Bluestem Capital

Bluestem Capital Company, LLC is a private equity and venture capital firm based in Sioux Falls, South Dakota, specializing in mezzanine financing, buyouts, and recapitalization. Founded in 1989, the firm focuses on mid-market investments across various sectors, including business services, life sciences, natural resources, manufacturing, and healthcare. Bluestem Capital does not invest in startups or turnaround situations, preferring early to late venture transactions. The firm typically invests between $0.5 million and $3 million in convertible preferred stock and subordinated debentures, seeking to acquire majority stakes in its portfolio companies. It aims to secure a board seat in these companies and generally exits investments through public offerings, management buyouts, or sales to strategic or financial buyers. The firm prioritizes investments in the Midwest, particularly California, and has a commitment from its management team to invest a significant portion of their net worth alongside the firm's capital.

Drew Doshier

Principal - Portfolio Management

Sandy Horst

Partner and CFO

Jon Kirby

Senior Associate, Investor Relations

Steve Kirby

Founding Partner

Nikole Mulder

Partner and Vice President

Tyler J. Stowater

Partner and Vice President

26 past transactions

Virtual Incision

Series C in 2021
Virtual Incision is the pioneer of in vivo mini-robot surgery, enabling minimally-invasive colon resection and other abdominal procedures. Colorectal cancer is the second-deadliest form of the disease, and along with conditions like Diverticulitis and Crohn’s, treatment often requires a colectomy, almost 400,000 of which are performed each year in the U.S. alone. Two-thirds of these procedures are still performed open, requiring a long, gruesome incision. VIC’s simpler/easier/cheaper approach is to insert a mini-robot into the insufflated abdomen via a small umbilical incision, after which the highly-dextrous robot arms are freely manipulated at the nearby surgeon console. VIC enables MIS colectomy using well-known laparoscopic tools, onboard vision, and leading multi-quadrant capabilities. After 70+ pig labs and with 60+ patents/applications, VIC is seeking a $15M Series B financing to achieve First-in-Man and prepare for CE Mark and FDA 510(k) submissions.

Zerigo Health

Series B in 2021
Zerigo Health, formerly known as Clarify Medical, Inc., specializes in home therapy solutions for chronic skin conditions such as psoriasis, eczema, and vitiligo. The company offers innovative products like the Clarify mobile ultra violet B treatment system and the Home Light Therapy System, both designed to facilitate phototherapy in a home setting. Zerigo Health aims to enhance the ease and effectiveness of UVB therapy through a connected system that allows patients to manage their treatment via a smartphone app. This app enables users to control dosing, frequency, and duration of therapy, ensuring adherence to guidelines set by dermatology experts. By allowing patients to administer their treatments with clinical precision, Zerigo Health improves the overall patient experience, while also monitoring compliance and progress, ultimately empowering individuals to manage their chronic skin conditions more effectively from the comfort of their homes.

Sydnexis

Series B in 2021
Sydnexis is engaged in the development of a proprietary treatment for pediatric progressive myopia, a major global unmet medical need. Sydnexis manufactures pharmaceutical product for ophthalmic disorder or condition.

Orasis Pharmaceuticals

Series C in 2020
Orasis Pharmaceuticals develops a corrective eye drop to treat presbyopia. The company's product, CSF-1, is an eye drop that improves the quality of life for people with presbyopia by alleviating the burden of reading glasses. By repurposing existing and well-studied molecules, CSF-1 is designed to be effective and also safe, comfortable, and easy-to-use.

TearClear

Series B in 2020
TearClear is a pharmaceutical company that specializes in providing a class platform of drugs enables medication delivery to ultimately enhance patient safety and compliance by capturing preservatives before they reach the ocular surface. The company was founded in 2015 and headquartered in California, United States.

Virtual Incision

Series B in 2020
Virtual Incision is the pioneer of in vivo mini-robot surgery, enabling minimally-invasive colon resection and other abdominal procedures. Colorectal cancer is the second-deadliest form of the disease, and along with conditions like Diverticulitis and Crohn’s, treatment often requires a colectomy, almost 400,000 of which are performed each year in the U.S. alone. Two-thirds of these procedures are still performed open, requiring a long, gruesome incision. VIC’s simpler/easier/cheaper approach is to insert a mini-robot into the insufflated abdomen via a small umbilical incision, after which the highly-dextrous robot arms are freely manipulated at the nearby surgeon console. VIC enables MIS colectomy using well-known laparoscopic tools, onboard vision, and leading multi-quadrant capabilities. After 70+ pig labs and with 60+ patents/applications, VIC is seeking a $15M Series B financing to achieve First-in-Man and prepare for CE Mark and FDA 510(k) submissions.

Zerigo Health

Series A in 2019
Zerigo Health, formerly known as Clarify Medical, Inc., specializes in home therapy solutions for chronic skin conditions such as psoriasis, eczema, and vitiligo. The company offers innovative products like the Clarify mobile ultra violet B treatment system and the Home Light Therapy System, both designed to facilitate phototherapy in a home setting. Zerigo Health aims to enhance the ease and effectiveness of UVB therapy through a connected system that allows patients to manage their treatment via a smartphone app. This app enables users to control dosing, frequency, and duration of therapy, ensuring adherence to guidelines set by dermatology experts. By allowing patients to administer their treatments with clinical precision, Zerigo Health improves the overall patient experience, while also monitoring compliance and progress, ultimately empowering individuals to manage their chronic skin conditions more effectively from the comfort of their homes.
Ambient Clinical Analytics is the creator of a software platform designed for data assimilation, communication and analytics. It is based on decision support tools initially deployed in the intensive care unit (ICU) or emergency department of hospitals. Our software consists of algorithms that mine data from electronic medical records (EMR). It then presents that data to the physicians and nurses so they may facilitate real-time clinical decision making and care delivery. These products are positioned as add on applications that are designed to easily integrate with the current major EMR providers.

PolyCera, Inc.

Series A in 2018
PolyCera, Inc. develops and manufactures PolyCera membranes made up of organic polymer materials used for ultrafiltration (UF) offering a combination of hydrophilicity, permeability, and robustness. Its products include PolyCera hydro, a sub-20 nm UF membrane that delivers removal of bacteria, virus, and protozoa; and PolyCera titan, a sub-5 nm pore size UF membrane that delivers oil, hydrocarbon, pH, and temperature stability. The company was founded in 2012 and is based in Los Angeles, California.

Tear Film Innovations

Series B in 2018
Tear Film Innovations (tearfilm.com) has developed the iLux® Dry Eye Treatment System, a breakthrough medical device for treating evaporative dry eye. Evaporative dry eye is the most prevalent form of dry eye and affects more than 330M people worldwide. The FDA-cleared, handheld iLux device enables an eye care professional to evaluate and treat dry eye patients in less than ten minutes.

Virtual Incision

Series B in 2017
Virtual Incision is the pioneer of in vivo mini-robot surgery, enabling minimally-invasive colon resection and other abdominal procedures. Colorectal cancer is the second-deadliest form of the disease, and along with conditions like Diverticulitis and Crohn’s, treatment often requires a colectomy, almost 400,000 of which are performed each year in the U.S. alone. Two-thirds of these procedures are still performed open, requiring a long, gruesome incision. VIC’s simpler/easier/cheaper approach is to insert a mini-robot into the insufflated abdomen via a small umbilical incision, after which the highly-dextrous robot arms are freely manipulated at the nearby surgeon console. VIC enables MIS colectomy using well-known laparoscopic tools, onboard vision, and leading multi-quadrant capabilities. After 70+ pig labs and with 60+ patents/applications, VIC is seeking a $15M Series B financing to achieve First-in-Man and prepare for CE Mark and FDA 510(k) submissions.

Montessorium

Series B in 2017
Montessorium, LLC is an educational technology company based in Sioux Falls, South Dakota, specializing in the development of educational applications for iPhone and iPad designed for children. Founded in 2010, Montessorium creates apps that incorporate the Montessori learning philosophy, offering a range of subjects including math, geography, writing, reading, puzzles, drawing, and painting exercises. As of September 2018, the company operates as a subsidiary of Higher Ground Education Inc., continuing to bring the principles of Montessori education to a modern digital platform.

TearClear

Series A in 2017
TearClear is a pharmaceutical company that specializes in providing a class platform of drugs enables medication delivery to ultimately enhance patient safety and compliance by capturing preservatives before they reach the ocular surface. The company was founded in 2015 and headquartered in California, United States.
Ambient Clinical Analytics is the creator of a software platform designed for data assimilation, communication and analytics. It is based on decision support tools initially deployed in the intensive care unit (ICU) or emergency department of hospitals. Our software consists of algorithms that mine data from electronic medical records (EMR). It then presents that data to the physicians and nurses so they may facilitate real-time clinical decision making and care delivery. These products are positioned as add on applications that are designed to easily integrate with the current major EMR providers.

SpringCM

Venture Round in 2016
SpringCM Inc. is a cloud-based document and contract management platform that facilitates workflow creation and document collaboration within organizations. Its offerings include a comprehensive contract management system that optimizes the contract lifecycle—from creation and negotiation to approvals, signatures, archiving, and renewals. Additionally, SpringCM provides a digital asset management system to streamline the management, sharing, and collaboration of content, as well as tools for managing sales quotes, proposals, and contracts. The platform allows users to store, organize, search, and share content easily, both internally and externally. SpringCM also offers consulting, training, and support services, with solutions tailored for various sectors, including legal, IT, operations, sales, human resources, public sector, procurement, and finance. Deployed as Software-as-a-Service and accessible via a mobile application, SpringCM emphasizes security and ease of use. Founded in 2005 and headquartered in Chicago, Illinois, the company operates as a subsidiary of DocuSign, following its acquisition in 2018.

Virtual Incision

Venture Round in 2015
Virtual Incision is the pioneer of in vivo mini-robot surgery, enabling minimally-invasive colon resection and other abdominal procedures. Colorectal cancer is the second-deadliest form of the disease, and along with conditions like Diverticulitis and Crohn’s, treatment often requires a colectomy, almost 400,000 of which are performed each year in the U.S. alone. Two-thirds of these procedures are still performed open, requiring a long, gruesome incision. VIC’s simpler/easier/cheaper approach is to insert a mini-robot into the insufflated abdomen via a small umbilical incision, after which the highly-dextrous robot arms are freely manipulated at the nearby surgeon console. VIC enables MIS colectomy using well-known laparoscopic tools, onboard vision, and leading multi-quadrant capabilities. After 70+ pig labs and with 60+ patents/applications, VIC is seeking a $15M Series B financing to achieve First-in-Man and prepare for CE Mark and FDA 510(k) submissions.

Montessorium

Series A in 2015
Montessorium, LLC is an educational technology company based in Sioux Falls, South Dakota, specializing in the development of educational applications for iPhone and iPad designed for children. Founded in 2010, Montessorium creates apps that incorporate the Montessori learning philosophy, offering a range of subjects including math, geography, writing, reading, puzzles, drawing, and painting exercises. As of September 2018, the company operates as a subsidiary of Higher Ground Education Inc., continuing to bring the principles of Montessori education to a modern digital platform.

Water Planet

Series B in 2015
Water Planet specializes in the development and marketing of advanced membrane-based water purification and separation products. The company focuses on providing effective water treatment solutions that address global water sustainability challenges. By facilitating the commercialization and adoption of innovative water technologies, Water Planet aims to assist clients in conserving freshwater resources while fulfilling the water treatment requirements of industrial, municipal, and agricultural sectors.

Conventus Orthopaedics

Series A in 2014
Conventus Orthopaedics provides a range of orthopedic and sports medicine services. The physicians specialize in orthopedic surgery, reconstructive surgery, spine surgery, joint replacement, sports medicine, physical therapy, and operative care of fractures, arthritis, strains, sprains, and sports-related injuries. Conventus was formed by a team of medical professionals with the sole purpose of creating less invasive ways to treat challenging periarticular fractures. By leveraging advanced nitinol technology, the Conventus team has developed a platform technology that provides robust fixation and creates reliable repairs. The company was incorporated in 2009 and is based in Maple Grove, Minnesota.

Workiva

Series C in 2012
Workiva Inc. is a provider of a connected reporting and compliance platform, designed to streamline the complexities of data management and reporting. Founded in 2008 and headquartered in Ames, Iowa, Workiva offers its flagship platform, which facilitates controlled collaboration, data linking, and process management, ensuring a full audit trail for users. The platform integrates data from various enterprise systems, including enterprise resource planning, governance risk and compliance, and customer relationship management, allowing organizations to create, review, and publish data-linked documents efficiently. Serving over 6,000 clients, including a significant portion of Fortune 500 companies, Workiva enhances productivity and accuracy in reporting while helping mitigate enterprise risks. The company employs more than 1,100 individuals across multiple locations.

Virtual Incision

Series A in 2010
Virtual Incision is the pioneer of in vivo mini-robot surgery, enabling minimally-invasive colon resection and other abdominal procedures. Colorectal cancer is the second-deadliest form of the disease, and along with conditions like Diverticulitis and Crohn’s, treatment often requires a colectomy, almost 400,000 of which are performed each year in the U.S. alone. Two-thirds of these procedures are still performed open, requiring a long, gruesome incision. VIC’s simpler/easier/cheaper approach is to insert a mini-robot into the insufflated abdomen via a small umbilical incision, after which the highly-dextrous robot arms are freely manipulated at the nearby surgeon console. VIC enables MIS colectomy using well-known laparoscopic tools, onboard vision, and leading multi-quadrant capabilities. After 70+ pig labs and with 60+ patents/applications, VIC is seeking a $15M Series B financing to achieve First-in-Man and prepare for CE Mark and FDA 510(k) submissions.

Renutra Natural Health Products

Venture Round in 2004
Renutra Natural Health Products share a tradition that runs deeper than individual knowledge, education and expertise.

Alteer

Venture Round in 2002
Alteer optimizes overall performance of medical practices of any size. Alteer’s Internet based software is the only integrated platform that eliminates paper completely and automates the entire workflow in a physician’s practice - from scheduling to charting to billing and patient messaging.

SWELL

Venture Round in 2001
SWELL emerged as the first pure-play online action sports retailer in the world in 1999.

Worldtrak

Venture Round in 2000
Worldtrak, a customer relationship management solutions provider.

Alteer

Venture Round in 2000
Alteer optimizes overall performance of medical practices of any size. Alteer’s Internet based software is the only integrated platform that eliminates paper completely and automates the entire workflow in a physician’s practice - from scheduling to charting to billing and patient messaging.