Substrate
PrivateLast Round
Convertible Debt
Jun 30, 2026
Total Funding Raised
$8.98M
Momentum
Top 1%
of companies Caplight tracks
Company Overview
Substrate is a healthcare technology company that develops AI-native agents to automate revenue cycle management tasks for medical billing teams.
Sector
Healthcare & Life Sciences
Verticals
Revenue Cycle, Vertical SaaS, NLP & Conversational AI, Workflow Automation
Business Model
B2B
Customer Profile
Subscription SaaS, Usage-Based SaaS
AI Layer
Application
Keywords
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Substrate Comps
Public and private peers based on sector, stage, and business model.
| Company | Status | Est. Valuation | Rev Multiple |
|---|---|---|---|
| OpenAI | Private | $86.0B | ~40x |
| Cohere | Private | $5.0B | -- |
| Competitor 1 | Public | $XX.XB | XXx |
| Competitor 2 | Public | $XX.XB | XXx |
Substrate Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Convertible Debt | Jun 30, 2026 | ||||
| Accelerator | Jun 1, 2024 | ||||
| Convertible Debt | Mar 20, 2024 | ||||
| Follow-on Offering | Dec 19, 2023 | ||||
| Grant | Jan 7, 2019 | ||||
Pre Seed | Apr 22, 2016 |
Substrate Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Spanish Society for Technological Transformation | Convertible Debt |
| Blockchain Capital | Pre Seed |
| Y Combinator | Accelerator |
| Fenbushi Capital | Pre Seed |
| Ethereum Foundation | Grant |
Market signals
Structured signals derived from secondary market and firmographic data.
- Jun 30, 2026
$45.1M raised, led by Spanish Society for Technological Transformation.
- Apr 22, 2016
$750K round led by Blockchain Capital and Fenbushi Capital
Substrate Filings
SEC and related filings with document metadata.
| Typed | Date | Amount Offered | Amount Sold | Filling | Pages | Download |
|---|---|---|---|---|---|---|
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Frequently Asked Questions
Common questions about Substrate's valuation, stock price, and market status.