Sometimes my readers write great content, such as this substack article. Asher has did this. By cutting through standard industry classifications to analyze raw SEC Form D filings, he uncovered $129M in Q3 private orthopedic funding across 13 companies, revealing a top-heavy market where capital is heavily concentrated in a few breakout deals while the rest flow into surgical navigation and commercial-stage launches.
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Enjoy.
Which orthopedic companies raised money, how much, and what they're building?
In Q3 2026, 13 orthopedic companies reported about $129M in private funding to the SEC. I got those numbers from Form D. Any company raising private money under Regulation D files one with the SEC within 15 days of its first sale. It’s a short notice that almost nobody reads, and the SEC publishes every one of them in quarterly bulk files.
PitchBook and Crunchbase sell their version of this data, but I wanted to see what the raw filings show on their own, so I pulled July through September 2026 and asked a simple question: which orthopedic companies raised money, and how much?
Ho...
