Diligence memo · auto-generated · as of July 2, 2026
Puzzle Medical Devices Inc.
Puzzle Medical Devices Inc. looks over-valued against its niche peers and is quiet on financing cadence.
Businessfiled
Puzzle Medical Devices Inc. operates in Healthtech, based in MONTREAL.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Puzzle Medical Devices Inc. has raised $30M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $30M on 2025-01-30.
Most recent recorded round closed around 2025-01-30.
Valuation (modeled)modeled
Provath models Puzzle Medical Devices Inc. at approximately $169M (range $70M–$270M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.73× the median modeled value of Series B Healthtech companies in 2025–2027 (55 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Last raise 17 mo ago; this sector typically re-raises about every 14 months.
Slightly overdue versus sector cadence.
Comparablesmixed
Capital scale ranks ahead of 85% of Healthtech peers (2138 compared).
Modeled value ranks above 85% of those peers.
Closest niche peers: Sevaro Health Inc, Field Medical, Inc., Berry Street Health, Inc., Cartwheel Care Inc., Spiro Medical Inc..
Peoplefiled
9 named people on file across officers, directors and signatories.
Risks & flagsmixed
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.