A licensed rights position with the check
Portfolio positions in clinical workflow, device data, and payer automation can come with the money, so the company starts with a defensible claim instead of a roadmap.
Intellectual Frontiers Capital
Funding the most impactful companies
Intellectual Frontiers Capital funds the companies building the most impactful new work in the markets we know firsthand. We underwrite the parts other investors get wrong: budget cycles, clearance dates, procurement calendars, and what a pilot is actually worth.
A founder selling into a health system does not lose on product. They lose because the buying committee meets quarterly, the security review takes eleven weeks, and the budget line was spent in March. We price those facts at the start instead of discovering them in month nine.
We back our own findings first, then outside teams working the same ground. When something survives testing against an insurer's actual authorization history or a trial site's actual enrollment records, we size a position in reimagined care delivery, write down what would end it, and set the review date before anyone gets excited.
With a founder building on AI, we start by asking which entirely new forms of work the company makes possible. A product that makes an existing job faster competes with every other tool shaving the same minutes, and the savings get handed to the buyer at renewal. A company that reimagines care itself, using AI, devices, remote care, and new operating models, and then owns or partners in delivering that care, gets priced against the value of the new function. That is what we underwrite.
What a founder gets
What matters to a company selling clinical software, device connectivity, insurance automation, trials software, or marketplace infrastructure is getting through the door and getting past the review. The check is the easy part.
Operators who have shipped here
People who have been through an FDA submission, an insurance integration, a trials platform rollout, or a large system replacement, and know where each one stalls.
Honest underwriting
Clearance slips and delayed state awards get modeled as normal events, so the plan survives them instead of assuming they will not happen.
A decision on a date
One named owner, a written kill condition, and a scheduled review. Founders get an answer, including a no, rather than a slow fade.
Care Delivery
Our care delivery capital reimagines how care is delivered—using AI, novel devices, and remote care—then owns the delivery model when possible or partners with the operators who can deliver it at scale. We run it in two vehicles: a small active fund building the foundations, and a larger fund in formation to back the clinicians who will use them.
Active now · Under $1M
Care Delivery Fund I
A small, working fund that incubates the foundational ventures and shared services the rest of the portfolio will run on: demand intelligence, revenue operations, an execution layer for providers, and ambient measurement.
In formation · $25M starting point, perhaps as high as $50M
Care Delivery Fund II
Back the clinicians rebuilding care delivery. An intelligence engine built on CMS and claims data decides whether the firm invests in a founder already in motion, takes selective control of an operator worth re-platforming, or builds the company itself.
What we look for
A test that ran against production data: authorization histories, device telemetry, trial enrollment records, transaction logs. Market size tells us nothing we can act on.
Revenue against a real budget line. A health system that issued a purchase order against an operating budget has said more than ten that signed a letter of intent, and a research site paying monthly has said more than a vendor pilot it gets for free.
Someone who owns the outcome. Every position has a named operator with the authority to change course or exit, and the record shows who decided and on what evidence.
Who should get in touch
Founders with a working system and at least one paying buyer in health delivery, medical devices, insurance operations, clinical trials, or digital marketplaces. Co-investors who want a partner that can read an audit trail and a 510(k) timeline. Health systems, insurers, and manufacturers with an internal project that ought to be a company.
Useful before a first conversation
Reading these makes the first call shorter, because our evidence standard is already on the page.
- Portfolio of substantial works
Both funds, the intelligence engine behind them, and every company they back, in one register.
- Market potential analyses
How we size a market we intend to enter, with the assumptions written down.
- Use cases
Concrete deployments in provider, device, trials, insurance, and marketplace settings.
- Patent register
The rights positions available to license into a funded company.
- Contact us
Send the thesis, the evidence behind it, and what would prove it wrong.
Bring the test that already ran, the buyer who already paid, and the condition that would end the position. That is enough for a first conversation.