Treo Ventures Closes $128 Million Debut Fund

Treo Ventures’ debut fund is ready for implementation in the digital health and medical device arenas.

The $128 million fund has a presence in Silicon Valley (California), and Dublin, Ireland; the fund will support entrepreneurs in both geographic areas. Formerly known as Strategic Healthcare Investment Partners-S.H.I.P.), a venture capital fund focused on investments in high impact companies at the intersection of biology and technology in medical devices and digital health, Treo has been actively investing and building a portfolio of category defining companies including Hyalex Orthopedics, CVRx, ShiraTronics, Intuity Medical, NeoChord, and Noctrix Health.

We’re excited about our fundraising accomplishments and the portfolio we are building,” said Mudit K. Jain, general partner of Treo. “We’ve received tremendous support from our diverse set of limited partners that include a sovereign wealth fund, global medical device and pharmaceutical companies, and financial investors based in USA, Asia, and Europe. Our limited partners share our vision for developing and accelerating the delivery of clinically impactful, novel technologies. Brad Vale, General Partner of Treo, said, “Our goal is to build a portfolio of breakthrough technologies, addressing the biggest healthcare challenges of our time, while generating compelling investment returns.”
 
Jain, Ph.D., and Brad H. Vale, Ph.D., DVM, founded Treo in 2018 and Tracy Pappas joined the team in 2020. Leveraging the team’s decades of healthcare venture investing experiences, Treo invests in companies that are developing and commercializing disruptive technologies to address major unmet healthcare needs. Areas of therapeutic interest include, but are not limited to, cardiovascular disease, neuro-mediated disorders, orthopedic and spinal diseases and injuries, metabolic disorders such as diabetes and obesity, respiratory, oncology and ophthalmic conditions. Treo backs companies with productive, domain-experienced, and stage-appropriate entrepreneurial teams. Additionally, Treo will invest in companies originated by NuXcel, a medical device accelerator, co-founded by Jain and Lynn Elliott, with a presence in Ireland and the United States.
 
Over the last 30 years, Treo’s principals have established themselves as successful, highly respected venture capital investors, company builders, inventors, entrepreneurs, and senior leaders in the healthcare industry.
 
In addition to co-founding NuXcel and ShiraTronics, Jain brings over two decades of medical device industry experience across venture capital, company formation, R&D, and business development in companies such as Synergy Life Science Partners, Johnson & Johnson Development Corporation, and Guidant Corporation. Jain currently serves on the boards of CVRx, ShiraTronics, Neochord, NuXcel, and Noctrix Health. Some of his prior investments/board responsibilities include Inspire Medical Systems, iRhythm Technologies, Neuspera, Aptus Endosystems (acqd. by Medtronic), CardioMEMS (acquired by St. Jude Medical Inc.), and Impres Medical (acquired by J&J).
 
Vale has spent his entire 30-year career in the medical device field, including leading Johnson & Johnson Development Corporation, one of the largest corporate venture investors in the healthcare industry. He has invested in and/or served on the boards of over 30 companies, including Atrionix (acquired by J&J), Indigo Medical (acquired by J&J), Biosense (acquired by J&J) and Nevro. Brad is also on the boards of Tramway Ventures, a technology seed fund, and Agilvax, an oncology biotech company, both in Albuquerque, New Mexico.
 
Pappas, a aartner at Treo, brings over 20 years of senior operational and finance experience in the medical device, venture capital, and technology industries to the investment team. Pappas held the position of chief financial officer at Aptus Endosystems (acquired by Medtronic), Synergy Life Science Partners, Partners for Growth, and Scale Venture Partners. Pappas currently serves on the board of Noctrix Health.