Care delivery · At home diagnostics
Examedi
A Chilean company that sends nurses to draw blood in patients’ homes and routes the samples to partner laboratories in Chile and Mexico. It sold $22.5 million of stock in 2022, lost most of that valuation, and replaced every founder.
A father who would not go
Ian Lee was 20, living in Santiago and taking remote classes at a Canadian university. His father smoked, had high cholesterol, and had not had a blood test in years. Not because he could not afford one.
“Mi papá, que tiene problemas de salud, no quería ir al laboratorio a hacerse exámenes porque perdía mucho tiempo y debía hacer ayuno, manejar y esperar horas”, Lee told Diario Financiero in February 2022. Fasting, then driving, then waiting.
He left the degree after one semester. In May 2021 Examedi took its first 30 patients; by January 2022 it reported 12,000, with the nurse roster up from one to 67 across four Chilean regions.
The price spread
Chile runs a public system covering most of the population, with the private isapres taking the rest. Either way, a routine test costs wildly different amounts depending on where you walk in. Lee gave Diario Financiero his own numbers: one clinic charging 190,000 pesos for a test, another 170,000, a third 100,000, on identical fixed costs.
The arbitrage sat in the machines. An analyser costs the same whether it runs 50 samples or 100. Albagli described the model to Bloomberg Línea as buying those idle hours cheaply and reselling them below what a walk in laboratory charges.
Examedi never owned a laboratory. That is the hinge of the whole story. Chilean television reported in 2022 that the partner laboratories, the ones approved by the Instituto de Salud Pública, do the analysis. Examedi supplies the logistics around them.
Four programmers
Lee started the company with Andrés Kemeny and Juan Pablo Zepeda; Alberto Albagli appears as the fourth co-founder in later accounts. Forbes put their ages in 2022 at 21, 21 and 26. Lee had taught himself to program at 14 and talked his way into a job at the Chilean proptech Houm while still at school. Examedi is a delivery company that happens to carry blood.
The money years
Platanus Ventures took them first, then Y Combinator in the Summer 2021 batch. The seed has been reported three ways: $2.7 million in September 2021 from 8VC, Quiet Capital and Goodwater Capital; US$3.9 million by February 2022, once Nexus Partners, Platanus and Chilean family offices were counted; and $3.5 million in the company’s own June 2022 release.
The Series A was announced on June 22, 2022: $17 million led by General Catalyst, with Thomaz Srougi of Dr. Consulta, Sebastián Mejía of Rappi and Jamie Karraker of Alto Pharmacy alongside. Six weeks later a Cayman Islands company called Examedi Holdings Ltd, with an address in Las Condes, Santiago, filed a Form D reporting $22,499,000 sold to 41 investors, with nothing left in the offering.
The contracts came fast. Imalab, the laboratory Examedi had worked with since 2021, brought Isapre Nueva Masvida and its 400,000 affiliates in August 2022, the first deal with a Chilean private insurer. Clínica Bupa Antofagasta followed in October. In January 2024 Laboratorios Chopo, a Mexican chain with about 400 branches, made Examedi its home collection arm. In June 2024 Clínica Alemana, which runs more than 2.3 million laboratory tests a year, went live in six Santiago districts.
The surgery
Then the pandemic ended. Revenue from PCR tests went, in the company’s own account to Diario Financiero, to zero. It rebuilt around routine blood work, but was still losing money and growing at 30% a year, not the 300% behind a valuation near US$100 million.
In October 2024 Mariano Werner, an Argentine lawyer with a Stanford MBA and a turnaround record at the legal software firm Lemontech, took over as chief executive. He cut 40% of the staff and closed cities. Zepeda left as COO at the end of 2024, Albagli in January 2025. Lee stepped out of daily operations in February 2025 and became chairman of a new board that included Tyler Olkowski of General Catalyst, Patrick Kiblisky and Andrés Lawson.
In November 2025 the company raised US$750,000 led by Platanus at a US$17 million valuation, close to 80% below its peak. General Catalyst sold out. Mexico had reached break even a month earlier. By August 2026 Werner was leaving for the fintech Toku, Mexico country manager Nicolás Pino was set to replace him, and Kemeny, the last founder in the operation, was on his way out too.
What is proven, and what is still claimed
| Evidence | What the record shows | Source type |
|---|---|---|
| Corporate filing | Examedi Holdings Ltd, Cayman Islands, incorporated 2021, address in Las Condes, Santiago. Form D filed Jul 8, 2022: $22,499,000 offered and sold, first sale May 11, 2022, 41 investors, Rule 506(b). Directors listed: Eun Bin Lee, Andres Kemeny, Juan Pablo Zepeda. | Public record |
| Announcement versus filing | The June 2022 release says $17 million. The filing, six weeks later, reports $5,499,000 more sold and nothing remaining. No explanation appears in it. | Differs from the record |
| Seed round size | Reported as $2.7 million (Sep 2021), US$3.9 million (Feb 2022), then $3.5 million by the company (Jun 2022). No filing settles it. | Sources disagree |
| Laboratory licensure, Chile | No Instituto de Salud Pública or SEREMI authorisation in Examedi’s own name found. Reporting from 2022 puts the ISP approval with the partner laboratories, which do the analysis. | Not found |
| Sanitary responsibility, Mexico | Laboratorio Médico del Chopo sells the service as its own and names its own sanitary officer for the Mexico City laboratory. No COFEPRIS registration in Examedi’s name found. | Partner-stated |
| Named partners | Imalab (2021), Caja Los Andes and Isapre Nueva Masvida (2022), Clínica Bupa Antofagasta (2022), Rescare (2023), Laboratorios Chopo (2024), Clínica Alemana (2024). | Independent |
| Revenue and valuation | US$3.5 million in 2025, under the US$4 million projected that November; about US$3.8 million targeted for 2026. Valued at US$17 million in November 2025, roughly 80% below peak. | Independent |
| Unit economics | Given to Business Insider in 2022: about $40 a visit, $18 to the laboratory, $8 to the nurse, $1 in supplies, about $12 left. Nurses pick visits as contractors. | Company-stated |
| Clinical and regulatory files | No FDA clearance, registered trial, NIH or NSF award, or PubMed record, as of Sep 23, 2026. Patient counts of 300,000 in Chile and 50,000 in Mexico are site claims. | None found |
Read plainly: the logistics and the contracts are real, signed by institutions with every reason to check. What Examedi does not hold is the licence that makes a laboratory result valid. That belongs to Imalab, to Clínica Alemana, to Chopo. It is a defensible position and a fragile one, because the partner can build the same last mile itself.
What to watch
- Whether operating profitability arrives by the end of 2026, as reported.
- The third leadership handover in two years, with no founder left.
- Whether Clínica Alemana extends the deal beyond laboratory collection.
- Whether Mexico, the only unit at break even, outgrows Chile.
- Any health authority authorisation in Examedi’s own name.
In their words
“Mi papá, que tiene problemas de salud, no quería ir al laboratorio a hacerse exámenes porque perdía mucho tiempo y debía hacer ayuno, manejar y esperar horas.”
Ian Lee, co-founder, Diario Financiero, 2022 · Independent
“My mentality was, as long as my dad can use it, I’m happy.”
Ian Lee, Business Insider, 2022 · Independent
“es fácil para nosotros expandirnos porque nuestra red de enfermeras sirve exactamente igual que Uber”
Ian Lee, Forbes Chile, 2022 · Independent
“darle volumen a los distintos laboratorios utilizando este espacio ocioso que ellos tienen para poder procesar exámenes, con los cuales negociamos una tarifa especial”
Alberto Albagli, co-founder and CSO, Bloomberg Línea, 2022 · Independent
“muchas veces la operación, como es este caso de toma de muestra, puede ser realizada por especialistas como Examedi, que son expertos en la logística de toma de muestra a domicilio”
Juan José Ledermann, general manager, Bupa, 2022 · Partner-stated
“a mí no me llaman cuando la empresa no tiene problemas”
Mariano Werner, CEO, Diario Financiero, 2025 · Independent
“This is more like a private-equity-style company: attractive, efficient, and profitable”
Mariano Werner, CEO, LatamList, 2025 · Independent
Related companies
Sources
- Public recordForm D, Examedi Holdings Ltd, CIK 0001937324
- Public recordForm D, Examedi B a Series of CGF2021 LLC
- Public recordForm D, Examedi A Nov 2025 a Series of CGF2021 LLC
- IndependentExamedi tras la cirugía: nuevo CEO, sin fundadores
- IndependentExamedi levanta US$750 mil y alcanza punto de equilibrio
- IndependentExamedi raises $750K in a round led by Platanus
- IndependentCirugía en Examedi: salen Ian Lee y otros dos fundadores
- IndependentClínica Alemana se asocia con startup Examedi
- IndependentExamedi cierra alianza con laboratorio en México
- IndependentAlianza de Examedi e Imalab con Nueva Masvida
- IndependentChilena Examedi levanta US$17 millones en Serie A
- IndependentThe 11-slide presentation that sold General Catalyst
- IndependentLa startup Examedi quiere llevar a México su propuesta
- IndependentEl boom explosivo y ambicioso de Examedi
- IndependentExamedi raises $2.7M to grow internationally
- CompanyExamedi raises $17M in Series A funding
- CompanyExamedi se une con Clínica Bupa Antofagasta
- PartnerServicio a domicilio de análisis clínicos
- PartnerToma de muestras a domicilio con Examedi
- PartnerConvenio con Imalab y Examedi
- CompanyExamedi Chile and Mexico sites
Profile researched and written by Healthcare Discovery. Last updated September 29, 2026.
