Evidenced Research
Investment Thesis
Evidenced Capital Management is a Washington, DC-based venture firm built on a single contrarian premise: most investors treat regulation and government policy purely as a hazard to hedge against, while certain policy decisions actually accelerate new market opportunities or create entirely new markets outright. The firm's own framing is "from regulation to returns." Evidenced looks for globally-sourced, early-stage healthcare technology companies positioned to benefit from U.S. regulatory tailwinds, arguing that startups which catch the right policy wave grow faster, bigger, and with less risk than typical venture bets. Policies the firm currently views as live openings include the CMS ACCESS model and the Rural Health Transformation Fund.
Sector Focus
Evidenced invests exclusively in healthcare technology, with a specific edge in reading regulatory and government dynamics. The U.S. spends roughly $4.5 trillion annually on healthcare (17.3% of GDP), and government influences the vast majority of that spend, making policy change a primary driver of innovation cycles in the sector. The current portfolio spans community health infrastructure, behavioral health, aging-in-place, advance care planning, neurodiverse therapeutics, obesity/cardiometabolic care, pharmacy technology, and employer benefits/parental leave insurance.
Stage Focus
The firm invests primarily at seed and Series A, per its own site framing ("early-stage innovators") and third-party data (PitchBook lists Evidenced as a seed/Series A investor). It has not shown evidence of leading later-stage rounds.
Check Size
With Fund I closed at $24M, individual checks are consistent with a seed-stage fund: likely in the low hundreds of thousands to roughly $1-2M range per initial investment, with reserves for follow-ons. No public per-deal check size has been disclosed, so this estimate carries moderate confidence.
Lead Tendency
No public source confirms whether Evidenced typically leads or follows. Its most visible recent portfolio raise (Ilant Health's $15M Series A, June 2026) does not list Evidenced as the round lead, suggesting the firm frequently plays a participating/syndicate role alongside larger checks, though this is not confirmed across the full portfolio.
Recent Activity
Evidenced was co-founded in 2022 by Sean Glass and Bryan Sivak. The firm officially closed Fund I at $24 million in July 2026, with investors including the Rockefeller Foundation, the RockCreek Group, and Colibri Equity Ventures, alongside individual LPs spanning government, healthcare delivery, technology, and the payer ecosystem. The firm is actively deploying from this fund. Its most recent notable portfolio event is Ilant Health's $15M Series A (June 2026) to expand its value-based obesity and cardiometabolic care platform.
Portfolio Highlights
Publicly listed portfolio companies span: Accompany Health (primary/behavioral/social care for low-income patients with complex needs), Fabric Health (benefit access via laundromats, reaching 32M Americans), Floreo (VR-based diagnostic/therapeutic platform for autism, ADHD, and anxiety; 2023 World Economic Forum Technology Pioneer; FDA Breakthrough Program), IMPaCT Care (infrastructure for Community Health Worker programs, used by Kaiser Permanente, the VA, and United Way), Journey Clinical (platform for psychedelic-assisted psychotherapy, e.g. ketamine-assisted psychotherapy), Jukebox Health (home modifications and aging-in-place technology for older adults), Koda Health (digital advance care planning platform), Parento (paid parental leave insurance and coaching for employers), Ilant Health (value-based obesity and cardiometabolic care, $15M Series A in 2026), Photon Health (modern e-prescribing / pharmacy fulfillment platform), Truentity Health (AI-powered clinical platform for independent pharmacies supporting RPM/CCM/TCM), and Here Now Health (virtual behavioral health for children and families impacted by the foster care system).
Team
- Sean Glass, Co-founder and Managing Partner: Prior to Evidenced, personally invested in nearly 100 private companies (primarily seed/Series A) and is an LP in various venture and PE funds. Co-founded and scaled Advantia Health (women's healthcare) to ~$100M in revenue as CEO before stepping back in 2020 to focus on investing. Co-founded Acceleprise.VC (which evolved into Forum Ventures). Earlier in his career, co-founded and was founding president/CMO of Higher One (edtech fintech), which went public in 2010. B.S. in Engineering Sciences from Yale; M.A. in Applied Positive Psychology from the University of Pennsylvania.
- Bryan Sivak, Co-founder and Managing Partner: Founded InQuira (enterprise software, sold to Oracle). Held senior roles at Kaiser Permanente (including Managing Director of Kaiser Permanente Ventures), Centene Corporation, the U.S. Department of Health and Human Services (CTO), the State of Maryland, and the District of Columbia. Serves on boards of several healthcare organizations.
Decision Process
Evidenced is a two-person GP partnership (Glass and Sivak); investment decisions appear to run through the founding partnership rather than a broader investment committee.
Founder Preferences
The firm favors founders building in markets shaped by government policy, and it leans on its own team's cross-sector experience (entrepreneurship, government service, professional investing, and corporate operating roles) to evaluate whether a company's timing aligns with a genuine regulatory tailwind rather than a regulatory headwind.
Geographic Focus
Evidenced sources companies globally but focuses on ventures built to thrive within U.S. market regulatory frameworks; the firm itself is based in Washington, DC, close to the federal policymaking apparatus that underpins its thesis.