SteelSky Ventures

SteelSky Ventures Research Document Executive Overview SteelSky Ventures is a specialized venture capital fund dedicated to revolutionizing healthcare through AI-powered innovations that specifically address gaps in women's health and underserved populations. Founded in 2017 by Maria Toler Velissaris, the firm has established itself as the world's largest dedicated women's health VC fund with $72-73 million in assets under management. The firm combines venture capital with a deep mission-driven focus on health equity and accessibility. Investment Thesis SteelSky's core thesis centers on the transformative potential of AI-driven healthcare solutions that unlock new markets and redefine healthcare delivery. The firm specifically focuses on: Primary Focus Areas: AI-powered women's health technologies (reproductive health, maternal health, menopause care, fertility) Underserved population access to healthcare Digital health and telehealth innovation Healthcare outcomes improvement and care accessibility Behavioral health and mental health technologies Thematic Approach: SteelSky takes a focused, thematic approach to the expansive and resilient healthcare technology sector. They note that the market is expanding toward a $164 billion market by 2030, driven by AI-driven advancements. The firm sees AI as the critical enabling technology for solving healthcare's most entrenched problems, particularly for communities historically underserved by the healthcare system. Key Conviction: The fund believes that breakthrough healthcare innovations must serve women and underrepresented populations, not just wealthy demographics. They emphasize that women's healthcare has historically suffered from underinvestment and research gaps, and they are determined to change this investment gap. Stage and Check Size Focus Investment Stages: Primary focus: Seed and Series A Secondary: Pre-Seed (selective) Occasional follow-ons in later stages Clear evidence of willingness to participate in Series B and beyond with strong portfolio companies Check Size Range: Seed: $1M-$5M typical range Series A: $2M-$5M+ Follow-on capacity significant (substantial reserves maintained) Flexibility to write larger checks for proven portfolio winners Recent Activity and Fund Status Fund Status: Actively deploying (Fund I closed in 2022 with $72M; currently in deployment phase) Notable Recent Investments and Exits (2024-2026): February 2026: MIDI Health reached $1.1B valuation January 2026: Zipline raises $600M at $7.6B valuation July 2025: Bend Health acquired by Lyra Health (exit) June 2025: Midi Health named to TIME100 Most Influential Companies of 2025 June 2025: Zipline named to CNBC's 2025 Disruptor 50 List June 2025: Investment in Commons Clinic February 2025: Investment in Posterity Health December 2024: MIDI Health recognized as #1 digital health startup on CB Insights' Digital Health 50 Unicorn/Mega Exits: Zipline: $7.6B valuation (raised $600M+ in recent funding) MIDI Health: $1.1B valuation (reached unicorn status, TIME100 recognition) Origin: Nationwide maternity/women's health platform, significant growth 23andMe: Went public (early investment that preceded IPO) Portfolio Characteristics Portfolio Companies (18+ active): Women's Reproductive & Maternal Health: MIDI Health - Menopause care platform ($1.1B valuation) Twentyeight Health - Reproductive health and contraception access Mae - Maternal health platform serving underserved communities Cayaba Care - Maternity health access for underserved populations Origin - Postpartum and pelvic floor health platform Proov - At-home ovulation testing Ruby Love - Pelvic health products Posterity Health - Fertility care platform Behavioral & Mental Health: Motivo Health - Behavioral health supervision platform Bend Health - Eating disorder treatment platform (acquired by Lyra Health 2025) Moving Analytics - Cardiovascular telehealth Digital Health & Chronic Care: Lark Health - AI-driven chronic condition care Commons Clinic - Primary care access ConcertoCare - PACE programs for elderly Healthcare Infrastructure & Delivery: Zipline - Drone delivery for medical supplies ($7.6B valuation) Huma AI - Remote patient monitoring Raydiant Oximetry - Continuous monitoring technology Team and Governance Leadership: Maria Toler Velissaris: Founder & Managing Partner (15+ years healthcare/VC, White House advisor on women's health) Casey Albert: Managing Partner (Healthcare innovation specialist) Amy Lambert: Chief Financial Officer Strong advisory board including CEO of ARM Holdings, President/COO of Stanford Children's Hospital Geographic and Sector Focus Geographic Preferences: Primary: Southeastern US (Atlanta headquarters) Secondary: National US presence International: Selective (Zipline operates globally) Investment Focus: Primary: Women's health, healthcare digital, health equity Secondary: Behavioral health, healthcare infrastructure Technologies: AI/ML, telehealth, remote monitoring, data analytics Decision Process and Investment Philosophy Decision Making: Partnership-driven with advisory board input 4-8 week typical timeline Board representation typical Mission alignment heavily weighted Founder Preferences: Female founders strongly preferred Founders from underrepresented backgrounds Healthcare domain expertise valued Passion for health equity and access critical Support Services: Board seats and operational involvement Healthcare system partnerships (MultiCare, Cleveland Clinic) Corporate strategic introductions Fundraising and go-to-market support Market View and Anti-Thesis Market Opportunity: Healthcare tech expanding to $164B by 2030 Women's health severely underfunded Health equity represents major opportunity AI-driven solutions for access and outcomes What They Don't Invest In: Hardware-only plays Companies not addressing health equity Traditional pharma approaches Companies ignoring underserved populations Recognition and Impact Named to ImpactAssets 50 for third time (2023) Recognized as leader in health equity investing (AHA, 2023) Maria Toler featured in Forbes, Fortune, Bloomberg, NYT White House advisor on women's health research 30+ major press features in 2022-2023 alone Conclusion SteelSky Ventures is a specialized, mission-driven fund focused on early-stage healthcare innovation with explicit emphasis on women's health and health equity. The fund demonstrates strong financial returns (unicorn portfolio companies) combined with measurable health impact. Fund is actively deploying with continued momentum through 2026.