Solace Health Startup Diligence Report
Solace may benefit from Medicare reimbursement tailwinds and demand for human healthcare navigation, yet the public record supports category momentum more than unit economics, compliance maturity or defensible technology.
Solace Health Startup Diligence Report
Eligible public unicorn report: Solace is publicly listed as a $1B U.S. healthcare and life sciences unicorn and has announced a $130M Series C, but investment diligence should remain cautious until reimbursement, financial-quality, privacy/security and workforce controls are verified.
The model appears materially dependent on Medicare navigation-related reimbursement and billing workflows; CMS coding, consent, supervision, documentation, denial, audit or clawback changes could impair revenue.
Diligence request: Review claims files, coding policies, physician-supervision arrangements, consent templates, denial rates, CMS/OIG guidance analysis and audit history.
Public information supports financing milestones but not revenue, gross margin, burn, cash runway, retention, CAC, contribution margin, cap table or liquidation preferences.
Diligence request: Request audited/management financials, revenue recognition memo, KPI deck, cohort economics, cash runway and full financing history.
Public evidence emphasizes Medicare, Medicare Advantage and payer partnerships, but customer-level revenue concentration and plan-specific economics are private.
Diligence request: Request payer mix, claims by plan, top customer concentration, contract terms, termination rights and denied-claim economics.
Solace handles PHI through referrals, patient support and platform workflows; public HIPAA statements do not prove controls, BAAs, subprocessors, audit logs or breach history.
Diligence request: Request HIPAA risk assessment, SOC 2/HITRUST, pen tests, incident/breach logs, subprocessors, BAAs and privacy-policy change history.
A services marketplace using healthcare advocates and 1099 RN roles must manage quality, credentialing, supervision, state licensure, scope-of-practice, malpractice and contractor-classification risks.
Diligence request: Review advocate credentialing, training, QA, malpractice coverage, classification analysis, state licensure matrix and escalation protocols.
Provider referrals, payer partnerships, Medicare billing and advocate compensation require careful AKS/CMP, HIPAA marketing, billing and documentation compliance.
Diligence request: Have healthcare regulatory counsel review referral sources, payer contracts, marketing materials, billing workflows and compensation arrangements.
Patient-improvement and growth claims are public but appear company-provided; lack of independent methodology could weaken payer sales and create marketing-risk exposure.
Diligence request: Request cohort definitions, raw survey data, independent evaluation reports, complaint logs, NPS/CSAT, and outcome methodology.
Established care-navigation and advocacy companies compete for employers, health plans and members; adjacent Medicare and older-adult support products could pressure differentiation and distribution.
Diligence request: Request win/loss data, pricing comparisons, customer references, differentiation proof and plan/employer pipeline conversion by competitor.
Public evidence verifies a $60M Series B, $130M Series C, $1B unicorn marker and reimbursement-linked business model, but core financial statements, cap table, unit economics, tax and projections are not public.
not publicly verifiable confidence: high
No audited or management financial statements are public. Public sources provide financing announcements, reimbursement-model descriptions and select scale metrics only.
| checklist item | public evidence | status | primary risk |
|---|---|---|---|
| Income statements, balance sheets, cash flows | No audited or management statements found; public funding only. | Not publicly verifiable | Valuation support and cash runway unknown. |
| Revenue model | Bloomberg reprint describes Medicare billing and variable reimbursement share. | Partially verified | Revenue recognition, reimbursement, and clawback exposure. |
| Planned versus actual results | 10x YoY growth claim only. | Partially verified | Plan attainment cannot be assessed. |
| Sales/gross profit by channel and geography | Medicare/MA and all-50-states claims; no revenue split. | Not publicly verifiable | Payer/channel concentration hidden. |
| Backlog and AR aging | No public data. | Not publicly verifiable | Claims-collection and denial-cycle unknown. |
partially verified confidence: medium
Public projection evidence is limited to 10x YoY growth, Series C growth capital, Medicare reimbursement tailwinds and payer/provider partnership language.
| assumption area | public signal | missing verification | risk link |
|---|---|---|---|
| Patient growth | 20,000+ monthly patients and 10x YoY growth claimed. | Cohorts, churn, patient activity definition, paid versus unpaid mix. | R-006, R-008 |
| Reimbursement rate and collection | Medicare billing model described. | Allowed amounts, denial rates, appeal outcomes, write-offs and cash collection by payer. | R-001, R-003 |
| Advocate supply and cost | 2,000+ advocates and remote 1099 RN posting. | Active hours, utilization, wages, contractor classification and QA cost. | R-005, R-008 |
| Financing runway | $130M Series C and $211M raised to date. | Cash balance, monthly burn, hiring plan, runway and debt. | R-002, R-008 |
Projection case should be rebuilt from private cohort and reimbursement data.
partially verified confidence: medium
Public sources verify major financing rounds and unicorn valuation marker but do not disclose shares outstanding, cap table, options, warrants, debt, SAFEs/notes or off-balance-sheet obligations.
| event | date | amount or value | lead or named parties | diligence read |
|---|---|---|---|---|
| Series B | 2025-04-03 | $60M announced | Menlo Ventures lead; Craft, Inspired, Torch, SignalFire named | Confirms institutional backing; terms and cap table private. |
| Series C | 2026-02-10 | $130M announced; valuation over $1B | IVP lead; Menlo, SignalFire, Torch, Inspired, RiverPark named | Confirms unicorn financing; liquidation preferences and secondary components private. |
| CB Insights unicorn row | 2026-02-10 | $1B valuation marker | Alpha Venture Partners, Inspired Capital, IVP | Eligibility support; legal-entity and cap-table records still needed. |
| Total raised to date | 2026-02-10 | $211M public claim | Multiple venture investors | Reconcile to bank statements, SAFEs/notes and round closings. |
Does not include ownership percentages, preferences, warrants, notes, or option-pool impact.
Raised-to-date bar is cumulative and not an incremental round.
not publicly verifiable confidence: high
Tax positions, NOLs, accounting policies and revenue-recognition treatment are not public; the Medicare reimbursement-linked model makes these documents high priority.
Solace markets a healthcare advocacy/navigation service backed by a HIPAA-compliant platform, with advocates helping patients and families navigate care, insurance, bills and logistics; delivery quality, margin and technical defensibility remain private.
partially verified confidence: medium
The public product is a services-plus-software advocacy model for care navigation, insurance/billing help, provider referrals and payer partnerships. Advocates are constrained from diagnosis/prescribing, and product economics are not public.
| module | public description | buyer or user | evidence status |
|---|---|---|---|
| Care navigation | Appointments, care coordination, transitions, documentation and family updates. | Patients and families | Verified from company pages; delivery quality not audited. |
| Insurance and billing support | Insurance appeals, bills and Medicare billing workflows. | Patients; Medicare/MA payers indirectly | Partially verified; no denial/appeal outcomes public. |
| Provider referrals | Provider referral through website, email or fax with intake target. | Providers and patients | Partially verified; conversion data private. |
| Payer partnerships | Payer-facing advocacy/navigation value proposition. | Payers and managed-care organizations | Partially verified; signed contracts private. |
| constraint or claim | diligence implication | needed evidence |
|---|---|---|
| Advocates cannot diagnose or prescribe. | Reduces practice-of-medicine risk if consistently enforced. | Training materials, scripts, escalation SOPs and QA sampling. |
| Advocate mix described broadly in FAQ; Bloomberg reprint says RNs. | Professional mix affects licensure, cost and quality. | Credentialed roster by license, active status and state. |
| HIPAA-compliant platform. | Requires technical, administrative and physical safeguards. | SOC 2/HITRUST, risk assessment, BAAs and subprocessors. |
| 98% patient-reported improvement. | Important for payer ROI and claims substantiation. | Survey methodology, cohort definition and third-party validation. |
Architecture is inferred from public descriptions; not a system diagram.
Public evidence shows patient scale, advocate supply and Medicare/MA coverage claims, but no top-customer list, revenue concentration, churn, contracts, supplier spend or severed-relationship history is public.
partially verified confidence: medium
Solace discloses patient scale but not named top customers or applications by revenue. Monthly-patient and advocate metrics are company-provided public claims.
| category | public metric or claim | what is not public |
|---|---|---|
| Patients | 20,000+ monthly patients. | Patient definition, churn, retention, NPS, complaint volume and revenue per patient. |
| Advocate network serving customers | 2,000+ advocates. | Active/full-time equivalent hours, utilization and credential mix. |
| Payers/coverage | Medicare and major Medicare Advantage insurers named. | Contracted status, reimbursement terms, plan-level concentration and denial rates. |
| Outcomes | 98% of patients report better healthcare. | Methodology, sample, control group, independent audit and claims-substantiation review. |
Top 15 customers and revenue-by-customer are not public.
Not a true funnel; conversion rates are not public.
partially verified confidence: medium
Strategic relationship evidence includes Medicare/MA coverage claims, named insurer examples, provider referrals and payer/provider partnership strategy; actual contracts are private.
not publicly verifiable confidence: high
No customer-level revenue or 5%+ concentration schedule is public. Medicare/MA dependence appears likely from coverage and billing language.
inconclusive confidence: low
No severed customer, partner or supplier relationship was found in public sources, but this cannot be verified without company records.
partially verified confidence: medium
Top suppliers are not public. Key dependencies visible from public evidence are advocate labor supply, CMS/reimbursement infrastructure, payer relationships and technology/privacy vendors.
| dependency | public signal | diligence risk |
|---|---|---|
| Advocate labor supply | 2,000+ advocates and 1099 RN role. | Capacity, quality, classification and wage inflation. |
| CMS and reimbursement intermediaries | Medicare billing model and CMS navigation codes. | Billing policy shifts, audits, denials and cash-cycle volatility. |
| Payer relationships | Medicare Advantage insurers and payer page. | Contracting concentration and termination rights. |
| Technology and privacy infrastructure | HIPAA-compliant platform and HIPAA notice. | Subprocessors, BAAs, uptime, audit logs and breach exposure. |
Solace operates in a crowded healthcare navigation and advocacy market with established employer/plan navigation companies and adjacent Medicare/older-adult support providers. Public evidence does not establish market share.
partially verified confidence: medium
Direct and adjacent competitors market advocacy, navigation, virtual care, Medicare guidance and older-adult support. Solace differentiation appears to center on Medicare/MA coverage, patient advocacy, advocate network and reimbursement-enabled access.
| company | segment | public positioning | competitive pressure on solace |
|---|---|---|---|
| Solace | Medicare-oriented healthcare advocacy | Patient advocates, Medicare/MA coverage, payer/provider partnerships. | Target company. |
| Accolade | Employer/plan advocacy | Healthcare advocacy with proven results. | Established navigation vendor and possible payer/employer competitor. |
| Included Health | Virtual care and navigation | Personalized virtual care and navigation for employers and health plans. | Broad virtual-care/navigation platform. |
| Health Advocate | Health advocacy/navigation | Health Advocacy & Navigation and clinical care management. | Direct category awareness and legacy sales relationships. |
| Quantum Health | Care navigation for employers/plans | Healthcare navigation for cost savings. | Cost-savings narrative and employer distribution. |
| Rightway | Clinical care navigation/PBM | Clinical care navigation and transparent PBM. | Navigation bundled with PBM relationships. |
| Chapter and Papa | Medicare guidance / older-adult support adjacencies | Medicare guidance; companion care for older adults. | Competes for senior/payer attention and budget adjacencies. |
| dimension | solace signal | competitor signal | diligence question |
|---|---|---|---|
| Payer integration | Medicare/MA coverage and payer page. | Employer/plan navigation platforms market payer or employer integrations. | Which payer contracts are signed, active, reimbursing and exclusive? |
| Human advocate quality | 2,000+ advocates and healthcare-professional claims. | Competitors emphasize care teams and clinical navigation. | Credential mix, training, QA and case-resolution outcomes. |
| Technology leverage | HIPAA-compliant platform and Medicare billing automation. | Competitors market navigation platforms and virtual care. | Automation rate, margin leverage, uptime and defensible IP. |
| Proof of outcomes | Patient-reported improvement claims. | Competitors market cost savings and proven results. | Third-party ROI and outcomes validation. |
Coordinates are analyst estimates from public positioning, not measured market share.
Public go-to-market appears to combine direct patient/family education, provider referrals, payer partnerships and PR/investor credibility; sales productivity, pipeline and budgets are not public.
partially verified confidence: medium
Solace positions itself as healthcare advocacy as a standard of care, distributed through patient-facing education, provider referrals, payer partnerships and financing/press credibility.
| channel | public signal | likely objective | key gap |
|---|---|---|---|
| Direct patient/family | Homepage, FAQ and product pages explain advocacy use cases. | Self-serve demand and SEO-driven education. | CAC, conversion, retention and channel payback. |
| Provider referral | Referral page offers web/email/fax referral and intake target. | Clinician-sourced patient acquisition. | Referral volumes, conversion, compliance review and referral-source concentration. |
| Payer partnerships | Payer page and Series C partnership language. | Enterprise distribution and reimbursement support. | Contracts, pipeline, implementation cycle and revenue by payer. |
| PR and investor credibility | BusinessWire, Bloomberg reprint, and investor articles. | Recruiting, payer credibility and category creation. | Attribution to qualified pipeline and hires. |
This chart is not a KPI; it is an evidence-coverage visualization.
not publicly verifiable confidence: high
Major customer evidence is limited to named insurer examples and payer/provider strategy; pipeline, contract status and customer trends are private.
| topic | public evidence | missing data |
|---|---|---|
| Named payers | Aetna, Blue Cross Blue Shield, Cigna, Humana and UnitedHealthcare named as coverage examples. | Actual contracts, revenue, claims volume and termination rights. |
| Provider partners | Provider referral workflow is public; no named provider customers. | Top provider sources, agreements and compliance review. |
| Payer pipeline | Series C says proceeds will deepen payer/provider partnerships. | Pipeline stage, ACV, win rate, cycle length and implementation backlog. |
| Customer concentration | No customer-level revenue public. | Revenue by top 15 customers and any 5%+ customer exposure. |
partially verified confidence: medium
The main visible new-business avenues are direct patient/family acquisition, provider referrals, payer partnerships and investor/press-led category creation.
not publicly verifiable confidence: high
No sales compensation, quota, cycle length or productivity data is public. Public evidence only suggests payer/provider channel and post-Series C hiring.
| area | public signal | diligence request | priority |
|---|---|---|---|
| Marketing budget | Bloomberg reprint says proceeds support marketing. | Marketing budget by channel, CAC, payback, funnel and compliance review. | High |
| Sales force | Payer/provider channel visible; no sales org detail public. | Sales headcount, quotas, attainment, cycle length, pipeline by stage. | High |
| Hiring capacity | Careers page describes active remote early-stage hiring. | Headcount plan, recruiting funnel and role-by-role budget. | Medium |
| Compliance review | Provider referral and Medicare billing model. | AKS/OIG/HIPAA marketing review of referral and payer materials. | High |
partially verified confidence: medium
Series C proceeds appear intended to support marketing and partnerships, but the budget, burn, ROI and compliance process are not public.
Public R&D evidence shows a platform, billing automation reference, engineering/product/design hiring and planned research function; detailed architecture, roadmap, development cost and defensibility are not public.
partially verified confidence: medium
R&D appears to include platform engineering, product/design, billing workflow and research/evidence generation, but team structure and key technical leaders are not public.
| r and d element | public signal | verification gap |
|---|---|---|
| Platform | HIPAA-compliant platform and Medicare billing automation are publicly described. | Architecture, integrations, uptime, security controls, automation rate. |
| Engineering/product/design hiring | Bloomberg reprint mentions hiring engineers, product and design. | Headcount, roadmap, velocity, retention and budget. |
| Research/evidence generation | Bloomberg reprint says a research team is planned. | Study protocols, payer ROI studies, IRB/privacy review and publication plan. |
| Data/privacy engineering | HIPAA notice and PHI workflows. | Data map, access logging, subprocessor list and audit artifacts. |
not publicly verifiable confidence: high
No detailed new-product pipeline is public. Critical pipeline areas likely include billing automation, advocate workflow, privacy/security, payer integrations and outcomes research.
| pipeline or dependency | why critical | public visibility | requested artifact |
|---|---|---|---|
| Billing workflow automation | Revenue realization and compliance. | Mentioned in Bloomberg reprint only. | Process maps, claims audit, denial dashboard, remittance data. |
| Advocate matching/workflow system | Capacity and service quality at scale. | Implied by advocate network and platform. | Product demos, routing logic, QA workflow and case-resolution metrics. |
| Privacy/security stack | PHI exposure and customer trust. | HIPAA notice and platform claims. | SOC 2/HITRUST, pen tests, access reviews, BAA/subprocessor list. |
| Outcome measurement/research | Payer sales and claim substantiation. | Research team planned; outcomes page public. | Study protocols, datasets, third-party validation. |
Founders and select operating scale signals are public; full org chart, board composition, headcount history, turnover, compensation plans, option plan and employee-relations history are not public.
partially verified confidence: medium
Only founders, advocate network scale and broad hiring functions are publicly visible. Full reporting lines, board composition and compliance leadership are not public.
| person or role | publicly verified | diligence gap |
|---|---|---|
| Jeremy Gurewitz - CEO/co-founder | Listed on Solace About/Careers pages. | Employment agreement, equity, board role, prior history and references. |
| Sara Sargent - CPO/co-founder | Listed on Solace About/Careers pages. | Employment agreement, equity, IP assignment and product leadership references. |
| Investors/board observers | IVP, Menlo, Alpha and other investors publicly named. | Board composition, protective provisions, voting rights and investor information rights. |
| Clinical/compliance leadership | Not identified in public source set. | CMO/compliance officer credentials, reporting lines and authority. |
Reporting lines are diligence placeholders, not verified org-chart lines.
partially verified confidence: medium
Public sources claim 2,000+ advocates and remote operations, but corporate headcount, historical/projected headcount by function and legal work locations are private.
| workforce area | public signal | risk or gap |
|---|---|---|
| Advocate network | 2,000+ advocates claimed. | Active roster, credentialing and utilization unknown. |
| RN advocate role | Remote 1099 role with RN license and Medicare patient work; compensation range listed. | Classification, state licensure, malpractice and supervision need review. |
| Corporate staff | Remote early-stage careers page and hiring mentions. | Headcount by function/location, attrition and hiring plan not public. |
| Location and tax/employment footprint | Austin/Redwood City/remote signals. | State registrations, payroll/tax nexus and remote-work compliance unknown. |
partially verified confidence: medium
Public biographies are limited to founder names and roles; full employment history, references and executive bench depth are not public.
partially verified confidence: medium
Public compensation evidence is limited to a remote 1099 RN advocate posting; executive compensation, benefits and employment agreements are private.
not publicly verifiable confidence: high
No incentive stock plan, option pool, vesting schedule or grant ledger is public.
inconclusive confidence: low
No significant employee-relations problem was identified in public sources, but no private HR, litigation, arbitration or complaint records were reviewed.
not publicly verifiable confidence: high
No turnover or retention data is public for corporate staff or advocate network.
Public legal evidence confirms HIPAA and Medicare reimbursement context and no obvious public-company filing, but litigation, IP, insurance, material contracts, regulatory enforcement and legal-entity records require counsel-led diligence.
inconclusive confidence: low
No verified pending lawsuit against Solace was identified in the public-source sweep, but this is inconclusive without PACER, state court, arbitration and demand-letter searches.
| check | finding | confidence | next step |
|---|---|---|---|
| Active private-company status | Active website, investor pages and 2025/2026 financings support active private status. | Medium | Confirm legal entity, good standing and state registrations. |
| Public-company filings | SEC EDGAR search did not identify Solace Health public registrant in this sweep. | Medium | Confirm no public filing obligations or predecessor entities with counsel. |
| Pending litigation | No verified Solace Health lawsuit identified in reviewed public sources; not exhaustive. | Low | Run PACER, state court, arbitration and demand-letter review. |
| Regulatory enforcement | No specific enforcement matter identified in reviewed sources; not exhaustive. | Low | Check OCR breach portal, CMS/OIG, FTC, state AG and payer audit history. |
This is not a substitute for counsel-led searches.
inconclusive confidence: low
No lawsuits initiated by Solace were identified in public sources; status remains inconclusive absent company legal records and docket searches.
partially verified confidence: medium
Environmental exposure appears low for a remote software/services company, but employee safety, remote-work, clinical-adjacent and PHI-handling policies remain important.
| control domain | public signal | requested artifacts | risk ids |
|---|---|---|---|
| Billing compliance | Medicare billing model and CMS codes. | Claims samples, code mapping, consent, supervision, denial and appeal workflows. | R-001, R-010 |
| Privacy/security | HIPAA notice and platform claims. | SOC 2/HITRUST, HIPAA risk assessment, BAAs, subprocessors, breach logs. | R-004, R-011 |
| Advocate supervision and licensure | Cannot diagnose/prescribe; RN role. | Training, credential checks, licensure matrix, malpractice insurance and escalation SOPs. | R-005 |
| Referral and marketing review | Provider referrals and payer/provider growth strategy. | Counsel memo, referral-source logs, marketing approvals and inducement controls. | R-010 |
Scores are analyst judgments on public-evidence completeness, not compliance ratings.
not publicly verifiable confidence: high
No complete IP schedule, patent/trademark record, software license list or invention-assignment evidence was public.
| artifact | public status | why it matters | priority |
|---|---|---|---|
| Patents/trademarks/copyrights | No comprehensive USPTO/copyright schedule verified in this sweep. | Brand protection and product defensibility. | Medium |
| Payer/provider contracts | Payer/provider strategy public; contract terms private. | Revenue, compliance, termination and exclusivity. | High |
| Advocate contractor agreements | 1099 role visible; agreements private. | Classification, IP/confidentiality, PHI and quality obligations. | High |
| Insurance | No cyber, E&O, malpractice, D&O or general liability schedules public. | Material exposure coverage for PHI, clinical-adjacent advice and directors. | High |
not publicly verifiable confidence: high
No insurance policies or coverage limits are public. Given PHI, clinical-adjacent advocacy, directors and contractor workforce, cyber, E&O, malpractice, D&O and GL coverage should be verified.
not publicly verifiable confidence: high
Material payer, provider, advocate, technology, BAA/subprocessor, financing and investor-rights contracts are not public.
inconclusive confidence: medium
No specific regulatory agency problem was verified in public sources, but Medicare billing, HIPAA/PHI, referral compliance and advocate licensure/scope require specialized review.
| area | public evidence | risk | request |
|---|---|---|---|
| Medicare navigation codes | CMS adopted relevant codes beginning 2024. | Billing, consent, supervision, documentation and audit risk. | Coding policy, counsel memo, claims audit and denial history. |
| HIPAA/PHI | HIPAA notice and HIPAA-compliant platform/referral claims. | Security, privacy, BAA, subprocessor and breach exposure. | HIPAA risk assessment, SOC 2/HITRUST, BAAs and incident log. |
| Referral and marketing compliance | Provider referral path and payer/provider partnership strategy. | AKS/CMP/OIG, HIPAA marketing and inducement scrutiny. | Regulatory counsel review of referral sources and marketing materials. |
| Professional scope and licensure | Advocates cannot prescribe/diagnose; RN role public. | Practice-of-medicine, licensure, supervision and escalation issues. | State-by-state licensure matrix and clinical escalation SOPs. |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Solace as a U.S. healthcare and life sciences unicorn at $1B, joined 2026-02-10. | verified high | SRC-001 |
| EC-002 | Solace announced a $130M Series C led by IVP at a valuation over $1B. | verified high | SRC-002SRC-003 |
| EC-003 | Solace announced a $60M Series B in April 2025 led by Menlo Ventures. | verified high | SRC-004SRC-015 |
| EC-004 | Solace has publicly described a Medicare reimbursement-linked business model and $211M raised to date. | partially verified medium | SRC-003 |
| EC-005 | Solace publicly claims 2,000+ advocates, 20,000+ monthly patients, 10x year-over-year growth, and a HIPAA-compliant platform. | partially verified medium | SRC-002 |
| EC-006 | Solace publicly states it is covered by Medicare and major Medicare Advantage insurers, with a network in all 50 states. | partially verified medium | SRC-004SRC-006 |
| EC-007 | Solace was founded in 2022 by Jeremy Gurewitz and Sara Sargent, who are publicly identified as CEO and CPO. | verified high | SRC-008SRC-012 |
| EC-008 | Solace product scope is healthcare advocacy and navigation for patients and families. | verified medium | SRC-005SRC-007 |
| EC-009 | Solace states advocates do not diagnose or prescribe and claims experienced healthcare-professional advocates and high patient-reported improvement. | partially verified medium | SRC-006 |
| EC-010 | Solace publicly offers provider referral paths and states intake typically occurs within 48 hours. | partially verified medium | SRC-009 |
| EC-011 | Solace markets payer partnerships and healthcare-navigation ROI, but contract economics are not public. | partially verified medium | SRC-010SRC-002 |
| EC-012 | Solace publishes outcomes claims, but raw methodology and independent validation are not public. | partially verified medium | SRC-011SRC-006 |
| EC-013 | Solace uses a remote 1099 RN advocate role serving Medicare patients. | partially verified medium | SRC-016 |
| EC-014 | Solace presents itself as a fully remote, early-stage hiring organization. | verified medium | SRC-012 |
| EC-015 | CMS adopted Medicare payment codes beginning in 2024 for care-navigation-related services including Principal Illness Navigation. | verified high | SRC-017 |
| EC-016 | Solace maintains a HIPAA Notice stating obligations to protect protected health information. | verified medium | SRC-018 |
| EC-017 | Established healthcare navigation and advocacy vendors compete for employers, health plans, and members. | verified medium | SRC-019SRC-020SRC-021SRC-022SRC-023 |
| EC-018 | Adjacent companies target Medicare guidance and older-adult support use cases. | verified medium | SRC-024SRC-025 |
| EC-019 | Investor pages from IVP, Alpha Partners, and Menlo Ventures support financing and market-thesis claims. | verified medium | SRC-013SRC-014SRC-015 |
| EC-020 | Core financial, cap-table, tax, and operating metrics are not publicly available. | not publicly verifiable high | SRC-001SRC-002SRC-003SRC-004 |
| EC-021 | Solace appears to be an active private company, not a public registrant. | partially verified medium | SRC-001SRC-002SRC-005SRC-026 |
| EC-022 | No verified pending lawsuit or regulator enforcement matter against Solace was identified in the public-source sweep. | inconclusive low | SRC-026SRC-018 |
| EC-023 | Solace handles sensitive patient information and therefore has material HIPAA/PHI and security-control risk. | partially verified high | SRC-002SRC-009SRC-018 |
| EC-024 | Customer and revenue concentration are not publicly verifiable and likely tied to Medicare and Medicare Advantage reimbursement channels. | not publicly verifiable high | SRC-003SRC-004SRC-010 |
| EC-025 | Public R&D detail is limited to platform references, hiring, and a planned research team. | partially verified medium | SRC-002SRC-003SRC-012 |
| EC-026 | Public geography signals are mixed: CB Insights lists Austin/United States, BusinessWire dateline is Redwood City, and company recruiting describes remote operations. | partially verified medium | SRC-001SRC-002SRC-012 |
| EC-027 | Payer and provider partnerships are a declared strategic priority. | partially verified medium | SRC-002SRC-009SRC-010 |
| EC-028 | Public evidence supports Solace as active and not known from reviewed public sources to be acquired, shut down, or publicly listed. | partially verified medium | SRC-001SRC-002SRC-004SRC-005SRC-013 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.