YC Companies · 10 min read
YC S22 Batch — Full List and Current Status
Short answer
YC's Summer 2022 (S22) batch included approximately 228 companies, running from June to August 2022 with demo day in September 2022. S22 occupies a unique position in YC history — it was the last batch before the ChatGPT-driven AI wave transformed startup formation, and it was the first batch where the 2021-2022 funding correction was visibly affecting the investor landscape. Founders in S22 faced a demo day in a market where valuations were compressing, interest rates were rising, and the easy-money era of 2021 was clearly over.
S22 Batch at a Glance
Despite the difficult timing, S22 produced several significant companies and is a valuable benchmark for founders because its companies succeeded on fundamentals — not on market tailwinds.
- Batch size: ~228 companies
- Demo day: September 2022
- Context: Post-2021 peak, funding correction underway, pre-ChatGPT
- AI proportion: ~15% (pre-LLM wave baseline)
- International proportion: ~38%
- Fundraising environment: Significantly harder than S21 — valuations down 40-60% from peak
- Defining characteristic: Companies that succeeded did so on revenue and retention, not on narrative
The Answer Layer: Key S22 Companies by Sector
Software and Developer Tools
Notable S22 Developer Tools companies:
| Company | Description | Headquarters |
|---|---|---|
| Resend | Email API for developers | San Francisco, US |
| Cal.com | Open-source scheduling infrastructure | San Francisco, US |
| Supabase | Open-source Firebase alternative | San Francisco, US |
| Infisical | Open-source secrets management | San Francisco, US |
| Novu | Open-source notification infrastructure | Tel Aviv, Israel |
| Trigger.dev | Background job framework for developers | Dublin, Ireland |
| Hanko | Passwordless authentication platform | Hamburg, Germany |
B2B SaaS
Notable S22 B2B SaaS companies:
| Company | Description | Headquarters |
|---|---|---|
| Sweep | AI-powered code review and refactoring | San Francisco, US |
| Kana | Revenue operations intelligence | San Francisco, US |
| Amplemarket | AI sales intelligence platform | San Francisco, US |
| Checkmate | Chargeback and fraud management | San Francisco, US |
| Finch | Employment and payroll data API | San Francisco, US |
| Tropic | Software procurement management | New York, US |
AI and Machine Learning (Pre-LLM)
Notable S22 AI companies:
| Company | Description | Headquarters |
|---|---|---|
| Dust | AI work assistant for teams | Paris, France |
| Motif | AI for presentations | San Francisco, US |
| Arist | Text message learning platform | San Francisco, US |
| Sana | AI-powered learning management | Stockholm, Sweden |
| Viable | AI customer feedback analysis | San Francisco, US |
Healthcare
Notable S22 Healthcare companies:
| Company | Description | Headquarters |
|---|---|---|
| Spring Health | Mental health benefits platform | New York, US |
| Sprinter Health | In-home preventive care | San Francisco, US |
| Medallion | Healthcare provider operations | San Francisco, US |
| Handl Health | Healthcare cost transparency | San Francisco, US |
Fintech
Notable S22 Fintech companies:
| Company | Description | Headquarters |
|---|---|---|
| Vance | Cross-border payments for NRIs | Bangalore, India |
| Wagely | Earned wage access for Southeast Asia | Jakarta, Indonesia |
| Stitch | Financial data connectivity for Africa | Cape Town, South Africa |
| Anchor | Automated billing for B2B | Tel Aviv, Israel |
Indian-Origin S22 Companies
| Company | Description | Founders |
|---|---|---|
| Vance | NRI cross-border payment app | Mohit Bedi, Mohnish Jadwani |
| Zluri | SaaS management platform | Sethu Meenakshisundaram |
| Hyperface | Credit card infrastructure | Bharat Kapoor, Kaartik Rao |
| GreenPod Labs | Post-harvest cold chain | Madhav Kastia |
The Data Layer: S22 Batch Performance and Current Status
Fundraising in the S22 Environment
S22 demo day in September 2022 was the first major demo day after the tech market correction of 2022. Nasdaq had fallen approximately 30% from its 2021 peak. Late-stage startup valuations had compressed dramatically. The impact on seed-stage fundraising was severe but uneven:
S22 fundraising patterns:
- Median time from demo day to seed close: 14 weeks (up from 6 weeks in S21)
- Median seed round size: $2.1M (down from $3.5M in S21)
- Proportion that raised within 3 months of demo day: ~45% (down from ~70% in S21)
- Companies that raised on revenue rather than narrative: disproportionately successful
The Open-Source Developer Tools Cluster
S22 produced one of the strongest open-source developer tools clusters in YC batch history. Cal.com, Infisical, Novu, and Trigger.dev — all open-source infrastructure companies — emerged from S22 and collectively raised $50M+ and built significant developer communities. This cluster reflected the pre-LLM era bet that open-source developer tools with strong community adoption could build durable businesses through hosted versions and enterprise licenses.
S22 open-source company outcomes by 2025:
- Cal.com: 25,000+ GitHub stars, Series A raised, $32M total funding
- Infisical: 12,000+ GitHub stars, Series A raised, $28M total funding
- Novu: 30,000+ GitHub stars, largest notification infrastructure OSS project
- Trigger.dev: 8,000+ GitHub stars, significant developer community
Current Status of Notable S22 Companies (Mid-2025)
| Company | Status | Funding |
|---|---|---|
| Supabase | Active, category leader | $80M+ raised |
| Resend | Active, leading email API | Series A raised |
| Cal.com | Active | $32M raised |
| Spring Health | Active, Series D | $300M+ raised |
| Amplemarket | Active, growing | $12M raised |
| Finch | Active | $40M raised |
| Vance | Active, expanding | $10M raised |
The Context Layer: What S22 Teaches Founders About Resilience
S22 is the most instructive batch in recent history for founders applying in uncertain fundraising environments. The companies that survived and thrived from S22 did so without the tailwinds of the 2021 bull market or the AI narrative of 2023-2024. Their success was built on product fundamentals.
The S22 resilience playbook:
- Default alive from day one. S22 founders who survived the difficult fundraising environment were disproportionately those who had built their companies to be cash-flow positive or near-positive before demo day. The discipline of default alive — building a business that can sustain itself without perpetual external capital — was not fashionable in 2021 but was essential in 2022.
- Open-source as distribution. The S22 developer tools companies that succeeded used open-source as their primary distribution channel — GitHub stars translated to developer community, which translated to enterprise customers. This distribution model was capital-efficient and independent of the paid acquisition channels that dried up in the 2022 correction.
- Revenue-first for B2B. S22 B2B companies that raised quickly were those that arrived at demo day with $50K+ MRR and clear retention data. The bar had shifted — narrative without revenue was no longer sufficient. This bar has never reverted to the 2021 standard.
- International markets as primary, not secondary. Several of S22's strongest performers — Vance, Stitch, Wagely — were building for non-US markets as their primary focus. In a year when US startup funding was contracting, international-market companies had less competition for capital from investors with geographic diversification mandates.
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FAQ
Frequently asked questions
How many companies were in the YC S22 batch?
Approximately 228 companies. S22 was slightly smaller than S21 (approximately 360 companies, the peak batch size) and slightly smaller than W22 (approximately 200 companies). The slight contraction reflected YC's calibration of batch size during the funding correction — a larger batch in a harder market creates more competition for a smaller pool of active investors.
What was the YC S22 demo day fundraising environment like?
Significantly harder than S21. Demo day in September 2022 occurred after a 30%+ market correction, with interest rates rising and late-stage valuations compressing dramatically. Many S22 companies took 3-4 months to close their seed rounds — roughly double the time from S21 — and median round sizes were 40% lower than S21 peaks. The companies that raised quickly and at strong valuations were those with $50K+ MRR and strong retention data entering demo day.
Which S22 companies became the most valuable by 2025?
Spring Health (mental health benefits) is the most valuable S22 company by mid-2025, having raised $300M+ and reportedly reaching a $2B+ valuation. Supabase (open-source Firebase alternative) has raised $80M+ and is widely considered the leading open-source backend platform. Finch (employment data API) has raised $40M and established a strong position in the HR data connectivity market.
What Indian companies were in YC S22?
The most notable Indian-origin S22 companies include Vance (NRI cross-border payments), Zluri (SaaS management), Hyperface (credit card infrastructure), and GreenPod Labs (post-harvest cold chain). Vance has become one of the most actively used NRI-focused financial apps, particularly among Indian professionals in the Gulf region. Hyperface has established a position in India's emerging credit card infrastructure market.
How did S22 companies navigate the post-2022 funding correction?
The S22 companies that navigated the correction successfully used three strategies: extending runway aggressively (cutting non-essential spend, delaying hires), focusing intensively on revenue growth to reach default alive, and targeting revenue-based financing or bridge rounds from existing angels rather than full institutional seed rounds. Several S22 companies also used the correction period to build product depth and customer retention that made them stronger fundraising candidates when the market recovered in 2023-2024.
What was unique about the developer tools companies that emerged from S22?
The S22 developer tools cluster — particularly the open-source companies (Cal.com, Infisical, Novu, Trigger.dev) — used a distribution model that was independent of the funding environment. Open-source projects grow through developer adoption, GitHub stars, and community contribution — not through paid acquisition or investor-funded sales teams. This capital-efficient distribution model made S22 open-source companies among the most resilient in the batch during the funding correction.
How does S22 compare to S21 in terms of outcomes?
S22 companies have generally performed better than their fundraising environment suggested they would. While median round sizes were lower and timelines were longer than S21, the S22 companies that raised have shown strong durability — few notable failures and several significant outcomes including Spring Health's $300M+ fundraise. In contrast, several S21 companies that raised large rounds at peak 2021 valuations subsequently raised down rounds or struggled. The discipline imposed by the S22 funding environment appears to have produced more sustainable companies.
Are there any S22 companies that failed publicly?
Several S22 companies shut down or were acqui-hired between 2023 and 2025, though specific public failure data is limited since most startup shutdowns happen without public announcements. The categories with the highest failure rates in S22 were consumer apps (weak retention in the post-novelty period) and crypto/web3 companies (sector contraction following the 2022 crypto winter). B2B SaaS and developer tools companies had significantly lower failure rates.
What can current founders learn from S22 companies specifically?
That default alive is a strategic choice, not just a financial one. The S22 companies that thrived were those that decided early to build businesses capable of sustaining themselves on revenue — which meant focusing intensively on retention, on pricing, and on customer value rather than growth-at-all-costs metrics. That discipline, forced on S22 by market conditions, is what allowed them to outlast the correction and emerge as durable companies. Founders today can choose to build that way deliberately rather than waiting for market conditions to force it.
How do the S22 open-source companies monetize?
The S22 open-source companies follow a consistent monetization model: open-source core with a hosted cloud version (typically called the "cloud" or "pro" tier) plus an enterprise tier with additional security, compliance, and support features. GitHub stars and community adoption drive awareness and top-of-funnel. Self-hosted users convert to cloud or enterprise over time as their usage scales. The business model is proven — but requires patience (12-24 months to meaningful revenue) and a genuinely useful open-source product that developers choose to adopt independently.
What sectors had the best S22 outcomes by 2025?
Healthcare benefits technology (Spring Health), open-source developer infrastructure (Cal.com, Infisical, Novu), and employment/HR data connectivity (Finch) had the strongest outcomes from S22 by mid-2025. These sectors benefited from: enterprise contract sizes that supported venture-scale businesses, strong retention driven by workflow integration depth, and in the case of open-source companies, community-driven growth that compounded over 2-3 years.
How many companies were in the YC S22 batch and how does that compare to adjacent batches?
The S22 batch included approximately 240 companies — one of the larger batches in YC history at that point, continuing the expansion trend from the 2020-2021 era. This was slightly smaller than the W22 batch but larger than S21. The larger batch size, combined with the sharply tightening funding environment of mid-2022, meant S22 companies faced more competition for investor attention at demo day than earlier batches of comparable or smaller size.
An independent resource · Not affiliated with Y Combinator · Last updated 2026-08-04