Companies · Other Health Care

Waveguide Corp

WALTHAM · Other Health Care

Diligence memoA one-page analyst read on Waveguide Corp — recommendation, valuation, rhythm, risks.
$48.9M
Total raised · real
7
Rounds
1.6×
Latest step-up
Top 9%
Sector rank · raised
Series B
Latest stage · inferred · Tue May 06 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Waveguide Corp looks under-valued against its niche peers and is active 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 0.16× the median modeled value of Series B Other Health Care companies in 2025–2027 (48 peers) — value vs value, same stage and era.
Active
  • Last raise 14 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
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

Waveguide Corp is one of 5377 Other Health Care companies tracked from WALTHAM. By capital raised it ranks among the largest (ahead of 92% 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
15
Investors (latest)
2025-05-06
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$250M$500M$750M$1.0BSeries B · 2015-04-10 Raised $27M (real) Modeled valuation $598M (est)Series B2015Series A · 2015-04-10 Raised $14M (real) Modeled valuation $281M (est)Series A2015Series B · 2018-11-14 Raised $3.4M (real) Modeled valuation $76M (est)Series B2018Series B · 2019-05-30 Raised $2.6M (real) Modeled valuation $58M (est)Series B2019Series B · 2021-07-06 Raised $2.6M (real) Modeled valuation $43M (est)Series B2021Series B · 2022-05-16 Raised $8.3M (real) Modeled valuation $104M (est)Series B2022Series B · 2024-05-07 Raised $1.9M (real) Modeled valuation $13M (est)Series B2024Series B · 2025-05-06 Raised $3.0M (real) Modeled valuation $15M (est)Series B2025+$14M+$3.4M+$2.6M+$2.6M+$8.3M+$1.9M+$3.0MCumulative $63M

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 B$27.0M · 2015
Bridge · Series B-stage$13.9M · 2015smaller follow-on
Series B extension$3.4M · 2018
Series B extension$2.6M · 2019
Series B extension$2.6M · 2021
Series B extension$8.3M · 2022
Series B extension$1.9M · 2024
Series B extension$3.0M · 2025

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
$15.2M
Base estimate est.
$7.0M
Conservative case
$23.1M
Upside case
$16.7M
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 B · modeled $598.2M · 2015-04-102015Series A · modeled $280.9M · 2015-04-10Series B · modeled $76.0M · 2018-11-14Series B · modeled $58.1M · 2019-05-30Series B · modeled $42.7M · 2021-07-06Series B · modeled $104.3M · 2022-05-16Series B · modeled $12.7M · 2024-05-07Series B · modeled $15.2M · 2025-05-062025
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
1.2 yr
Elapsed time used
1.2 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
17 mo
Avg between rounds
$4.9M/yr
Capital velocity
11.2 yr
On record since
2015
First round
8
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) 20× above median
This company$48.9M
Sector median$2.4M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.2× of median
This company$3.0M
Sector median$17.8M
Modeled value — vs sector median (estimate, all stages) 0.7× of median
This company$15.2M
Sector median$22.1M

Raised more than 92% of sector peers (real $). Modeled value above 42% 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 #43 of 48.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Imagine Pediatrics Holdings LLC · Series B Raised $37.6M · modeled $201.2M (est)Porter Cares, Inc. · Series B Raised $48.5M · modeled $183.9M (est)True Medicine Inc. · Series B Raised $42.7M · modeled $175.9M (est)CranioVation, Inc. · Series B Raised $56.7M · modeled $175.0M (est)Seriously Clean LTD. · Series B Raised $32.5M · modeled $166.3M (est)Reprieve Cardiovascular, Inc. · Series B Raised $82.4M · modeled $153.0M (est)CODAN US Holding Corp · Series B Raised $27.8M · modeled $144.6M (est)CODAN US Corp · Series B Raised $27.7M · modeled $144.2M (est)Conceivable Life Sciences Inc. · Series B Raised $63.5M · modeled $142.8M (est)KeyCare, Inc. · Series B Raised $54.4M · modeled $142.7M (est)Particle Dynamics Holdings, Inc. · Series B Raised $30.9M · modeled $140.6M (est)EvolvedMD, Inc. · Series B Raised $49.0M · modeled $139.1M (est)Waveguide Corp (this company) Raised $48.9M · modeled $15.2M (est)Waveguide Corp
CompanyStageRaised · realValue · estvs peer med.
Imagine Pediatrics Holdings LLCSeries B$37.6M$201.2M2.18×
Porter Cares, Inc.Series B$48.5M$183.9M2.00×
True Medicine Inc.Series B$42.7M$175.9M1.91×
CranioVation, Inc.Series B$56.7M$175.0M1.90×
Seriously Clean LTD.Series B$32.5M$166.3M1.81×
Reprieve Cardiovascular, Inc.Series B$82.4M$153.0M1.66×
CODAN US Holding CorpSeries B$27.8M$144.6M1.57×
CODAN US CorpSeries B$27.7M$144.2M1.57×
Conceivable Life Sciences Inc.Series B$63.5M$142.8M1.55×
KeyCare, Inc.Series B$54.4M$142.7M1.55×
Particle Dynamics Holdings, Inc.Series B$30.9M$140.6M1.53×
EvolvedMD, Inc.Series B$49.0M$139.1M1.51×
Waveguide Corp this companySeries B$48.9M$15.2M0.16×
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 B$27.0M2015-04-10$150.0M$598.2M85%
Series A$13.9M2015-04-10$63.3M$280.9M85%
Series B$3.4M2018-11-14$19.1M$76.0M90%
Series B$2.6M2019-05-30$14.6M$58.1M90%
Series B$2.6M2021-07-06$14.6M$42.7M90%
Series B$8.3M2022-05-16$46.3M$104.3M90%
Series B$1.9M2024-05-07$10.3M$12.7M90%
Series B$3.0M2025-05-06$16.7M$15.2M90%
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 B$27.0M2015-04-10
    • First recorded raise — entered as Series B.
    • 197 investors on this round.
  2. Series A$13.9M2015-04-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 148 investors on this round.
  3. Series B$3.4M2018-11-14
    • Raised again after 43 mo — slower than the ~14 mo sector norm.
    • Round 4.1× smaller than the prior — bridge or down round.
    • 23 investors on this round.
  4. Series B$2.6M2019-05-30
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 16 investors on this round.
  5. Series B$2.6M2021-07-06
    • Raised again after 25 mo — slower than the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 15 investors on this round.
  6. Series B$8.3M2022-05-16
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round 3.2× larger than the prior — scaling up.
    • 25 investors on this round.
  7. Series B$1.9M2024-05-07
    • Raised again after 24 mo — slower than the ~14 mo sector norm.
    • Round 4.5× smaller than the prior — bridge or down round.
    • 26 investors on this round.
  8. Series B$3.0M2025-05-06
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 15 investors on this round.
Intelligence
2026 ~Q4
Modeled next raise · ~17mo cadence
$4.8M
Modeled next size est.range $3.1M$7.7M
1.6×
Last step-up
$4.9M/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
Brian Finn2 other2018-11
Nelson K Stacks2 other2015-04
Nelson Stacks2 other2018-11
Brian K. Finn2024-05
Charles K. Pieper2024-05
Charles Pieper2019-05
Harold "Hank" Handelsmen2019-05
Harold K. Handelsmen2024-05
Isaac K Blech2015-04
Marcus K Semones, Ph.D.2015-04
Marcus Semones, Ph.D.2018-11
Michael K Jones2015-04
Peter B. Finn, Esq.2015-04
Peter Farrell, Ph.D2018-11
Peter Finn, Esq.2018-11
Peter K Farrell, Ph.D.2015-04
Peter K. Finn, Esq.2024-05
Registry & provenance

Waveguide Corp 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
1640481
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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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
Biowave CorpOther Health CareSeed$33.0M88%
Wavegate CorpOther Health CareSeed$9.3M88%
Spine Wave, IncOther Health CareSeries B$117.4M87%
Dermal Photonics CorpOther Health CarePre-Seed$10.0M86%
Light Wave Holding Company, LLCOther Health CareSeries B$11.7M85%
Light Wave Ownership Path, LLCOther Health CarePre-Seed$888K85%
Optical X, Inc.Other Health CareSeed$7.6M83%
Band Connect Inc.Other Health CareSeed$5.6M83%
Frequently asked
How much funding has Waveguide Corp raised?
Waveguide Corp has raised approximately $48.9M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Waveguide Corp's estimated valuation?
Provath's modeled valuation for Waveguide Corp is approximately $15.2M (modeled range $7.0M–$23.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Waveguide Corp at?
Waveguide Corp's latest modeled financing stage is Series B. Its most recent recorded round closed around Tue May 06.
What does Waveguide Corp do and where is it based?
Waveguide Corp operates in the Other Health Care sector, based in WALTHAM.
Explore related

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