Is your target market limited to Africa for the time being? Will the majority of your employees eventually be people living in Africa, including managers? Do you have many competitors or potential competitors?

Thanks for the thoughtful question! Our current focus is on Africa as it’s one of the largest untapped markets for healthcare innovation with a global neonatal mortality burden and a critical shortage of clinical tools. That said, the challenges we’re solving exist in 85% of emerging markets globally, and we’ve already begun piloting in other strategic countries beyond Africa. As we grow, our hiring philosophy is simple, hire first in Africa unless there’s a specific reason not to, such as ti...

Hi Sona, are you looking out for app development team to build out the app

Hi Majed, thanks for your question! We have an in-house team that has built out our existing android app, and will continue to build out future apps.

Hey, How can I reach the founder to discuss company regarding investing?

Hi Yaacov- happy to chat. Feel free to email me at sona@neopenda.com.

1) How will you make money ? 2) Is a working piece deployed ? 3) Any revenue info and cost per unit info ?

Thanks for your question! We sell neoGuard in packages of 5–15 devices to public and private hospitals, as well as through channel partners such as county governments, Ministries of Health, NGOs, and distributors. To date, we've deployed over 400 devices across 45+ facilities, with 40%+ margins on each package sold and a clear path to expand to 70% margins through local production on the African continent.

Hello 1 vital signs monitoring is not really a strong IP. Can be easily copied w existing sensors. 2 The money is in the US market and you are totally absent. 3 This started in 2016 now nearly 10 years later you are still on the runway. My investment most likely will never see...

We appreciate your perspective and the opportunity to clarify a few important points. First, our vital signs monitor, neoGuard, is protected by patents in the US and several other countries, covering the unique design and application of our technology in low-resource settings. While the underlying sensors may be available, our innovation lies in how we’ve integrated them into a clinically validated, low-power, modular solution tailored for environments where traditional monitors fail. That’s ...

Neopenda

Life-saving technology for the world's most vulnerable newborns

neopenda.com

Chicago, IL

Technology PBC & B Corp Notable Angel Female Founder B2B

Investment Terms

You will be investing in Neopenda through an SPV. This means that when you invest, you will be signing the SPV Subscription Agreement, not the direct investment contract. For more information on SPVs, see here.

Financials

We have financial statements ending December 31, 2024. Our cash in hand is $90,084, as of April 2025. Over the three months prior, revenues averaged $1,956/month, cost of goods sold has averaged $1,458/month, and operational expenses have averaged $67,281/month.

At a Glance

Jan 1 – Dec 31, 2024

$66,381

+173%

Revenue

-$586,867

Net Loss

$56,683

+363%

Short-Term Liabilities

$420,000

Raised in 2024

$90,084

Cash on Hand

Net Margin:

-884%

Gross Margin:

Return on Assets:

-552%

Earnings per Share:

-$0.05

Revenue per Employee:

$6,638.10

Cash to Assets:

30%

Revenue to Receivables:

191%

Debt Ratio:

3,285%

Final Neopenda 03. Independent CPA Review Report 2023-24.pdf

Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

Neopenda was founded in 2015 and is incorporated as a Delaware public benefit corporation. We develop needs-based medical technologies for emerging markets, with our flagship product, neoGuard, a wearable vital signs monitor designed to help clinicians identify patients in distress, improving patient outcomes in resource-constrained healthcare settings.We generate revenue through the sale of neoGuard devices and related accessories to healthcare facilities, NGOs, and distribution partners across Africa.

We also provide training and support services to ensure successful implementation and adoption of our technology. In the future, we plan to expand our product portfolio with additional medical devices tailored to low-resource settings and explore subscription-based monitoring and data-driven insights as additional revenue streams.

Our business is headquartered in Chicago, Illinois, United States, with a newly formed subsidiary in Kenya (2024), wholly owned by the U.S. entity. Our operations are currently focused on Kenya, Uganda, and Ghana, where we have already sold and deployed hundreds of devices. As we scale, we aim to expand into additional African and emerging markets, collaborating with global health organizations, governments, and strategic partners to maximize our impact.

Milestones

Neopenda, PBC was organized in the State of Delaware in August 2015.

Since then, we have:

Grew sales 124% in the last 12 months and onboarded 30+ hospitals since launch 18 months ago.
$6M+ in equity & grants from Techstars, Fortune 500 Vodafone, Cisco, Wellcome Trust & more.
Powerhouse team led by 2 biomedical engineers from Columbia University, GSK, Medtronic, & Eli Lilly.
Patented, CE-marked, & ISO 13485 regulated - Neopenda owns all IP.
Award-winning technology recognized by UN Women, WHO, & UNITAID.
Acclaimed founder team with awards from Inc 30u30, Miller Center, & Global Good Fund.
Forecasting $14M+ in revenue within 5 years (not guaranteed).

The Company is subject to risks and uncertainties common to early-stage companies. Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future.

Historical Results of Operations

Revenues & Gross Margin. For the period ended December 31, 2024, the Company had revenues of $66,381 compared to the year ended December 31, 2023, when the Company had revenues of $24,242. Our gross margin was 7.36% in fiscal year 2024, and 51.62% in 2023.
Assets. As of December 31, 2024, the Company had total assets of $106,401, including $31,896 in cash. As of December 31, 2023, the Company had $182,821 in total assets, including $123,199 in cash.
Net Loss. The Company has had net losses of $586,867 and net losses of $569,637 for the fiscal years ended December 31, 2024 and December 31, 2023, respectively.
Liabilities. The Company's liabilities totaled $3,495,164 for the fiscal year ended December 31, 2024 and $3,020,716 for the fiscal year ended December 31, 2023.

Liquidity & Capital Resources

To-date, the company has been financed with $2,738,000 in convertibles, $578,184 in SAFEs, $160,013 in equity, $150,000 in debt, and $2,625,269 in grants.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 6 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 3 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

Runway & Short/Mid Term Expenses

Neopenda, PBC cash in hand is $90,084.68, as of April 2025. Over the last three months, revenues have averaged $1,956.30/month, cost of goods sold has averaged $1,458/month, and operational expenses have averaged $67,281/month, for an average burn rate of $66,782.70 per month. Our intent is to be profitable in 18 months.

Since the date our financials cover, we have received a milestone-based CAD $1M grant from Grand Challenges Canada. The first tranche of funding has already been disbursed, marking a significant addition to our non-dilutive capital. This grant is supporting critical milestones in our product and market expansion efforts.

Over the next 3–6 months, we expect to generate approximately $30K per quarter in revenue. In addition, we have existing grant contracts in place and anticipate receiving approximately $400K in grant disbursements during this period.
Our current monthly burn rate is approximately $50K, and we are well-positioned to sustain operations through the combination of earned revenue and secured grant funding.

We are not yet profitable, but we anticipate reaching profitability within the next 18 months. This will be driven by scaling our proven sales model in Kenya, where we’ve already demonstrated strong demand and revenue growth. We plan to expand device sales with existing partners and introduce neoGuard to additional patient populations and use cases—such as maternal care and emergency departments—broadening our addressable market and increasing average revenue per customer.

In parallel, we are actively optimizing our profit margins by reducing our cost of goods sold (COGS) through supply chain efficiencies and lowering customer acquisition cost (CAC) through targeted sales strategies and deeper penetration of existing markets.

We estimate needing approximately $1M in additional capital to reach profitability. This funding will support expanded sales and distribution efforts, market development activities, and continued margin optimization.

In addition to funds raised through Wefunder, we have several other sources of capital supporting our operations:
- Grants: We have committed, non-dilutive grant funding in place, with approximately $400K expected to be disbursed over the next 6 months. We are also actively building a strong pipeline of additional grant opportunities to further support our growth.
- Revenue: We are generating revenue from device sales, with an expected $30K per quarter, and are actively scaling our sales efforts to increase this further.
- Institutional Investment: We are currently engaged in due diligence discussions with institutional investors for additional investment opportunities beyond Wefunder.

Although we are not yet profitable, our short-term burn will be covered through a combination of these committed grant funds, earned revenue, and anticipated capital from institutional and community investors. This multi-pronged approach gives us the runway needed to execute on our growth plans and reach profitability within 18 months.

All projections in the above narrative are forward-looking and not guaranteed.

Risks

On January 15, 2026, a former investor filed a lawsuit against Neopenda in the U.S. District Court for the District of Delaware, captioned Kay Knowles v. Neopenda, PBC, C.A. No. 1:26-cv-00046-MN (D. Del.). The complaint alleges that Neopenda made misleading statements about its business and revenue prospects to induce the plaintiff to invest in Neopenda. On March 27, 2026, Neopenda filed a motion to dismiss the complaint. Neopenda believes the claims alleged lack merit and intends to defend itself vigorously. The outcome of the litigation is uncertain, and we cannot predict how or when the matter will be resolved. This litigation may result in legal expenses, management time, and potential monetary exposure, and may adversely affect our financial condition, results of operations, or ability to raise additional capital.

Although we are strategically expanding our sales team, optimizing manufacturing processes, and expanding into new customer segments (adult and pediatric monitoring) to increase revenue opportunities, the risk remains that scaling our operations and increasing device sales to achieve profitability will require careful management of resources, staffing, and infrastructure. Additionally, although we have demonstrated traction with over 450 neoGuard devices sold and a 187% revenue increase in Kenya, the risk remains that market adoption and sales growth may not continue at the expected rate. Hospitals and clinics often have long procurement cycles, and budget constraints could delay purchases.

Although we actively manage our pricing strategy, cost structure, and market expansion efforts, the risk remains that our primary markets—Kenya, Uganda, and Ghana—present unique challenges, including fluctuating healthcare budgets, currency volatility, and policy shifts that may impact demand. Many healthcare facilities in these markets rely on external funding from governments, NGOs, or donors to procure medical devices, and economic downturns, reductions in global health funding, or shifting donor priorities could affect our sales. Additionally, political instability, changes in government leadership, or new policies affecting medical device procurement and healthcare infrastructure could create unexpected barriers to market entry or expansion. Fluctuations in local currencies relative to the U.S. dollar could also impact our pricing, cost of goods sold, and overall financial stability, while inflationary pressures may increase operational costs.

Other Disclosures

The Board of Directors

Director	Occupation	Joined
Teresa Cauvel	CTO @ Neopenda	2015
Sona Shah	CEO @ Neopenda	2015
Zachary Seaverns	Vice President @ Axel Johnson	2020

Officers

Officer	Title	Joined
Teresa Cauvel	CTO	2015
Sona Shah	President and CEO	2015

Voting Power

Holder	Securities Held	Power
Sona Shah	4,325,000 Common stock	38.3%
Teresa Cauvel	4,325,000 Common stock	38.3%

Past Fundraises

Date	Security	Amount
	Convertible Note	$234,659
3/2025	Other	$2,625,269
11/2024	Convertible Note	$200,000
6/2024	Convertible Note	$220,000
12/2023	Priced Round	$80,013
12/2023	Convertible Note	$500,000
4/2023	Loan	$150,000
9/2022	Priced Round	$10,000
8/2022	Convertible Note	$200,000
7/2021	SAFE	$300,000
4/2021	Convertible Note	$500,000
6/2020	Convertible Note	$252,000
3/2019	Convertible Note	$666,000
1/2019	SAFE	$278,184
7/2018	Priced Round	$20,000
7/2018	Convertible Note	$125,000
4/2018	Convertible Note	$75,000
7/2016	Priced Round	$50,000

Convertible Notes Outstanding

Issued	Amount	Valuation Cap	Maturity
4/2/18	$75,000	$4,000,000	4/2/20
7/27/18	$125,000	$4,000,000	7/27/20
3/28/19	$666,000	$6,000,000	2/25/22
6/19/20	$252,000	$6,000,000	6/19/23
4/13/21	$500,000	$8,000,000	6/19/23
8/18/22	$200,000	$15,000,000	8/18/25
12/22/23	$500,000	$16,000,000	8/16/25
6/6/24	$220,000	$16,000,000	8/18/25
11/15/24	$200,000	$16,000,000	11/15/27

Outstanding Debts

Lender	Outstanding	Maturity
SUNU Capital	$163,216	4/11/26

Related Party Transactions

Sona Shah, Founder and CEO of the Company, invested $25,000 of the $220,000 convertible note round as listed in Item 25 of this Form C.

Use of Funds

$50,000	30%- sales and marketing 43.1%- G&A 10%- regulatory/ quality 10%- R&D 6.9%- Wefunder fees
$618,000	30%- sales and marketing 30%- G&A 25%- R&D for new product expansion to pediatric 8.1%- regulatory/ quality 6.9%- Wefunder fees

Capital Structure

Class of Security	Securities (or Amount) Authorized	Securities (or Amount) Outstanding	Voting Rights
Common Stock	20,000,000	11,292,594	Yes

Form C Filing on EDGAR

The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.

Offering Updates

Neopenda raised 50% of their target offering amount on Apr 23 2025

Neopenda raised 100% of their target offering amount on Apr 27 2025

Details