Alive HealthTech Growth Fund Research
Investment Thesis
Alive is one of Israel's leading HealthTech investment platforms, backing advanced-stage MedTech, Digital Health, and Bio-convergence companies that are ready to scale, commercialize, and lead global markets. Founded in 2019/2020 by four co-founders with deep clinical, hospital-system, and organizational backgrounds, Alive positions itself as a late-stage, risk-mitigated investor: it enters HealthTech opportunities after core technology and regulatory risk have been substantially de-risked, then uses an exclusive ecosystem of strategic partnerships with hospital chains, HMOs, and financial institutions to accelerate commercialization and time to exit. The firm explicitly states it invests first in the people behind a technology, prioritizing founding teams and "corporate DNA" alongside clinical differentiation.
Sector Focus
Alive invests across two core categories inside HealthTech: Medical Devices and Digital Health, with an emerging Bio-convergence lens. Its 13-company disclosed portfolio splits roughly evenly between hardware-driven medical devices (cardiac support systems, mitral valve replacement, urology devices, AR surgical navigation) and software/AI-driven digital health (clinical intelligence, proteomics AI, healthcare IoT security, peer-support mental health, medication management, cardiac ultrasound AI). Several portfolio companies are AI-native (Navina, OncoHost, UltraSight), reflecting increasing interest in applied clinical AI.
Stage Focus
Alive operates across three fund vehicles targeting different points in the HealthTech lifecycle: Alive One (2020 vintage, >$110M AUM) invests in mid-to-late clinical-stage and early commercial-stage medical device and digital health companies; Alive Next is an opportunity fund that doubles down on Alive's most mature, value-inflecting portfolio companies; and Alive Growth (2025 vintage, ~$200M AUM target, initial close Q3 2025) is the newest vehicle, focused purely on growth-stage HealthTech investments alongside international VCs, crossover funds, and global corporations. Third-party data (IVC Data & Insights) describes Alive as planning to lead investments in 12-15 companies raising $20M-$40M rounds, consistent with a growth-stage, mid-to-late clinical/commercial focus rather than early-stage seed investing.
Check Size
Alive does not publish an explicit check-size range. Observed lead and follow-on round sizes across the portfolio span roughly $5M (Wisdo Health Series A extension) to $105M (Magenta Medical growth financing), with Alive-led rounds clustering in the $24M-$35M range (UltraSight Series B2 at $24M, Cynerio Series B at $30M, OncoHost Series C at $35M). This is treated as a directional range rather than a confirmed policy.
Lead Tendency
Alive both leads and follows. It has led multiple rounds directly (Cynerio's $30M Series B, OncoHost's $35M Series C, and UltraSight's $24M Series B2 - the first deployment from Alive Growth Fund III) and has also participated alongside other leads (Navina's $55M Series C led by Goldman Sachs Alternatives; Magenta Medical's growth rounds led by OrbiMed and Novo Holdings).
Recent Activity
Alive is actively deploying from its newly closed Growth Fund III. Its most recent disclosed investment is a $24M Series B2 in UltraSight (September 2026), an FDA-cleared AI-guided cardiac ultrasound platform, marking the fund's first deployment. Alive Growth Fund III itself announced its initial closing in November 2025 at a target of $180M-$200M. The firm has also seen three exits: Innovalve (acquired by Edwards Lifesciences, ~$350M, 2024), Cynerio (acquired by Axonius, $100M+, 2025), and Wisdo Health (acquired by Talkspace, 2025).
Portfolio Highlights
Alive's disclosed portfolio spans 13 companies. Notable names include Navina (AI clinical intelligence for primary care, raised a $55M Series C from Goldman Sachs Alternatives), OncoHost (AI proteomics platform for oncology, multiple industry awards in 2025), Magenta Medical (percutaneous left ventricular assist device, raised $160M+ across 2023-2024 rounds), UltraSight (AI-guided cardiac ultrasound), and Vessi Medical (cryo-spray device for bladder cancer). Three portfolio companies have exited via acquisition: Innovalve (Edwards Lifesciences), Cynerio (Axonius), and Wisdo Health (Talkspace).
Team
- Prof. Ari Shamiss - Co-Founder & General Partner
- Prof. Rafael Beyar - Co-Founder & General Partner
- Michel Habib - Co-Founder & Managing General Partner
- Dudi Klein - Co-Founder & Managing General Partner
- Zeev Zehavi - Senior Advisor, Investment Committee Member
- Iris Beck - Board Observer, Investment Committee Member
- Jonathan Cohen - Principal
- Noy Hoffman - Senior Investment Associate
- Luba Ilfeld - Investment Associate
- Shir Bernstein - Operations Manager
The four co-founders bring extensive backgrounds in healthcare systems and the US healthcare market, which the firm cites as its core edge in assessing clinical viability, market relevance, and regulatory pathways.
Decision Process
Alive runs a formal Investment Committee structure, with named Senior Advisor and Board Observer IC member roles distinct from the four managing co-founder GPs. This points to a structured, multi-stakeholder decision process rather than a solo-GP model.
Founder Preferences
Alive's own messaging emphasizes investing "first and foremost in the people behind" a technology, valuing founders who can build the right "corporate DNA" and collaborate closely with the fund's clinical and operational network. Portfolio companies consistently pair strong technical/clinical IP with founders capable of navigating US regulatory and commercial pathways.
Geographic Focus
Alive is an Israel-headquartered fund (Savyon) investing primarily in Israeli HealthTech companies, with a strong secondary focus on US market entry and commercialization for its portfolio (UltraSight's US health-system expansion, Navina's US clinical intelligence rollout). Alive Growth Fund III explicitly partners with international VCs, crossover funds, and global corporations to support this cross-border expansion.