Bluestem Capital Company

Bluestem Capital Company, LLC is a private equity and venture capital firm based in Sioux Falls, South Dakota, founded in 1989. The firm specializes in mezzanine financing, buyouts, and recapitalization, focusing on investments in business services, real estate, medical, manufacturing, and natural resources sectors. Bluestem Capital does not engage in start-up or turnaround investments, instead targeting early to late venture transactions. The firm primarily invests in companies located in the Midwestern region, particularly California, and typically allocates between $0.5 million and $3 million per investment. Bluestem Capital often seeks a majority stake in its portfolio companies and aims to secure a Board seat. The firm exits its investments through public offerings, management buyouts, or sales to strategic or financial buyers. As a Registered Investment Adviser, Bluestem Capital demonstrates a commitment to investing a significant portion of its net worth alongside its portfolio investments.

Sandy Horst

Partner and CFO

Kirby, Steven Thomas

Founder and Partner

Tyler J. Stowater

Partner and Vice President

31 past transactions

Orasis Pharmaceuticals

Series D in 2024
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.

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 visual clarity and comfort. These lenses are designed to allow natural eye movement, similar to the experience of wearing bifocal glasses, while minimizing irritation. Lentechs aims to provide a comprehensive range of products that address the needs of patients throughout their visual health journey.

Virtual Incision

Series C in 2023
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

Neurolens

Venture Round in 2022
Neurolens is a company that specializes in prescription lenses designed to alleviate discomfort caused by eye misalignment. Founded in 2012 and based in Costa Mesa, California, Neurolens incorporates a contoured prism into its lenses to improve eye alignment, which can help relieve headaches, neck and shoulder pain, and eyestrain. The company has developed a vision measurement device that utilizes an eye-tracking system capable of detecting even minor misalignments, measured in prism diopters. This innovative approach aims to address the chronic discomfort many individuals experience due to prolonged use of digital devices, reading, or engaging in detailed work.

Virtual Incision

Series C in 2021
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

Zerigo Health

Series B in 2021
Clarify Medical is innovating a well-established treatment, UVB therapy, to become easier, more convenient, more empowering, and more connected for psoriasis, eczema and vitiligo patients. The company also focused on developing innovative technology, products, and services that improve care for people with chronic skin conditions. Clarify Medical indicated for the localized phototherapeutic treatment of dermatologic conditions such as psoriasis, vitiligo, atopic dermatitis (eczema), seborrheic dermatitis, and leukoderma on all skin types (I-VI). It is the first and only connected phototherapy system that uses an app on the patient’s own smartphone (iOS or Android) to manage the dose, frequency, and duration of UVB light therapy, helping to ensure that patients receive the proper doses recommended by the American Academy of Dermatology and Vitiligo Working Group. The treatment regimen is prescribed by the patient’s physician but monitored and controlled by the Clarify System, enabling patients to administer treatment with clinical precision in the convenience of their homes. The connected system monitors dosing, adherence, compliance, patient progress, and satisfaction.

Sydnexis

Series B in 2021
Sydnexis is focused on developing a proprietary treatment for pediatric progressive myopia, addressing a significant global medical need. The company manufactures a topical eyedrop formulation specifically designed to treat the progression of myopia in children. This innovative approach enables healthcare professionals to effectively manage and reduce the incidence of eye disorders in pediatric patients.

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 Corp. is an ophthalmic pharmaceutical company focused on developing preservative-free therapeutic eye drops for conditions such as glaucoma, dry eye disease, and allergic conjunctivitis. Founded in 2015 and headquartered in Boston, Massachusetts, TearClear aims to improve patient safety and compliance by creating a platform that captures preservatives before they reach the ocular surface. The company's innovative approach seeks to transform established ophthalmic medications into safer therapies, with ongoing development of drug candidates that may expand into various indications in the future.

Virtual Incision

Series B in 2020
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

Zerigo Health

Series A in 2019
Clarify Medical is innovating a well-established treatment, UVB therapy, to become easier, more convenient, more empowering, and more connected for psoriasis, eczema and vitiligo patients. The company also focused on developing innovative technology, products, and services that improve care for people with chronic skin conditions. Clarify Medical indicated for the localized phototherapeutic treatment of dermatologic conditions such as psoriasis, vitiligo, atopic dermatitis (eczema), seborrheic dermatitis, and leukoderma on all skin types (I-VI). It is the first and only connected phototherapy system that uses an app on the patient’s own smartphone (iOS or Android) to manage the dose, frequency, and duration of UVB light therapy, helping to ensure that patients receive the proper doses recommended by the American Academy of Dermatology and Vitiligo Working Group. The treatment regimen is prescribed by the patient’s physician but monitored and controlled by the Clarify System, enabling patients to administer treatment with clinical precision in the convenience of their homes. The connected system monitors dosing, adherence, compliance, patient progress, and satisfaction.

Virtual Incision

Debt Financing in 2019
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.
Ambient Clinical Analytics, Inc. develops healthcare data assimilation and decision support tools aimed at enhancing patient care in intensive care units, operating rooms, and emergency departments. The company's flagship product, AWARE, integrates with various electronic health record systems and bedside monitors to deliver crucial patient information on a single-screen dashboard, facilitating real-time clinical decision-making. Additionally, Ambient offers the Mayo Clinic YES Board, which enhances patient flow by providing real-time situational awareness. The company also specializes in syndromic surveillance solutions, including Sepsis DART, which aids in the detection and confirmation of sepsis, and the Ventilator-Induced Lung Injury Sniffer, designed for ventilator monitoring. Furthermore, Ambient provides the Synthesis Platform, which serves as an integration tool for AWARE and the Mayo Clinic solutions. Founded in 2013 and headquartered in Rochester, Minnesota, Ambient Clinical Analytics focuses on reducing healthcare costs and improving patient outcomes through its innovative tools and technology.

Tear Film Innovations

Series B in 2018
Tear Film Innovations Inc. is a medical device company based in San Diego, California, specializing in the treatment of evaporative dry eye and related conditions such as meibomian gland dysfunction (MGD) and blepharitis. Founded in 2014, the company has developed the iLux Dry Eye Treatment System, a handheld device that allows eye care professionals to quickly evaluate and treat dry eye patients in under ten minutes. The iLux system uses targeted heating and compression to unblock meibomian glands, addressing the most common form of dry eye that affects over 330 million people worldwide. Additionally, the company offers BlephaRx, which targets both the symptoms and underlying causes of evaporative dry eye. As of December 2018, Tear Film Innovations operates as a subsidiary of Alcon, Inc.

Virtual Incision

Series B in 2017
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

Montessorium

Series B in 2017
MONTESSORIUM, which develops educational apps based on the Montessori learning philosophy. A 100-year-old-way of learning, now at your child's fingertips.

TearClear

Series A in 2017
TearClear Corp. is an ophthalmic pharmaceutical company focused on developing preservative-free therapeutic eye drops for conditions such as glaucoma, dry eye disease, and allergic conjunctivitis. Founded in 2015 and headquartered in Boston, Massachusetts, TearClear aims to improve patient safety and compliance by creating a platform that captures preservatives before they reach the ocular surface. The company's innovative approach seeks to transform established ophthalmic medications into safer therapies, with ongoing development of drug candidates that may expand into various indications in the future.
Ambient Clinical Analytics, Inc. develops healthcare data assimilation and decision support tools aimed at enhancing patient care in intensive care units, operating rooms, and emergency departments. The company's flagship product, AWARE, integrates with various electronic health record systems and bedside monitors to deliver crucial patient information on a single-screen dashboard, facilitating real-time clinical decision-making. Additionally, Ambient offers the Mayo Clinic YES Board, which enhances patient flow by providing real-time situational awareness. The company also specializes in syndromic surveillance solutions, including Sepsis DART, which aids in the detection and confirmation of sepsis, and the Ventilator-Induced Lung Injury Sniffer, designed for ventilator monitoring. Furthermore, Ambient provides the Synthesis Platform, which serves as an integration tool for AWARE and the Mayo Clinic solutions. Founded in 2013 and headquartered in Rochester, Minnesota, Ambient Clinical Analytics focuses on reducing healthcare costs and improving patient outcomes through its innovative tools and technology.

SpringCM

Venture Round in 2016
SpringCM is a secure document and contract management platform used to solve critical business needs. SpringCM delivers affordable, easy-to-deploy document management and workflow solutions in a completely Web-based environment. SpringCM's award-winning ECM service eliminates software installations, hardware maintenance, and prolonged customization cycles associated with on-premises applications.

Virtual Incision

Venture Round in 2015
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

Montessorium

Series A in 2015
MONTESSORIUM, which develops educational apps based on the Montessori learning philosophy. A 100-year-old-way of learning, now at your child's fingertips.

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 focuses on promoting innovative water technologies to support global water sustainability efforts. By providing effective treatment solutions, Water Planet assists industrial, municipal, and agricultural sectors in conserving freshwater resources and meeting their specific water treatment requirements. Through its initiatives, the company plays a crucial role in advancing the adoption of sustainable practices in water management.

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 (NYSE:WK) (formerly Web Filings) created Wdesk, a cloud-based productivity platform for enterprises to collect, link, report and analyze business data with control and accountability. Thousands of organizations, including over 65% of the Fortune 500, use Wdesk. The platform's proprietary word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail. Wdesk helps mitigate enterprise risk, improve productivity and give users confidence to make decisions with real-time data. Workiva employs more than 1,100 people with offices in 15 cities. The company is headquartered in Ames, Iowa. For more information, visit workiva.com.

Virtual Incision

Series A in 2010
Virtual Incision is focused on developing innovative surgical solutions, specifically through its miniaturized robotic support device designed for colon resection. The company's flagship product, the MIRA (Miniaturized In vivo Robotic Assistant) Platform, is a pioneering device that aims to streamline surgical procedures by allowing for quick setup in the operating room without the need for heavy equipment. This technology is intended to assist surgeons in improving clinical outcomes while also addressing healthcare costs. Virtual Incision's approach represents a significant advancement in robotic-assisted surgery, with plans for future applications beyond colon resection.

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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