InnovateHealth Ventures is a Chicago-based B2B healthcare technology venture firm investing in software and tech-enabled services for payors and providers. It was formerly known as Sandalphon Capital, a generalist Midwest early-stage VC founded in 2016, which evolved into a specialist healthcare fund.
Their most common stage is seed (81% of deals). Average disclosed round size is $3.5M (across 16 rounds with reported amounts).
Portfolio
14
Fund Size
—
Top Stage
Seed
Last 12 Mo
1
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
16 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Century Health | Seed | $5M | May 2026 |
 RoofMarketplace | Series A | $5M | Jul 2025 |
 Switchboard Software | Seed | $6.5M | Jan 2024 |
 Switchboard Health | Seed | $6.5M | Jan 2024 |
 Visual Feeder | Seed | $1.7M | May 2022 |
 Stere | Seed | $2M | Dec 2021 |
| SStere.io | Seed | $2M | Dec 2021 |
| SStere.io | Seed | $2M | Jan 2021 |
| RRealKey | Seed | $3.4M | Jan 2021 |
| Stere | Unknown | $2M | Jan 2021 |
 TripScout | Seed | $2.1M | Apr 2019 |
 Jiobit | Unknown | $6.5M | Nov 2018 |
 Provi | Seed | $3.5M | May 2018 |
 Balto | Seed | $3M | — |
 Tenacity | Seed | $3M | — |
 ProsperStack | Seed | $2M | — |
Top Co-Investors
Plug and Play Tech Center4 shared
Fin Capital3 shared
Techstars3 shared
HPA2 shared
First Trust Capital Partners2 shared
Route 66 Ventures2 shared
MATH Venture Partners2 shared
Slow Ventures1 shared
gener8tor1 shared
Hyde Park Venture Partners1 shared
Two Sigma Ventures1 shared
Martin Ventures1 shared
Second Century Ventures1 shared
Accomplice1 shared
Village Global1 shared
Corazon Capital1 shared
M251 shared
New Stack1 shared
Connetic Ventures1 shared
Cultivation Capital1 shared
Last updated: 8 November 2026