01 Raised $19M (real) Modeled valuation $410M (est)$19M$410MSeries B2019Series B · 2020-07-31 Raised $10M (real) Modeled valuation $222M (est)$10M$222MSeries B2020Series B · 2022-10-13 Raised $1.6M (real) Modeled valuation $17M (est)$1.6M$17MSeries B2022Series B · 2023-07-17 Raised $1.0M (real) Modeled valuation $8.8M (est)$1.0M$8.8MSeries B2023+$19M+$10M+$1.6M+$1.0MCumulative $45M

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$13.5M · 2018
Series B$18.5M · 2019
Series B extension$10.3M · 2020
Series B extension$1.6M · 2022
Series B extension$1.0M · 2023

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, 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
$8.8M
Base estimate est.
$2.4M
Conservative case
$18.8M
Upside case
$5.6M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the health care sector profile. Directional, not a quoted figure.

Series A · modeled $272.4M · 2018-10-262018Series B · modeled $409.9M · 2019-03-01Series B · modeled $221.6M · 2020-07-31Series B · modeled $17.2M · 2022-10-13Series B · modeled $8.8M · 2023-07-172023
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
64%
Survival probability
42% low · 78% high
1.36×/yr
Annual markup
1.64×/yr upside case
3.0 yr
Elapsed time used
3.0 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
14 mo
Avg between rounds
$9.5M/yr
Capital velocity
7.7 yr
On record since
2018
First round
5
Rounds on file
How it compares to the market

Benchmarked against 5377 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) 18× above median
This company$44.8M
Sector median$2.4M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.1× of median
This company$1.0M
Sector median$17.8M
Modeled value — vs sector median (estimate, all stages) 0.4× of median
This company$8.8M
Sector median$22.1M

Raised more than 91% of sector peers (real $). Modeled value above 32% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) 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 #88 of 91.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Code Biotherapeutics, Inc. · Series B Raised $47.5M · modeled $465.8M (est)Candesant Biomedical, Inc. · Series B Raised $44.5M · modeled $455.3M (est)Artis Holdings, LLC · Series B Raised $40.0M · modeled $383.5M (est)GIO Blood Ltd · Series B Raised $27.3M · modeled $375.5M (est)Clarapath, Inc. · Series B Raised $40.2M · modeled $348.4M (est)Diality Inc · Series B Raised $42.9M · modeled $337.7M (est)VA Pro 7 SNF Operations Holdings LLC · Series B Raised $32.0M · modeled $333.3M (est)VivoSense, Inc. · Series B Raised $27.0M · modeled $332.6M (est)Tidal Wave GPO, LLC · Series B Raised $34.8M · modeled $324.6M (est)Peachy Corp. · Series B Raised $25.1M · modeled $309.9M (est)Smile Source Holdings, L.P. · Series B Raised $32.2M · modeled $309.0M (est)ASC San Rafael LLC · Series B Raised $28.3M · modeled $295.1M (est)Project Constellation Holdings, Inc. (this company) Raised $44.8M · modeled $8.8M (est)Project Constellation Holdings, Inc.
CompanyStageRaised · realValue · estvs peer med.
Code Biotherapeutics, Inc.Series B$47.5M$465.8M3.06×
Candesant Biomedical, Inc.Series B$44.5M$455.3M2.99×
Artis Holdings, LLCSeries B$40.0M$383.5M2.52×
GIO Blood LtdSeries B$27.3M$375.5M2.47×
Clarapath, Inc.Series B$40.2M$348.4M2.29×
Diality IncSeries B$42.9M$337.7M2.22×
VA Pro 7 SNF Operations Holdings LLCSeries B$32.0M$333.3M2.19×
VivoSense, Inc.Series B$27.0M$332.6M2.19×
Tidal Wave GPO, LLCSeries B$34.8M$324.6M2.13×
Peachy Corp.Series B$25.1M$309.9M2.04×
Smile Source Holdings, L.P.Series B$32.2M$309.0M2.03×
ASC San Rafael LLCSeries B$28.3M$295.1M1.94×
Project Constellation Holdings, Inc. this companySeries B$44.8M$8.8M0.06×
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$13.5M2018-10-26$61.4M$272.4M90%
Series B$18.5M2019-03-01$102.8M$409.9M90%
Series B$10.3M2020-07-31$56.9M$221.6M90%
Series B$1.6M2022-10-13$8.6M$17.2M90%
Series B$1.0M2023-07-17$5.6M$8.8M90%
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$13.5M2018-10-26
    • First recorded raise — entered as Series A.
    • 6 investors on this round.
  2. Series B$18.5M2019-03-01
    • Came back fast: 4 mo vs the ~14 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 3 investors on this round.
  3. Series B$10.3M2020-07-31
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  4. Series B$1.6M2022-10-13
    • Raised again after 26 mo — slower than the ~14 mo sector norm.
    • Round 6.6× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  5. Series B$1.0M2023-07-17
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 4 investors on this round.
Intelligence
2024 ~Q3
Modeled next raise · ~14mo cadence
$1.0M
Modeled next size est.range $1.0M$1.6M
0.6×
Last step-up
$9.5M/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
JEFFREY KASHER2 other2020-07
Vern Davenport2 other2018-10
CHRISTINE DINGIVAN1 other2020-07
GAETANO PETRELLI1 other2018-10
Jeff Edwards1 other2020-07
Robin Smith Hoke1 other2023-07
Amelia Warner2020-07
Edwina Baskin-Bey2020-07
Nicholas Dyer2020-07
Nik Morton2022-10
Patti McNamara2020-07
Registry & provenance

Project Constellation Holdings, 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
1758242
SEC CIK
2018
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
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Zyus Life Sciences Inc.Other Health CareSeries B$40.4M$10.4Msame sector · same stage
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Cutispharma Holdings, Inc.PharmaceuticalsSeries C$69.9M$2.5Bnetwork2 shared operators
Ember Management Aggregator, L.P.Other Health CareSeries D+$129.9M$1.8Bnetwork1 shared operator · same sector
baebies inc.Other Health CareSeries B$92.8M$9.4Msame sector · same stage
Voyage Medical IncOther Health CareSeries B$21.0M$8.3Msame sector · same stage
Pro-ficiency Holdings, Inc.Other TechnologySeries A$15.6M$161.9Mnetwork2 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
Infinity Delta Ventures, Inc.Other Health CarePre-Seed$2.5M85%
Grande Delta CorpOther Health CareSeed$14.6M84%
Project Legacy, Inc.Other Health CareSeed$45.2M84%
Channel Medsystems, Inc.Other Health CareSeries B$35.8M83%
JourneyPure Holdings, Inc.Other Health CareSeries A$5.4M83%
Grapefruit Boulevard Investments, Inc.Other Health CarePre-Seed$10.2M83%
Voyager Biomedical, Inc.Other Health CareSeries A$21.6M83%
Odyssey Group International, Inc.Other Health CareSeed$16.4M82%
Frequently asked
How much funding has Project Constellation Holdings, Inc. raised?
Project Constellation Holdings, Inc. has raised approximately $44.8M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Project Constellation Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Project Constellation Holdings, Inc. is approximately $8.8M (modeled range $2.4M–$18.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Project Constellation Holdings, Inc. at?
Project Constellation Holdings, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Mon Jul 17.
What does Project Constellation Holdings, Inc. do and where is it based?
Project Constellation Holdings, Inc. operates in the Other Health Care sector, based in Wilmington.
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