# Circulation funding: rounds and investors

> Circulation has raised $11M across 2 rounds since 2017. Investors include Flare Capital, Echo Health Ventures and Humana. Every round with its source.

Source: https://millionrounds.com/company/circulation (Millionrounds; every figure on the page links to its filing or article)

United States · [Venture startup](https://millionrounds.com/companies)

# Who invested in *Circulation*

2 rounds we have observed, with the 5 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

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Biotech Healthcare

Funding summary Updated 27 Oct 2026

**$11M** raised across 2 rounds since 2017, from 2 sources

- **Latest round:** Venture Jan 2021
- **Biggest round:** $11M Series A · Jul 2017
- **Investors:** 5

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2018 2019 2020 2021

**$11M** Series A

**?** Venture

- **First round:** Series A, $11M
- **Biggest round:** $11M
- **Between rounds:** 3.4 years

## The rounds

- **Jan 2021** Venture **Amount undisclosed** *1 returning* [Flare Capital](https://millionrounds.com/fund/flare-capital-partners) Source recorded
- **Jul 2017** Series A **$11M** *5 new* [Flare Capital](https://millionrounds.com/fund/flare-capital-partners) [Echo Health Ventures](https://millionrounds.com/fund/echo-health-ventures) [Humana](https://millionrounds.com/fund/humana) [Future100](https://millionrounds.com/fund/future100) Intermountain Healthcare Innovation Reported by FinSMEs SEC filing: $8.5M sold, first sale Jul 2017

## Founders and team

From the SEC filings it signed: 3 on the team.

- **John Brownstein** Executive Officer, Director i
- **Kelly Wahlberg** Executive Officer i
- **Robin Heffernan** Executive Officer, Director, Promoter i

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Series A** 2017 **Venture** 2021 [Flare Capital](https://millionrounds.com/fund/flare-capital-partners) [Echo Health Ventures](https://millionrounds.com/fund/echo-health-ventures) [Humana](https://millionrounds.com/fund/humana) [Future100](https://millionrounds.com/fund/future100) Intermountain Healthcare Innovation

## Everyone who backed them

[Flare Capital](https://millionrounds.com/fund/flare-capital-partners) VC firm **2** rounds

[Echo Health Ventures](https://millionrounds.com/fund/echo-health-ventures) Private equity **1** round

[Humana](https://millionrounds.com/fund/humana) Corporate VC **1** round

[Future100](https://millionrounds.com/fund/future100) Company **1** round

Intermountain Healthcare Innovation no record of our own yet **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=circulation).

## Quick answers about Circulation

### Who invested in Circulation?

Circulation's investors include Flare Capital, Echo Health Ventures, Humana, Future100 and Intermountain Healthcare Innovation.

### How much has Circulation raised?

Circulation has raised $11M across 2 rounds since 2017. One round did not disclose an amount, so the total is a floor.

### When did Circulation last raise?

Circulation's most recent round was a Venture in Jan 2021.

### What was Circulation's biggest round?

Circulation's largest round on record is $11M (Series A), in Jul 2017.

### Who backed Circulation first?

Circulation's first round on record, in Jul 2017, was backed by Flare Capital, Echo Health Ventures and Humana and 2 others.

### What stage is Circulation at?

Circulation's latest named round is a Venture, in Jan 2021.

### Where is Circulation based?

Circulation is based in the United States.

## Companies like Circulation

In the same sector, and raised in the last eighteen months.

[**Star Therapeutics** $325M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Prolific Machines** $105M · Oct 2026](https://millionrounds.com/company/prolific-machines)[**Promaxo** $106M · Oct 2026](https://millionrounds.com/company/promaxo)[**AI** $18M · Oct 2026](https://millionrounds.com/company/ai)[**Baba** $40M · Oct 2026](https://millionrounds.com/company/baba)[**IMIO** $19M · Oct 2026](https://millionrounds.com/company/imio)

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