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Velo3D Announces First Quarter 2025 Financial Results

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Revenue of $9.3 millionGross margin of 7.5%Backlog of $18 million as of March 31, 2025Reaffirms expectation for 2025 annual revenue growth of more than 30%Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., May 13, 2025 /PRNewswire/ — Velo3D, Inc. (OTCQX: VLDX), a leader in additive manufacturing (AM) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2025. 

Recent Business Developments

Demand mix shift to Rapid Production Services (RPS) underwayRPS backlog increased 3x as compared to year-end 2024New customers represented more than 75% of 1Q’25 bookings50% demand from defense sectorSigned a five-year, $15 million master services agreement (MSA) with Momentus, Inc.to leverage to RPS OfferingSigned a five-year exclusive supply agreement with Amaero Advanced Materials & Manufacturing, Inc. (“Amaero”) advancing efforts to re-shore advanced manufacturing and accelerate the adoption of additive manufacturingReceived an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programsAnnounced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.Appointed retired U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government RelationsAppointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of DirectorsUpgraded to OTCQX® Best Market from the Pink® market

“Momentum is building across our business as we implement a number of strategic initiatives that we believe position Velo3D for sustainable, long-term growth and a return to profitability,” said Arun Jeldi, CEO of Velo3D. “We are seeing early results from our new go-to-market strategy, which is gaining significant traction with both new and existing customers, particularly in the defense and aerospace industries where domestic supply chain resiliency is a priority.”

Jeldi, continued, “A $15 million, five-year MSA with Momentus, along with our exclusive supply agreement with Amaero, further validates our RPS offering and underscores our expanding role in reshoring critical manufacturing capabilities in the U.S. RPS is designed to address the growing demand for scalable, high-quality parts by providing a seamless path from design to production. It reduces design cycles, accelerates production qualification and ensures consistent output through a U.S.-based supply chain. Awareness and interest are accelerating among top-tier companies in defense, aerospace and technology, and we believe RPS could account for up to 40% of our revenue by 2026.”

Jeldi continued, “We further strengthened our leadership team with the appointment of retired U.S. Army Green Beret Brice Cooper as Vice President of Defense and Government Relations and welcomed Rear Admiral Jason Lloyd and Kenneth Thieneman to our Board of Directors. Their deep industry and defense expertise will be instrumental as we expand our presence in key strategic markets.”

Jeldi, concluded, “With a number of initiatives in motion, we believe we are in a strong position to execute our strategy and reclaim our leadership in additive manufacturing. We are already seeing measurable improvements in performance and expect sequential quarterly progress throughout 2025.”

($ in Millions, except percentages and per-share data)

1st Quarter 2025

1st Quarter 2024

GAAP revenue

$9.3

$9.8

GAAP gross margin

7.5 %

(28.8) %

GAAP net loss1

($25.4)

($28.3)

GAAP net loss per share – basic and diluted

($0.13)

($3.81)

Non-GAAP net loss2

($8.9)

($20.2)

Non-GAAP net loss per share – basic and diluted2

($0.04)

($2.71)

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”.  The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishment of debt.

Summary of First Quarter 2025 Results 

Revenue was $9.3 million. System revenue decreased compared to the first quarter of 2024, driven by a modest decrease in the number of printer sales, consistent with our strategy of maintaining Average Selling Price (ASP) by targeting high-value customers. While system sales are expected to remain the primary driver of revenue in 2025, the company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue beginning in the second half of the year. 

Gross margin for the first quarter was 7.5% compared to negative 28.8% in the first quarter of 2024. The improvement is a result of continued Build of Materials (BOM) cost reduction as well as manufacturing process optimization. The company expects gross margin to improve throughout 2025 as a result of operational efficiencies and an anticipated ramp-up of its Rapid Production Solutions business. 

Operating expenses for the first quarter were $12.6 million compared to $18.6 million in the first quarter of 2024. Non-GAAP operating expenses, which excludes stock-based compensation expense of $3.9 million, were $8.8 million, down from $14.1 million in the first quarter of 2024. 

GAAP net loss for the first quarter was $25.4 million compared to a loss of $28.3 million in the first quarter of 2024. 

Non-GAAP net loss was $8.9 million in the three months ended March 31, 2025, which excludes the non-cash loss from the warrant cancellation transaction that eliminated significant future liabilities. Adjusted EBITDA for the quarter was negative $6.9 million. For more information regarding the company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

As of March 31, 2025, the Company had $3.9 million of cash and cash equivalents, compared to $1.2 million as of December 31, 2024.

Guidance

Management expects the following for the full year 2025:

Revenue in the range of $50 million to $60 million.Sequential improvement in gross marginGreater than 30% gross margin in fourth quarter of 2025Non-GAAP operating expenses in the range of $40 million to $50 millionCapEx in the range of $15 million to $20 millionEBITDA positive in the first half of 2026

Conference Call

The company will host a conference call for investors this afternoon to discuss its first quarter 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 13, 2025. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at ir.velo3d.com.

About Velo3D:

Velo3D is a metal 3D printing technology company. 3D printing—also known as additive manufacturing (AM)—has a unique ability to improve the way high-value metal parts are built. However, legacy metal AM has been greatly limited in its capabilities since its invention almost 30 years ago. This has prevented the technology from being used to create the most valuable and impactful parts, restricting its use to specific niches where the limitations were acceptable.

Velo3D has overcome these limitations so engineers can design and print the parts they want. The company’s solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system—all of which are powered by Velo3D’s Intelligent Fusion manufacturing process. The company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been named as one of Fast Company’s Most Innovative Companies for 2024. For more information, please visit Velo3D.com, or follow the company on LinkedIn or Twitter.

VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.

Amounts herein pertaining to the company’s first quarter ended March 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the “SEC”). Additional information on our results of operations for the three months ended March 31, 2025 will be provided upon the filing our Quarterly Report 10-Q with the SEC.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s guidance for fiscal years 2025 and 2026 (including the company’s estimates for revenue and gross margin), the company’s expectations regarding its ability to achieve profitability in the first half of 2026, the company’s expectations about future demand, the company’s strategic realignment and initiatives, the company’s expectations regarding its liquidity and capital requirements, the company’s expectations regarding its potential cost savings, the company’s expectations about its market strategy and financial and operational position, and the company’s other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “FY 2024 10-K”) and the other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the company to execute its business plan, which may be affected by, among other things, competition, the company’s liquidity position//lack of available cash, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the company’s ability to continue as a going concern; (3) the company’s ability to service and comply with its indebtedness; (4) the company’s ability to raise additional capital in the near-term; (5) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations, and (7) other risks and uncertainties described in the FY 2024 10-K, including those under “Risk Factors” therein, and in the company’s other filings with the SEC. The company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. 

Non-GAAP Financial Information

The information in the table below sets forth the non-GAAP financial measures that the company uses in this release. We believe these non-GAAP financial performance and liquidity measures are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of core expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

Each of our non-GAAP measures have limitations as analytical tools. Because of these limitations, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, and Non-GAAP Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the company’s business.

The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the periods below:

Velo3D, Inc.

NON-GAAP Net Loss Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Gross Profit

697

7.5

%

(444)

(3.5)

%

(2,815)

(28.8)

%

Net Loss

$

(25,411)

(272.7)

%

$

(21,686)

(171.8)

%

$

(28,314)

(289.3)

%

Stock-based compensation

4,074

43.7

%

2,322

18.4

%

5,087

52.0

%

Gain on exchange of debt for common stock

–

—

%

(2,619)

(20.7)

%

–

—

%

(Gain) loss on fair value of warrants

1,044

11.2

%

(184)

(1.5)

%

2,620

26.8

%

Loss on fair value of contingent earnout liabilities

–

—

%

–

—

%

437

4.5

%

Loss on warrant cancellation

11,357

121.9

%

–

—

%

–

—

%

Non-GAAP Net Loss

$

(8,936)

(95.9)

%

$

(22,167)

(175.6)

%

$

(20,170)

(206.1)

%

 

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Net Loss

(25,411)

(272.7)

%

(21,686)

(171.8)

%

(28,314)

(289.3)

%

Interest expense

1,070

11.5

%

3,048

24.1

%

3,897

39.8

%

Provision for income taxes

8

0.1

%

(20)

(0.2)

%

4

0.0

%

Depreciation and amortization

942

10.1

%

968

7.7

%

1,396

14.3

%

EBITDA

$

(23,391)

(251.0)

%

$

(17,690)

(140.1)

%

$

(23,017)

(235.2)

%

Stock-based compensation

4,074

43.7

%

2,322

18.4

%

5,087

52.0

%

Gain on exchange of debt for common stock

–

—

%

(2,619)

(20.7)

%

–

—

%

(Gain) loss on fair value of warrants

1,044

11.2

%

(184)

(1.5)

%

2,620

26.8

%

Loss on fair value of contingent earnout liabilities

–

—

%

–

—

%

437

4.5

%

Loss on warrant cancellation

11,357

121.9

%

–

—

%

–

—

%

Restructuring expense

–

—

%

3,540

28.0

%

–

—

%

Adjusted EBITDA

$

(6,916)

(74.2)

%

$

(14,631)

(115.9)

%

$

(14,873)

(152.0)

%

 

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Operating expenses

Research and development

1,212

13.0

%

3,082

24.4

%

5,043

51.5

%

Selling and marketing

2,275

24.4

%

1,627

12.9

%

4,809

49.1

%

General and administrative

9,131

98.0

%

16,348

129.5

%

8,783

89.8

%

Total operating expenses

$

12,618

135.4

%

$

21,057

166.8

%

$

18,635

190.4

%

Stock-based compensation in operating expenses

3,866

41.5

%

2,322

18.4

%

4,503

46.0

%

Adjusted operating expenses

$

8,752

93.9

%

$

18,735

148.4

%

$

14,132

144.4

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31,

2025

2024

Revenue

3D Printer

$

7,523

$

7,660

Recurring payment

—

470

Support services

1,790

1,656

Other

7

—

Total Revenue

9,320

9,786

Cost of revenue

3D Printer

7,540

9,394

Recurring payment

12

315

Support services

1,071

2,892

Total cost of revenue

8,623

12,601

Gross loss

697

(2,815)

Operating expenses

Research and development

1,212

5,043

Selling and marketing

2,275

4,809

General and administrative

9,131

8,783

Total operating expenses

12,618

18,635

Loss from operations

(11,921)

(21,450)

Interest expense

(1,070)

(3,897)

Loss on fair value of warrants

(1,044)

(2,620)

Loss on fair value of contingent earnout liabilities

—

(437)

Loss on warrant cancellation

(11,357)

—

Other income (expense), net

(11)

94

Loss before provision for income taxes

(25,403)

(28,310)

Provision for income taxes

(8)

(4)

Net loss

$

(25,411)

$

(28,314)

Net loss per share:

    Basic

$

(0.13)

$

(3.81)

    Diluted

$

(0.13)

$

(3.81)

 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

March 31,

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$

3,870

$

1,212

Accounts receivable, net

4,569

3,723

Inventories, net

46,133

49,953

Contract assets

1,295

500

Prepaid expenses and other current assets

5,907

2,336

Total current assets

61,774

57,724

Property and equipment, net

13,691

14,270

Equipment on lease, net

3,673

3,673

Other assets

12,261

13,513

Total assets

$

91,399

$

89,180

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

16,365

$

18,538

Accrued expenses and other current liabilities

3,762

3,511

Debt – current portion

16,152

5,666

Contract liabilities

7,614

10,285

Total current liabilities

43,893

38,000

Long-term debt – less current portion

5,506

—

Contingent earnout liabilities

11

11

Warrant liabilities

13

2,167

Other noncurrent liabilities

9,094

9,338

Total liabilities

58,517

49,516

Commitments and contingencies (Note 13)

Stockholders’ equity:

Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2025
and December 31, 2024, 210,232,762 and 194,909,430 shares issued and outstanding as
of March 31, 2025 and December 31, 2024, respectively

4

4

Additional paid-in capital

488,623

469,994

Accumulated other comprehensive loss

—

—

Accumulated deficit

(455,745)

(430,334)

Total stockholders’ equity

32,882

39,664

Total liabilities and stockholders’ equity

$

91,399

$

89,180

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended March 31,

2025

2024

Cash flows from operating activities

Net loss

$

(25,411)

$

(28,314)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

942

1,396

Amortization of debt discount and deferred financing costs

992

3,171

Stock-based compensation

4,074

5,087

Loss on fair value of warrants

1,044

2,620

Loss on fair value of contingent earnout liabilities

—

437

Loss on warrant cancellation

11,357

—

Changes in assets and liabilities

Accounts receivable

(846)

(2,070)

Inventories

1,989

2,645

Contract assets

(795)

(2,118)

Prepaid expenses and other current assets

(3,407)

1,078

Other assets

1,224

396

Accounts payable

(860)

(4,199)

Accrued expenses and other liabilities

251

(218)

Contract liabilities

(2,671)

(416)

Other noncurrent liabilities

(232)

(18)

Net cash used in operating activities

(12,349)

(20,523)

Cash flows from investing activities

Purchase of property and equipment

—

(6)

Production of equipment for lease to customers

—

(1)

Proceeds from maturity of available-for-sale investments

—

3,500

Net cash provided by investing activities

—

3,493

Cash flows from financing activities

Proceeds from secured convertible notes

15,000

—

Issuance of common stock upon exercise of stock options

—

285

Net cash provided by financing activities

15,000

285

Effect of exchange rate changes on cash and cash equivalents

7

5

Net change in cash and cash equivalents

2,658

(16,740)

Cash and cash equivalents and restricted cash at beginning of period

1,840

25,294

Cash and cash equivalents and restricted cash at end of period

$

4,498

$

8,554

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:

March 31,

2025

2024

Cash and cash equivalents

$

3,870

$

7,754

Restricted cash (Other assets)

628

800

Total cash and cash equivalents and restricted cash

$

4,498

$

8,554

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SOURCE Velo3D, Inc.

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Record $9 billion notional traded, eleven times the year-to-date average daily volume (ADV) as market participants turned to CME Group to manage risk around the clock

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In the first half of 2026, Mexican peso and Brazilian real futures and options saw a record combined average daily volume of $2.94 billion.

For more information on CME Group BRL futures, please visit https://www.cmegroup.com/articles/faqs/latam-fx-futures-frequently-asked-questions.html

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

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Technology

Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds

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22 minutes ago

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October 27, 2026

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With a team of just 12 employees, the clinical AI company has grown largely through physician referrals, bringing total funding to $32 million

More than 800,000 clinicians across 190 countries use Vera Health, including approximately 1 in 4 physicians in Spain and Italy, with most discovering the platform through recommendations from colleagues.Threshold Ventures led Vera Health’s $28.5 million Series A, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient tripled down, bringing total funding to $32 million.The investment will accelerate Vera Health’s evidence-focused clinical AI platform, expanding its ability to make global medical knowledge locally relevant and deepening partnerships with medical societies, publishers and health systems.

SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — A year ago, a few thousand clinicians were using Vera Health. Today, more than 800,000 are, most having discovered the platform through a colleague. Every month since June, Vera has been the most downloaded clinical app in the world across the App Store and Google Play.¹ In September alone, it was downloaded more times than OpenEvidence and Doximity combined, while monthly downloads had more than tripled since February. With a team of just 12 employees, Vera has reached clinicians in 190 countries, including approximately 1 in 4 physicians in Spain and Italy, largely through word of mouth. Vera Health is a clinical AI search engine that reasons like a clinician, helping physicians find and evaluate medical evidence in seconds.

Today, Vera Health announced a $28.5 million Series A led by Threshold Ventures, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient, tripled down in the round, bringing the company’s total funding to $32 million. The investment will accelerate Vera Health’s mission to close the gap between what medicine knows and what every patient receives.

Only a few months after raising its Series A, Vera already has more daily active users than it had monthly active users at the time of the raise. Clinicians went from asking Vera a few thousand questions a day to asking hundreds of thousands, every single day.

“Clinicians are the best data scientists I’ve ever met. They make the call in seconds, with more evidence than any human could ever read,” said Taieb Bennani, Co-Founder of Vera Health. “The secret to building for them is to live and breathe the problem like no one else. Everyone on our team is a clinician, or the child or sibling of one, like Maxime and me. That passion translates into every detail of the product, and when you build with that kind of obsession, the product speaks for itself, and clinicians share it with their colleagues. We don’t have the biggest team or the most money. We have the people who care the most about getting it right.”

How does Vera Health differ from general-purpose AI tools?
Clinical AI is increasingly being used to help physicians navigate complex medical questions, but the ability to generate an accurate-sounding answer does not necessarily establish whether the underlying research is reliable. Medicine now publishes a new scientific paper roughly every 20 seconds. Chatbots are built to sound confident. Vera is built to be accurate, and honest when the evidence is thin. Physicians are expected to keep up with an expanding body of research while interpreting guidelines, evaluating treatment options and making decisions for individual patients, sometimes within seconds.

Vera Health finds the evidence first, then writes the answer. Its technology searches more than 60 million peer-reviewed publications, clinical guidelines, consensus statements and drug labels, evaluating sources based on study design, level of evidence, cohort size, recency, journal quality and citation impact. Every claim is linked to its supporting research and color-coded to show the strength of the available evidence. Sometimes that color is red. A rare condition may have no large randomized trial or comprehensive guideline behind it, leaving only a small case series or a report involving a single patient. Vera Health surfaces that research while making its limitations visible, allowing physicians to assess how much weight the findings deserve.

“Medical knowledge moves too quickly for any one clinician to read, and general-purpose AI tools can make uncertain evidence sound settled,” said Maxime Allouch, co-founder, Vera Health. “Unlike other tools, we believe there’s value in making uncertainty visible. The grade shapes what Vera retrieves and writes, while the clinician brings the patient, the context and the judgment.”

Vera Health developed its approach alongside physicians who evaluate medical evidence and help write the guidelines other clinicians follow. Through its partnership with the American College of Emergency Physicians (ACEP), the platform integrates ACEP clinical policies with source attribution, bringing medical society guidance directly into clinical research workflows.

“In medicine, not all evidence is equal,” said Scott M. Silvers, MD, FACEP, Chair of the American College of Emergency Physicians’ Clinical Policies Committee and former Chair of Emergency Medicine at Mayo Clinic. “A large, randomized trial and a case report should never carry the same weight, yet most AI tools blend them into the same confident answer. Level of evidence is the foundation of every guideline we write, and Vera Health is built on it.”

For Dr. Bernard P. Chang, Vera Health’s Chief Scientific Advisor and Vice Chair of Research in the Department of Emergency Medicine at Columbia University, the importance of clinical evidence extends to how physicians evaluate patients.

“On a recent emergency-department shift, I saw a young woman with cough and shortness of breath. The symptoms could easily be attributed to a routine respiratory illness,” said Chang. “Vera Health surfaced evidence that raised my concern for pulmonary embolism, a potentially life-threatening blood clot in the lungs, and led me to broaden my evaluation. What interests me isn’t AI simply providing an answer. It’s whether it can reliably surface evidence that challenges our initial assumptions and improves clinical reasoning. That’s what we’re now evaluating rigorously, inside the academic medical centers where medicine is actually practiced.”

Vera Health’s clinical advisors also include Christopher Baugh, MD, MBA, FACEP, Vice Chair of Clinical Affairs in Emergency Medicine at Brigham and Women’s Hospital and Associate Professor of Emergency Medicine at Harvard Medical School. Its clinical council includes physician leaders affiliated with Mayo Clinic, Yale, Harvard, Columbia and Penn.

Why is Vera Health growing so quickly across international markets?
Bennani and Allouch grew up in families of physicians and initially developed Vera Health for their own fathers. What began with two users has since grown into a platform serving hundreds of thousands of clinicians, with physicians asking hundreds of thousands of questions each day. The company’s international growth reflects an approach built around a central reality of medicine. Medical knowledge is global, but clinical practice is local.

An emergency physician in France may follow different treatment guidelines than a physician in the United States. An oncologist reviewing a complex case may need an exhaustive evaluation of the available research, while an emergency physician needs a concise answer within seconds. Even physicians practicing the same specialty may follow different protocols depending on their institution.

Vera Health accounts for those differences by prioritizing locally relevant guidance while drawing on medical research from around the world. Through Vera Spaces, health systems can also integrate their own clinical protocols and pathways alongside national guidelines and international medical literature.

“Medicine is global, yet most tools in our space were built for a single geography,” said Allouch. “We went international from day one, because only a global view reveals what is truly local.”

The approach has helped Vera Health expand across Europe, where approximately 1 in 4 physicians in Spain and Italy and 1 in 7 in France use the platform, according to company data. Vera Health has achieved that international reach with a small team and a product that clinicians have largely discovered through their peers.

What will Vera Health’s Series A funding support next?
The financing will support further development of Vera Health’s clinical evidence infrastructure, expansion into additional healthcare markets and deeper partnerships with medical societies, publishers and health systems. The company will continue investing in locally relevant clinical guidance and tools that allow healthcare institutions to incorporate their own medical knowledge into the platform.

“In healthcare, trust is earned, not bought. Vera’s adoption among clinicians worldwide speaks to what Taieb and Maxime have built. By combining the most rigorous medical evidence with an understanding of each physician’s specialty, protocols and practice context, Vera makes the world’s medical knowledge relevant to how care is actually delivered. We believe that creates an enormous opportunity to improve global health,” said Andrew Brackin, Partner at Gradient.

“Vera is compelling because it starts with the evidence, not just an answer—helping clinicians find and assess the research behind a decision while making its strengths and limitations visible. By bringing that evidence to the point of care, Vera becomes a trusted clinical intelligence layer, not just another AI tool,” said Emily Melton, co-founder and managing partner of Threshold Ventures.

Vera Health will remain free for licensed clinicians and medical trainees worldwide as it expands access to medical evidence and locally relevant clinical guidance.

New medical knowledge takes an estimated 17 years to reach routine clinical practice, according to research published in the Journal of the Royal Society of Medicine. Vera Health aims to reduce the time physicians spend searching for and evaluating that knowledge, bringing relevant evidence closer to the moment clinical decisions are made.

“Our mission is to close the gap between what medicine knows and what every patient receives,” said Bennani. “Today, that gap is measured in years. We want it measured in seconds.”

About Vera Health
Vera Health is the search engine that reasons like a clinician, finding and grading evidence before showing the source, strength and limits behind every answer. More than 800,000 clinicians in 190 countries use Vera, which is free for licensed clinicians and trainees, never trains on clinicians’ questions, and is HIPAA and GDPR compliant and SOC 2 Type II certified. Founded in 2024 at Y Combinator by MIT graduates and sons of physicians Taieb Bennani and Maxime Allouch, Vera is headquartered in San Francisco and backed by Threshold Ventures, Gradient, Y Combinator, SV Angel and Mantis VC.

Learn more at verahealth.ai.

¹ Download data: Appark, worldwide App Store and Google Play downloads, June through [September] 2026.

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