September 2026.
This quarter we built the machine.
In May I told you it all landed. Fund I closed. The report went out. The roadshow filled rooms in four cities.
Fund I closed. 900 companies in the pipeline. Ten companies funded into the first IV Accelerator cohort. 16 sponsors. 8 health systems in the room. And in a few weeks, all of it walks into one building in Tampa.
Here is what happened, and what comes next.
Fund I closed. Now we're raising the extension.
Intelligence Ventures Fund I closed in May with roughly 25 LPs. It took thirteen months, and most of it happened in public: every update, every lesson, every close posted on LinkedIn to an audience that grew past 27,000 along the way.
The LP base is the differentiator. Physicians, health system executives, and operators who do not just wire money. They sit in deal review every month. More on that below.
Here is the part that matters right now: we are raising. Fund I is now the vehicle for the first three accelerator cohorts, not just the first, and the extension raise is open today.
And we are doing it the same way we closed Fund I: in public. This week I posted the raise on LinkedIn. Five new LP meetings booked in less than 24 hours.
The Fund I extension is open. $1M is the first milestone. Close is November 20. Commit by then and you are in the room when we select Cohort 2.
If you are an accredited investor who wants to back the next three cohorts of AI healthcare companies alongside physicians and health system executives, email me directly and we will find 30 minutes.
Intelligence Ventures Fund I, LP is offered under Rule 506(c) of Regulation D. Interests are available only to verified accredited investors. This update is for informational purposes and is not an offer to sell or a solicitation of an offer to buy any security; any offer will be made only through the fund’s offering documents.
100 applications. 27 interviews. 10 companies.
This is the one I have been waiting to write.
We opened applications in the summer and had 100+ in the first two weeks. We interviewed 27 founders. We made 10 offers. Every one said yes.
The cohort is eight new companies selected across our four verticals, plus two Fund I portfolio companies we invited in to put the full program behind their momentum. Each company receives a $25K investment from Fund I, advisory support, sponsor perks, and a seat in front of the health system, biopharma, and med device leaders we have spent three years assembling.
Meet Cohort I.
Spatial biology that predicts which oncology drug candidates will work in patients. About 95% of oncology candidates fail in the clinic because preclinical tools flatten 3D tumors into 2D averages. Aperture profiles many proteins at once inside living 3D human tumor models under drug treatment, then builds predictive models of how a candidate will perform in people. In one published study, their spatial scores predicted patient survival with an AUC of 0.86 against 0.52 to 0.58 for standard of care.
Why we invested: We see plenty of organoid companies and plenty of AI drug discovery companies. We had not seen anyone combine 3D spatial protein imaging, living tumor models, and a predictive layer in one stack. And Laura had a real answer to the question that kills most pharma tools companies: how this becomes recurring revenue instead of a one-time contract.
Contactless, camera-based vital sign monitoring for the hospital beds nobody is watching. About half of hospitalized patients sit in general care beds with no continuous monitoring, and nurses check vitals every 4 to 6 hours. Atapir tracks heart rate, respiratory rate, SpO2, and pain from a wall-mounted camera array with no wires, cuffs, or patches, backed by eight years of clinical data, peer-reviewed validation, and a completed FDA pre-submission.
Why it is in the cohort: Atapir is a Fund I company, and we invited it in for one reason: new CEO Jessica Kovash. Art spent eight years proving a camera can monitor a patient without touching them. What the company needed was a commercial operator, and the accelerator is how we put the full IV ecosystem behind her first hundred days.
AI that predicts brain aneurysm rupture risk from the scans hospitals already take. About 6.8 million Americans carry an unruptured brain aneurysm, and deciding who needs surgery takes weeks of referrals and often an invasive catheter angiogram. CARA takes a standard CT or MR angiogram, simulates blood flow through a 3D digital twin of the vessel, and returns a single rupture-risk score inside the EHR in under an hour. Validated on 2,000+ patient cases at 93% accuracy.
Why we invested: Everyone in neuro imaging is chasing detection. CARA is answering the harder question, will it rupture, and that is the decision that actually drives cost and outcomes. They did 350 clinician interviews before they ever came to us, and the rupture-risk IP is licensed exclusively to them.
Directed Systems
FDA-cleared software that reads the blood pressure waveform to flag cardiovascular instability before it hits. About 30% of surgical patients experience significant hypotension, which is linked to kidney injury, heart injury, stroke, and death. DS Aware connects to existing monitors, analyzes the arterial waveform with proprietary physiological modelling, and gives anesthesiologists real-time guidance as instability begins. Already used in 500+ surgical cases in the US and under contract with a major European hospital system.
Why it is in the cohort: The introductions are working. Nearly every health system we have connected them to is in late-stage implementation discussions, so we want the full weight of the program behind that momentum. The company is based in the UK, and the accelerator is their bridge into US health systems.
An EHR-integrated marketplace for finding patient biospecimens and the clinical data behind them. Researchers wait 6 to 12 months for usable samples because hospital biobanks run on spreadsheets and siloed systems. ePluribus plugs into the EHR with a federated, privacy-first architecture so researchers can search, match, and procure samples and de-identified longitudinal data without patient data ever leaving the hospital.
Why we invested: This was the first verbal offer we made for Cohort I and the easiest decision we made. In AI healthcare, the data is the product. ePluribus gets its data by embedding inside hospital EHRs, which is the hardest and most defensible place to start. Andi had a seven-figure health system deal on the CFO’s desk before she asked us for a dime.
Simulates real patient behavior so healthcare teams can test decisions before launch. Patients say one thing in surveys and do another in real life, which is why half of prescriptions go untaken and most drug launches miss forecast. Evidexa interviews real patients and clinicians with an AI interviewer, turns those sessions into calibrated synthetic audiences, and runs thousands of simulated patient journeys to show where a trial protocol or engagement program will break before it is built. Already co-creating use cases under NDA with two top-ten pharma companies.
Why we invested: We watched Jeff for four months, and every time we talked he had moved the ball. The insight is simple and true: healthcare runs on what people say and fails on what they do, and nobody today is both fast and behaviorally rigorous.
Whole-body symptom tracking that gets women taken seriously at the doctor. Most women’s health apps only track cycles and fertility. FoXX lets a woman log any symptom in under 10 seconds, shows which symptoms cluster over time, and hands her specific questions and data to bring to her doctor. A clinician dashboard and a reimbursable remote therapeutic monitoring pathway come next.
Why we invested: Maria was our very first accelerator interview and she set the bar. She came to this as a patient, not a clinician, and she built distribution before she had money: a 100-woman advisory committee ran her betas, and one partner newsletter grew users 33% in a month on almost no capital.
Connects bedside medical devices to one real-time data platform so clinical AI can reach the patient. Data from monitors, ventilators, and pumps is trapped inside disconnected devices. HealthMosaic sells a hardware gateway plus a software platform that connects any device, streams the data to clinicians and the EHR, and packages de-identified data for a marketplace where AI developers license datasets and hospitals buy validated clinical AI. 3,467 connected beds across 16 facilities, roughly $1.8M in cumulative revenue, fully bootstrapped.
Why we invested: In AI healthcare, the data is the product, and HealthMosaic owns the pipe that pulls it off the devices at the bedside. They did not start with a model. They started with hardware in 16 hospitals and real revenue, and they have lost exactly one customer in the company’s history, because the hospital closed.
Deterministic matching of patients to the approved treatments and trials they actually qualify for. Ask a frontier LLM for a patient’s treatment options twice and up to half the list changes. Resonata matches a patient’s actual medical data against a curated library of care options across 17 live indications and returns the same complete, explained answer every time, in about 16 milliseconds. Free to patients; biopharma pays per qualified patient.
Why we invested: In AI healthcare, the answer has to be the same every time. Martin has been building trial matching for a decade and still personally adds edge cases to the algorithm every week. Add a physician co-founder who has taken four companies to market, and a biopharma buyer who said the price they quoted could have been twenty times higher. We were flat out excited about this one.
AI software that turns any standard 2D ultrasound into a 3D stroke-risk exam in minutes. Carotid ultrasound is the first-line test for stroke risk, but it is slow, operator-dependent, and misclassifies roughly a quarter of patients. Sonaro clips an off-the-shelf position sensor onto any probe, turns a 30-second sweep into a CT-like 3D model, and automatically measures stenosis and plaque volume, cutting acquisition-to-report time from days to under 10 minutes. First paid pilot signed before FDA clearance.
Why we invested: Karina fixes the exam with software and a clip-on sensor, not new hardware, which is why a clinic with no ultrasound experience was running the system themselves 15 minutes into her demo. We also watched her execute. In May we told her the gap was commercial. By July she had a commercial advisor and a systems engineer on board.
Tampa to New York.
Three days of programming downtown: go-to-market, branding and pitch, fundraising, regulatory, and one-on-ones with sponsors and health system leaders. Evenings are for the relationships: a welcome party on the 23rd and a sunset cruise on the 24th.
Weekly modules and mentor sessions, with the founders directory and shared resources living in a private cohort workspace.
Ten companies on stage in front of investors, health systems, and press. RSVP here.
The curriculum is the people the companies need to meet. Every module is taught by someone who buys, builds, or funds in this market.
The companies behind the program
16 sponsors. Brex is our Founding Partner. IO Associates, QC Growth HealthTech, and AldenMC are Program Partners, each teaching a module and working one-on-one with every company. Twelve Community Partners bring the tools and perks early companies actually need.
8 health systems. Innovation and venture leaders from eight health systems across the US and abroad are guest lecturing, attending the kickoff, and working directly with the companies. Four of them will be in the room in Tampa.
Global biopharma and med device. Leaders from three of the largest pharmaceutical and medical device companies in the world are teaching sessions on how corporate innovation and venture teams actually evaluate startups.
This is what an accelerator built by a fund looks like. The curriculum is the people the companies need to meet.
If you are an LP and want to teach a module, mentor a company, or suggest a health system or corporate speaker, reply to this email.
Nobody slowed down.
The rest of the portfolio did not wait while we built the accelerator.
MDC is closing a priced round with top-tier institutional investors participating. The first MRI-compatible robotic system that lets physicians intervene inside the MRI bore in real time is moving.
HEARTio completed a $5.4M seed with a major health network and a national cardiology society among its backers.
AGED completed its 300-patient Verification Study with >95% accuracy differentiating simple steatosis from NASH and early from advanced liver fibrosis. Now launching a blinded Clinical Validation Study across 15–25 sites and a Series A.
Directed Systems received FDA clearance and has now managed 500+ patients in its first US deployment, with major health systems in the pipeline. Directed Systems will also be participating in IV Accelerator Cohort I.
Atapir has a new CEO. Jessica Kovash, who scaled through LeanTaaS and has spent her career selling into the OR, joined on equity after evaluating dozens of early-stage healthtech companies. The placement came through IO Associates, one of our accelerator Program Partners. Atapir will also be participating in IV Accelerator Cohort I. The ecosystem is working.
The room is still the moat.
Every month, the top companies in our pipeline pitch to a committee of LPs who are physicians and healthcare executives, and those LPs grade on team, market, product, and interest.
This quarter the committee prioritized four companies for full diligence, one per vertical, with memos from the investment team going to the committee ahead of the September session. These are the companies that will be considered for Fund I investment outside the cohort.
This isn’t a passive LP base. It’s a working group.
If you are a physician or health system executive who wants a seat at that table, it comes with being an LP. Reach out to learn more.
900 companies and counting.
Since the May update, another 200+ AI healthcare startups have applied to Intelligence Ventures. We are now at 900 total applications across our four verticals: Biotech and Pharma Tools, Diagnostics, Medical Devices, and Healthcare SaaS.
Still averaging roughly 25 to 30 new applications per week. That pipeline is the dataset behind the State of AI Healthcare report and the accelerator selection process, and it keeps compounding.
The Mid-Year Update is live.
The 2026 Mid-Year Update to the State of AI Healthcare is live, with 1,700+ signups so far. It is built on what we actually see, not a survey.
To put it together, we scrubbed 850+ pitch decks and spent over $300 in Claude credits on the analysis. That is the whole research budget. The dataset is the moat.
If you have not read it, or want to share it, grab it below.
Three cities. Come find us.
The opening night of IV Accelerator Cohort I. Founders, sponsors, health system leaders, and LPs in one room.
RSVP →Our SF Tech Week gathering in San Francisco for founders, funders, and the people who want to meet the first cohort.
RSVP →We are planning a series of private dinners and meetups for LPs and prospective LPs. If you are interested in joining as an LP, let me know and I will make sure you get an invitation.
Let me know →Cohort 2 opens in October.
Cohort 2 applications open in October. If you know a founder building AI-powered healthcare in the US or Canada, send them to intelligencevc.com. Sponsorships for Cohort 2 are open now.
The Fund I extension raise closes November 20. Commit by then and you are in the room for Cohort 2 selection.
Demo Day is November 4. Ten companies, one stage, New York City. RSVP on Luma.
Keep building the future of healthcare you want for the next generation. Stay inspired. I'm rooting for you.