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.