Bluestem Capital Company

Bluestem Capital Company is a Sioux Falls-based private investment firm specializing in mid-market private equity, focusing on mezzanine financing, buyouts, and recapitalizations rather than startups or turnarounds. It targets companies in sectors such as business services, life sciences, natural resources, manufacturing, real estate and lodging, energy, healthcare, and information services, often pursuing diverse portfolios across the Midwest with some investments in California. The firm typically invests between 0.5 million and 3 million in portfolio companies and seeks significant equity positions, including board seats and majority stakes. Exits are typically through public offerings, management buyouts, or sales to strategic or financial buyers. Founded in 1989 and based in Sioux Falls, it operates as part of Kirby Capital Corp. The approach emphasizes growth-oriented, later-stage opportunities rather than early-stage ventures.

Drew Doshier

Principal - Portfolio Management

Sandy Horst

Partner and CFO

Steve Kirby

Founding Partner

Nikole Mulder

Partner and Vice President

Tyler J. Stowater

Partner and Vice President

31 past transactions

Orasis Pharmaceuticals

Series D in 2024
Founded in 2015, Orasis Pharmaceuticals specializes in developing corrective eye drops for treating presbyopia. Its lead product, CSF-1, improves near visual acuity by pupil modulation, eliminating the need for reading glasses.

Lentechs

Venture Round in 2023
Lentechs is a medical device company based in Columbus, Ohio, specializing in the development of innovative soft bifocal contact lenses. The company focuses on creating a new generation of soft, suspended progressive contact lenses that enhance user experience by allowing natural eye movement, similar to that achieved with traditional bifocal glasses. This design aims to provide improved comfort and visual clarity, enabling users to see freely without discomfort. Lentechs is dedicated to addressing the needs of patients throughout their lifecycle, ensuring that its products offer both functionality and ease of use.

Virtual Incision

Series C in 2023
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Neurolens

Venture Round in 2022
Neurolens is a company founded in 2012 and based in Costa Mesa, California, specializing in innovative vision solutions. It develops prescription lenses that incorporate a contoured prism to enhance eye alignment, addressing common issues such as headaches, neck or shoulder pain, and eyestrain that often arise from prolonged use of digital devices, reading, or detailed tasks. Neurolens also offers a vision measurement device system that utilizes an advanced eye-tracking technology to detect even minor misalignments in the eyes. This capability enables effective treatment for patients suffering from chronic headaches and other related symptoms, making Neurolens a key player in the vision correction market.

Virtual Incision

Series C in 2021
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Zerigo Health

Series B in 2021
Zerigo Health develops innovative medical devices that deliver narrowband UVB light therapy for chronic skin conditions such as psoriasis, eczema, and vitiligo. Their flagship product, Clarify Medical, is a connected phototherapy system that enables patients to administer treatments at home under physician prescription, ensuring clinical precision while promoting convenience and empowerment.

Sydnexis

Series B in 2021
Sydnexis is a biopharmaceutical company focused on developing a proprietary treatment for pediatric progressive myopia, which represents a significant unmet medical need globally. The company specializes in manufacturing a topical eyedrop formulation aimed at slowing the progression of myopia in children. By providing an innovative solution, Sydnexis enables healthcare professionals and institutions to effectively manage and reduce the incidence of myopia-related eye disorders in the pediatric population.

Orasis Pharmaceuticals

Series C in 2020
Founded in 2015, Orasis Pharmaceuticals specializes in developing corrective eye drops for treating presbyopia. Its lead product, CSF-1, improves near visual acuity by pupil modulation, eliminating the need for reading glasses.

TearClear

Series B in 2020
TearClear Corp. is an ophthalmic pharmaceutical company focused on developing preservative-free therapeutic drops aimed at treating glaucoma and various anti-inflammatory conditions, including dry eye disease and allergic conjunctivitis. Founded in 2015 and headquartered in Boston, Massachusetts, the company specializes in creating a platform of drugs that enhances medication delivery while ensuring patient safety and compliance by preventing preservatives from reaching the ocular surface. TearClear's innovative approach not only transforms established ophthalmic medications into safer therapies but also lays the groundwork for future developments across multiple treatment programs.

Virtual Incision

Series B in 2020
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Zerigo Health

Series A in 2019
Zerigo Health develops innovative medical devices that deliver narrowband UVB light therapy for chronic skin conditions such as psoriasis, eczema, and vitiligo. Their flagship product, Clarify Medical, is a connected phototherapy system that enables patients to administer treatments at home under physician prescription, ensuring clinical precision while promoting convenience and empowerment.

Virtual Incision

Debt Financing in 2019
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Ambient Clinical Analytics

Series B in 2018
Ambient Clinical Analytics, Inc. is a healthcare technology company specializing in data assimilation, communication, and analytics for clinical decision support. Based in Rochester, Minnesota, the company develops tools tailored for use in intensive care units, operating rooms, and emergency departments. Its flagship product, AWARE, integrates with various electronic health record systems and bedside monitors to deliver critical patient information on a unified dashboard. Additionally, Ambient offers the Mayo Clinic YES Board, a multi-patient management tool that enhances situational awareness and streamlines patient flow. The company also provides specialized solutions such as Sepsis DART for real-time sepsis detection and the Ventilator-Induced Lung Injury Sniffer for monitoring ventilator patients. Furthermore, the Synthesis Platform serves as an integration hub for AWARE and the Mayo Clinic tools, facilitating seamless data exchange. Ambient Clinical Analytics was founded in 2013 and focuses on improving patient outcomes while reducing healthcare costs through innovative technology.

PolyCera

Series A in 2018
PolyCera, Inc. specializes in the development and manufacturing of advanced ultrafiltration membranes made from organic polymer materials. Founded in 2012 and based in Los Angeles, California, the company offers products such as the PolyCera hydro, a sub-20 nm membrane effective in removing bacteria, viruses, and protozoa, and the PolyCera titan, a sub-5 nm membrane known for its stability in challenging conditions including extreme pH, temperature, and fouling. These membranes feature a unique Spiral Monolith design that combines the advantages of polymeric, tubular, and ceramic membranes, resulting in high permeability and reduced operational costs. PolyCera membranes are oleophobic and hydrophilic, allowing for easy backwashing, which minimizes downtime and the need for cleaning chemicals. With a current installed capacity exceeding 55 million gallons per day, PolyCera membranes are utilized in various sectors, including clean energy, industrial wastewater management, and municipal water treatment. The company was acquired in 2020 by PSP.US, Inc., which continues to market its innovative filtration products under the PolyCera brand.

Tear Film Innovations

Series B in 2018
Tear Film Innovations is a medical device company that develops in-office treatments for evaporative dry eye and related conditions, including meibomian gland dysfunction and blepharitis. Its iLux Dry Eye Treatment System is a handheld device that allows eye care professionals to evaluate and treat dry eye patients quickly by identifying blocked meibomian glands and delivering targeted heat and compression to unblock them. BlephaRx addresses the symptoms and root causes of evaporative dry eye. Founded in 2014 and based in San Diego, the company aims to streamline dry-eye management by enabling fast, chairside assessment and treatment in a single visit.

Virtual Incision

Series B in 2017
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Montessorium

Series B in 2017
Montessorium, LLC is an educational technology company based in Sioux Falls, South Dakota, founded in 2010. It specializes in developing educational applications for iPhone and iPad that are rooted in the Montessori learning philosophy, which emphasizes self-directed and personalized education for children. The company offers a range of applications that include exercises in math, geography, writing, reading, puzzles, drawing, and painting. These applications are designed to create engaging and interactive learning experiences, providing children with videos and articles across various subjects to foster inspiration and encourage interaction with their parents. As of September 2018, Montessorium operates as a subsidiary of Higher Ground Education Inc.

TearClear

Series A in 2017
TearClear Corp. is an ophthalmic pharmaceutical company focused on developing preservative-free therapeutic drops aimed at treating glaucoma and various anti-inflammatory conditions, including dry eye disease and allergic conjunctivitis. Founded in 2015 and headquartered in Boston, Massachusetts, the company specializes in creating a platform of drugs that enhances medication delivery while ensuring patient safety and compliance by preventing preservatives from reaching the ocular surface. TearClear's innovative approach not only transforms established ophthalmic medications into safer therapies but also lays the groundwork for future developments across multiple treatment programs.

Ambient Clinical Analytics

Series A in 2017
Ambient Clinical Analytics, Inc. is a healthcare technology company specializing in data assimilation, communication, and analytics for clinical decision support. Based in Rochester, Minnesota, the company develops tools tailored for use in intensive care units, operating rooms, and emergency departments. Its flagship product, AWARE, integrates with various electronic health record systems and bedside monitors to deliver critical patient information on a unified dashboard. Additionally, Ambient offers the Mayo Clinic YES Board, a multi-patient management tool that enhances situational awareness and streamlines patient flow. The company also provides specialized solutions such as Sepsis DART for real-time sepsis detection and the Ventilator-Induced Lung Injury Sniffer for monitoring ventilator patients. Furthermore, the Synthesis Platform serves as an integration hub for AWARE and the Mayo Clinic tools, facilitating seamless data exchange. Ambient Clinical Analytics was founded in 2013 and focuses on improving patient outcomes while reducing healthcare costs through innovative technology.

SpringCM

Venture Round in 2016
SpringCM Inc. is a cloud-based document and contract management platform based in Chicago, Illinois, founded in 2005. The company provides solutions that streamline the contract lifecycle, encompassing contract creation, negotiation, approval, signature, archiving, and renewal. Additionally, it offers a digital asset management system that automates processes related to content management, sharing, and collaboration. SpringCM's software enables organizations to efficiently store, organize, and search for documents while facilitating collaboration both internally and externally. The platform is delivered as Software-as-a-Service and includes a mobile application for enhanced accessibility. SpringCM serves various sectors, including legal, IT, operations, sales, human resources, public sector, procurement, and finance. The company also provides consulting, training, and support services to its clients. In 2018, SpringCM became a subsidiary of DocuSign, Inc., and has established a strategic partnership with Salesforce to enhance its service offerings.

Virtual Incision

Venture Round in 2015
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

Montessorium

Series A in 2015
Montessorium, LLC is an educational technology company based in Sioux Falls, South Dakota, founded in 2010. It specializes in developing educational applications for iPhone and iPad that are rooted in the Montessori learning philosophy, which emphasizes self-directed and personalized education for children. The company offers a range of applications that include exercises in math, geography, writing, reading, puzzles, drawing, and painting. These applications are designed to create engaging and interactive learning experiences, providing children with videos and articles across various subjects to foster inspiration and encourage interaction with their parents. As of September 2018, Montessorium operates as a subsidiary of Higher Ground Education Inc.

Water Planet

Series B in 2015
Water Planet is a Los Angeles-based company that specializes in water treatment solutions aimed at addressing significant challenges in water reuse. The organization is committed to advancing global water sustainability by facilitating the commercialization and market adoption of innovative water technologies. Water Planet assists various sectors, including industrial, municipal, and agricultural clients, in managing their water treatment needs effectively. Through its efforts, the company plays a crucial role in conserving freshwater resources and promoting sustainable practices in water management.

Conventus Orthopaedics

Series A in 2014
Conventus Orthopaedics offers orthopedic and sports medicine services, including surgery, reconstructive procedures, spine surgery, joint replacement, sports medicine, physical therapy, and fracture care. Founded by medical professionals in 2009, the company focuses on less invasive treatments for complex periarticular fractures. It employs advanced nitinol technology to create a platform that delivers robust fixation and reliable repairs. The practice is located in Maple Grove, Minnesota.

Workiva

Series C in 2012
Workiva Inc. is a cloud-based technology company that offers a connected reporting and compliance platform designed to simplify the complexities of organizational reporting. Founded in 2008 and headquartered in Ames, Iowa, Workiva provides solutions that empower clients to integrate and manage data from various enterprise resource planning, governance risk and compliance, and customer relationship management systems. Its flagship platform includes tools for controlled collaboration, data linking, granular permissions, and comprehensive audit trails. With capabilities for creating, reviewing, and publishing data-linked documents and reports, Workiva serves over 6,000 organizations, including public and private companies, government agencies, and higher education institutions, helping them enhance productivity, mitigate risks, and ensure compliance with regulatory requirements. The company employs more than 1,100 individuals and maintains a presence in 15 cities worldwide.

Virtual Incision

Series A in 2010
Virtual Incision is a medical technology company focused on developing innovative robotic-assisted surgical devices, specifically targeting colon resection. The company has created the MIRA (Miniaturized In vivo Robotic Assistant) Platform, which is a pioneering miniaturized surgical robotic support device. This platform allows for efficient operating room setups in minutes, eliminating the need for cumbersome equipment handling such as draping or docking. By enhancing the surgical process, Virtual Incision aims to improve clinical outcomes while also addressing healthcare costs, positioning itself as a leader in the field of robotic-assisted surgery.

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.
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