Exclusive: Intuitive Ventures closes $150M fund for health care startups
Intuitive Surgical spinout venture firm Intuitive Ventures raised $150 million for its second health care startup fund, managing partner Murielle Thinard McLane tells Axios exclusively.
Why it matters: Intuitive's fundraise is reflective of continued venture interest in early-stage health care startups, despite a murky market.
Details: Intuitive plans to invest the funds in 10 to 15 startups across fields such as care coordination, precision diagnostics, medical technologies and digital health.
- The firm plans to deploy between half a million to $10 million in first initial checks, per Thinard McLane, who is replacing outgoing managing director Oliver Keown.
- While Keown is leaving Intuitive to start his own company, he will remain a venture partner with the firm.
How it works: The Sunnyvale, California-based firm invests in early-stage health care startups from seed stage to Series B, as well as follow-on investments. Notable recent bets include:
- Participation in robotic-assisted heart valve surgery technology company Capstan Medical's $31.4 million Series B round this August.
- Follow-on investment in medical imaging data company Flywheel's $54 million Series D raise this June.
- Co-leading health care cybersecurity company MedCrypt's $25 million Series B raise with Johnson & Johnson Innovation in 2022.
Flashback: Robotic surgery company Intuitive Surgical launched Intuitive Ventures as a separate business entity in 2020.
- So far, the firm invested in more than 10 health care startups from its first fund of $100 million.
What they're saying: Although the market has remained quieter compared with the frenzy of dealmaking in 2020 and 2021, Thinard McLane says things have started to pick up.
- "I feel like the momentum is starting again," she says.