Two Bear Capital

Two Bear Capital Operations, LLC is a venture capital firm founded in 2019 and based in Whitefish, Montana, with additional offices in San Francisco and San Diego. The firm focuses on early-stage investments in companies that demonstrate disruptive innovations in sectors such as biotech, bioinformatics, healthcare information technology, machine learning, artificial intelligence, and cybersecurity. Its mission is to support technologies that provide improved solutions to pressing issues related to human health, security, and wellness, particularly in Montana and the Pacific Northwest. As a Registered Investment Adviser, Two Bear Capital aims to foster advancements that significantly enhance the quality of life through innovative approaches.

Mark Adams

Venture Partner

Jenna Aronson

Principal

Kevin Day

Partner and Head of Capital Formation

Michael Goguen

Founder and Managing Partner

Rachel Tsunemoto Hislop

Director of Research and Diligence

Ida Khodami

Partner

Jenny Kim

Partner, Fund Operations

Alex Krizhevsky

Venture Partner

Cris Neckar

Partner

Avery Sonnenberg Ph.D

Principal

J Seth Strattan

General Partner

John Sullivan

Venture Partner

12 past transactions

Arch Systems

Venture Round in 2022
Arch Systems Inc. designs and develops a device-to-cloud modular hardware platform for industrial Internet of Things (IoT) applications. The company’s device-to-cloud hardware is used for a range of custom IoT applications from electronics to mobile and cloud. Its hardware platform allows clients to design custom connected devices and take them to production, as well as enables software developers to create physical applications for sectors, such as food, water, and energy. The company was founded in 2015 and is based in Mountain View, California.

CIQ

Series A in 2022
Developer of enterprise software designed to democratize secure hybrid orchestration for performance-intensive workflows. The company's software merges the key capabilities of enterprises, hyper-scale, cloud, and high-performance computing for intelligent, secure, performant orchestration of multi-cloud and multi-site workflows and data, enabling pharmaceuticals, government, military, HPC, research, and other industries to accelerates the speed and efficiency of multi-prem, multi-cloud, and multi-architecture workflows.

Selector

Series A in 2022
Selector Software, Inc. operates a platform focused on operational intelligence for multi-cloud infrastructure and performance-sensitive managed services. Established in 2019 and based in Santa Clara, California, the company utilizes artificial intelligence and machine learning technologies to deliver actionable, multi-dimensional insights to network, cloud, and application operators. Selector's platform ingests data from diverse sources, conducts automated anomaly detection, and enables real-time comparisons of metrics and events. This approach allows operations teams to achieve their service KPIs through enhanced collaboration on messaging platforms, a conversational user experience for search-driven querying, and automated data engineering pipelines.

Novoron Bioscience

Seed Round in 2021
Novoron Bioscience, Inc. is a biotechnology company based in San Diego, California, focused on developing innovative treatments for various central nervous system (CNS) disorders, including multiple sclerosis, spinal cord injury, glaucoma, and Alzheimer's disease. Established in 2013, the company has made significant scientific advancements in the field of biologic therapeutics, particularly targeting Low-Density Lipoprotein Receptors (LDLRs) to facilitate the repair of neurological damage. Novoron is advancing a pipeline of pre-clinical therapies aimed at enhancing recovery from CNS-related conditions, thereby improving the quality of life for affected patients. As a member of the JLABS innovation community, the company continues to explore novel therapeutic approaches to address these complex medical challenges.

Elisity

Series A in 2021
Elisity is solving the challenge of securing access to enterprise assets and enterprise data in the complex modern world of blurring enterprise boundaries and mobile workforces. Elisity has introduced a unified policy and identity-based access solutions powered by AI. The Elisity team is made up of experienced entrepreneurs with deeply technical backgrounds in enterprise networking and security with the world’s largest and most security-conscious organizations.

pulseData

Series A in 2021
pulseData, Inc. is a New York-based company founded in 2015 that specializes in developing machine learning software tailored for healthcare providers. The company's platform leverages adaptive and predictive data science tools to identify patients at risk of adverse medical outcomes, enabling healthcare organizations to deliver targeted care to those who need it most. By analyzing vast amounts of data, including individual patient information and population patterns, pulseData aids care management teams in providing timely and effective interventions. This approach not only enhances patient care but also aims to reduce preventable illnesses and optimize medical cost savings for healthcare enterprises.

Graphiant

Series A in 2020
Graphiant Inc. develops and manufactures networking equipment, such as wide area network (WAN) technology that enables major business transformations. The company was incorporated in 2020 and is based in Fremont, California.

TileDB

Series A in 2020
TileDB, Inc. is a technology company that specializes in managing multi-dimensional array data, particularly for scientific applications. Founded in 2017 and headquartered in Cambridge, Massachusetts, with an additional location in Athens, Greece, TileDB offers a range of products, including TileDB Embedded, a storage engine, and TileDB Cloud, which facilitates the management of array data. The company's universal data engine enables users to access, analyze, and share complex data seamlessly across various tools. TileDB's platform can handle both dense and sparse arrays, accommodating multiple dimensions and diverse data types, which supports the development of applications for complex, parallel data analytics.

Inimmune

Series A in 2020
Inimmune Corp. is a biotechnology company based in Missoula, Montana, founded in 2016. The company specializes in the discovery, optimization, and development of vaccines and immunotherapeutics targeting various medical conditions, including oncology, allergic rhinitis, food allergies, autoimmune diseases, and infectious diseases. Inimmune's research focuses on innate immune receptor agonists and antagonists, aiming to provide innovative treatments for patients suffering from allergies, cancer, and upper respiratory tract infections. Through its work, Inimmune seeks to advance the field of immunomodulatory therapeutics and improve patient outcomes in diverse therapeutic areas.

VERAFĪ

Seed Round in 2020
VERAFĪ operates as a SaaS-based platform focused on private intelligence and due diligence, aiming to enhance fraud prevention in various sectors. The company integrates human expertise from the intelligence community with advanced machine learning technology, catering to professionals in private equity, venture capital, and commercial credit. This approach allows users to access critical intelligence efficiently, facilitating a smoother deal flow process. By addressing the needs of the corporate and human diligence markets, VERAFĪ provides tools for effective KYC (Know Your Customer), enhanced due diligence, pre-employment screening, and fraud detection, thus promoting a more secure business environment.

FYR Diagnostics

Convertible Note in 2020
FYR Diagnostics, founded in 2016 and based in Missoula, Montana, focuses on developing biomarker detection technology aimed at addressing chronic diseases in both human healthcare and agriculture. The company aims to tackle significant clinical challenges by commercializing innovative technologies that enhance the prediction, diagnosis, and management of diseases. This approach targets disorders that currently suffer from inadequate treatment and diagnostic options, thereby offering potential solutions for healthcare professionals and agricultural sectors facing substantial unmet needs.

VERAFĪ

Pre Seed Round in 2019
VERAFĪ operates as a SaaS-based platform focused on private intelligence and due diligence, aiming to enhance fraud prevention in various sectors. The company integrates human expertise from the intelligence community with advanced machine learning technology, catering to professionals in private equity, venture capital, and commercial credit. This approach allows users to access critical intelligence efficiently, facilitating a smoother deal flow process. By addressing the needs of the corporate and human diligence markets, VERAFĪ provides tools for effective KYC (Know Your Customer), enhanced due diligence, pre-employment screening, and fraud detection, thus promoting a more secure business environment.
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