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.
They made 1 investment in the last 12 months. Their most common stage is seed (100% of deals). Average disclosed round size is $4.7M (across 5 rounds with reported amounts).
Portfolio
5
Fund Size
—
Top Stage
Seed
Last 12 Mo
1
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
5 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Century Health | Seed | $5M | May 2026 |
 Switchboard Software | Seed | $6.5M | Jan 2024 |
 Switchboard Health | Seed | $6.5M | Jan 2024 |
 Stere | Seed | $2M | Dec 2021 |
 Provi | Seed | $3.5M | May 2018 |
Top Co-Investors
First Trust Capital Partners2 shared
Route 66 Ventures2 shared
Plug and Play Tech Center1 shared
Fin Capital1 shared
Slow Ventures1 shared
Sandalphon Capital1 shared
gener8tor1 shared
Hyde Park Venture Partners1 shared
HPA1 shared
Two Sigma Ventures1 shared
Martin Ventures1 shared
25madison1 shared
Alumni Ventures1 shared
2048 Ventures1 shared
Origin Ventures1 shared
Next Play Ventures1 shared
Last updated: 27 September 2026