Rally Ventures is a venture capital firm founded in 2012 and headquartered in Menlo Park, California, with an additional office in Minneapolis. The firm specializes in early-stage investments, primarily targeting enterprise technology companies at the Seed and Series A financing stages. Initial investments typically range from $500,000 to $8 million. Rally Ventures focuses on a variety of emerging technology sectors, including artificial intelligence, cybersecurity, fintech, cloud technologies, and SaaS, among others. The firm employs a hands-on investment approach, leveraging its extensive network of enterprise IT executives to support entrepreneurs. With over 200 years of combined experience in investing and operating technology companies, Rally Ventures has invested in more than 100 early-stage firms, demonstrating a successful track record of delivering significant investment returns.

Techstars Central LLC, founded in 2006 and based in Boulder, Colorado, operates as a startup accelerator and venture capital firm focused on supporting early-stage technology-oriented companies. It specializes in a mentorship-driven accelerator program, selecting ten startups each summer to participate in a three-month incubation period, offering funding of $120,000 in exchange for equity. Techstars invests primarily in sectors such as fintech, artificial intelligence, blockchain, augmented reality, and IoT, while avoiding investments in medical devices, healthcare technology, and local service-oriented businesses. In addition to its primary accelerator, Techstars has various specialized programs, including those focused on music, retail, mobility, and social impact, with global reach extending to regions such as Africa, Asia, and Latin America. The firm prefers taking minority stakes, typically between six and ten percent, without seeking board representation or investor rights. Techstars has built a robust network of entrepreneurs, mentors, and corporate partners to foster innovation and growth within its portfolio, which includes over 1,000 companies with a significant collective market capitalization.

Mayo Clinic is a not-for-profit medical group practice established in 1864, with its headquarters in Rochester, Minnesota. The organization operates medical care facilities across several states, including Minnesota, Florida, and Arizona, offering a wide range of services in specialties such as diabetes, cancer, neurology, and cardiology. In addition to patient care, Mayo Clinic is deeply involved in medical education, providing various degree and certificate programs, and conducting extensive research to advance healthcare through the development of diagnostic tools, medications, and treatment protocols. The institution emphasizes collaboration between physicians and scientists to foster innovation and improve patient outcomes. As a foundation, its operations are supported by the Mayo Foundation for Medical Education and Research, reinforcing its commitment to enhancing healthcare and education in the medical field.

Great North Labs is an early-stage venture fund focused on investing in technology startups in the upper Midwest. The firm aims to foster grassroots economic development by investing in exponential and disruptive technologies. Great North Labs provides both capital and strategic support to entrepreneurs, enhancing their chances for success while nurturing the local ecosystem to develop the next generation of transformative tech. The fund invests in companies from Seed to Series B stages, prioritizing those that leverage breakthrough technologies to innovate industries still reliant on analog processes. With a team composed of successful founders, Great North Labs emphasizes the importance of execution in its investment strategy, seeking high-potential startups regardless of their geographic location.

New Enterprise Associates, Inc. is a private equity and venture capital firm established in 1977 and headquartered in Menlo Park, California, with additional offices in India and China. The firm specializes in investments across various stages of company development, including seed, start-up, early stage, and later stage, with a focus on sectors such as information technology, healthcare, and energy technology. NEA's investment strategy encompasses a wide range of industries, including consumer internet, software, biotechnology, medical devices, and alternative energy. With over $19 billion in cumulative committed capital, the firm has a notable track record, having participated in more than 210 portfolio company IPOs and over 360 acquisitions. NEA aims to invest between $0.05 million and $20 million, targeting both domestic and international markets, particularly in Asia and the Americas.

Matchstick Ventures is a private equity firm based in Boulder, Colorado, that specializes in seed and early-stage investments in startups. Founded in 2015 by Natty Zola and Ryan Broshar, the firm targets early-stage software companies within rapidly growing but under-served startup ecosystems across the United States. By focusing on these areas, Matchstick Ventures aims to support innovative entrepreneurs and foster growth in emerging markets.

Gener8tor is a nationally recognized accelerator based in Madison, Wisconsin, that focuses on investing in high-growth startups across various sectors, including software, IT, SaaS, life sciences, MedTech, e-commerce, and hardware. The accelerator operates three times a year, investing $100,000 in each of five selected startups during a 12-week program designed to provide a concierge experience. Startups benefit from extensive mentorship and guidance through a network of experienced mentors, technologists, corporate partners, angel investors, and venture capitalists. Gener8tor is a GOLD-tier member of the Global Accelerator Network and is ranked among the top accelerators in the United States by the Seed Accelerator Rankings Project. Additionally, Gener8tor manages a venture capital fund that aims to invest in the software and technology, media, and telecommunications sectors, supporting a minimum of ten companies with investments ranging from $90,000 to $140,000.

Split Rock Partners, LLC is a venture capital firm established in June 2004, focused on early-stage investments in emerging healthcare, software, and internet services companies, primarily in the Upper Midwest and West Coast regions of the United States. The firm employs flexible investment strategies, including primary investments and direct secondaries, targeting companies with a market size exceeding $500 million. Split Rock Partners typically invests between $8 million to $10 million, seeking opportunities in sectors such as therapeutic medical devices, web-based business services, marketing automation, and enterprise analytics. The firm aims for its portfolio companies to achieve significant growth, generating over $100 million in revenue within five years and reaching a valuation of over $1 billion. Split Rock Partners emphasizes collaboration with entrepreneurs, leveraging over 80 years of combined venture investing and management experience to build strong partnerships based on integrity and mutual respect.

M25 is a Chicago-based venture capital firm established in 2015, focusing on early-stage investments in technology startups primarily located in the Midwest and Great Lakes regions. The firm has built a diverse portfolio by investing in over 90 startups across various sectors, including healthcare technology, information technology, financial services, and consumer products. M25's analytical and collaborative approach enables it to play a significant role within the Midwest startup ecosystem, fostering innovation and supporting the growth of emerging companies. The firm is led by Victor Gutwein and Mike Asem and seeks to identify promising investment opportunities that align with its objective of driving economic growth in the region.

Norwest Mezzanine Partners, founded in 2000 and based in Minneapolis, Minnesota, specializes in mezzanine investments, providing junior capital to support private equity sponsors in the growth of middle market companies across various sectors. The firm targets investments in business services, consumer products, distribution, healthcare, energy, and industrials within the United States. By partnering with private equity firms, Norwest Mezzanine Partners aims to create value in their portfolio companies, offering flexible financial solutions and reliable support to help these businesses achieve industry leadership. The firm operates independently but maintains an affiliation with Norwest Equity Partners, which has a long history in middle market equity investment.

McGowan Capital Group is a private equity and venture capital firm based in South Dakota, established in 2004. The firm specializes in providing growth capital and focuses on early-stage investments throughout the United States. With a commitment to fostering the development of promising companies, McGowan Capital Group seeks to support innovative ventures that demonstrate potential for significant growth.

Vensana Capital is a venture capital & growth equity investment firm.

Alumni Ventures Group, LLC is a venture capital firm founded in 2013 and based in Manchester, New Hampshire, with additional offices in North America. The firm specializes in seed, early-stage, and late-stage pre-IPO investments, focusing on companies that have an alumni connection and an institutional lead investor with relevant expertise. It offers high-quality, diversified venture portfolios to individual investors, particularly accredited alumni from top entrepreneurial schools, who previously lacked access to venture capital opportunities. Alumni Ventures Group invests between $0.01 million and $3 million in various sectors and geographies, without seeking board or observer seats. Additionally, the firm provides focused funds that enable any accredited investor to access a diverse venture portfolio, allowing for investment across different types, sectors, stages, and geographical locations.

Dundee Venture Capital is a venture capital firm based in Omaha, Nebraska, with additional offices in Chicago, Minneapolis, and Saint Louis. Established in 2010, the firm specializes in investing in high-growth, early-stage technology companies, particularly in sectors such as e-commerce, B2B SaaS, consumer networks, and digital healthcare. Dundee VC typically makes initial investments ranging from $250,000 to $1 million in seed rounds valued between $500,000 and $3 million. The firm focuses on underserved capital markets across the United States and Canada and generally avoids industries requiring government approval, such as pharmaceuticals and medical devices. Dundee Venture Capital aims to take board positions or observer roles in the companies it invests in, without seeking control, and plans to exit its investments within six to eight years. The firm was founded by Mark Hasebroock, who has a background in raising capital for e-commerce ventures.

Arthur Ventures, LLC is a venture capital firm founded in 2008 and headquartered in Fargo, North Dakota, with an office in Minneapolis. The firm specializes in post-angel and pre-institutional investments, primarily focusing on early-stage technology companies in North America and Western Europe. Its investment sectors include information technology, life sciences, healthcare, and clean technology, with particular emphasis on B2B software, biotechnology, drug discovery, medical devices, and clean energy solutions. Arthur Ventures typically invests between $500,000 and $3 million in early-stage companies and seeks to participate in later-stage investments in collaboration with other investors. The firm's investment strategy is particularly concentrated in the Upper Midwest region of the United States, targeting opportunities that align with its expertise in infrastructure, financial technology, and communications.

Allianz Life Ventures, established in 2016 and headquartered in Minneapolis, Minnesota, serves as the corporate venture arm of Allianz Life Insurance Company of North America. The firm focuses on investing in a range of sectors including insurance, retirement, fintech, digital health, enterprise technology, and transformational technology. By leveraging its financial strength and in-house expertise, Allianz Life Ventures aims to support the success of its partners through strategic investments in innovative companies across North America.

Traction Capital is a hybrid private equity and venture capital firm based in Wayzata, Minnesota, established in 2011. The firm focuses on investing in early-stage and lower middle-market companies across various sectors, including business-to-consumer, business-to-business, technology, information services, mobile software, SaaS, business services, niche manufacturing, and consumer products. Traction Capital's investment strategy is centered around its Traction Capital Focus Fund I, which aims to build a diversified portfolio of promising and undervalued businesses expecting liquidity events within 3 to 7 years. The firm sources investment opportunities through a robust network of investors, entrepreneurs, and industry professionals, primarily targeting companies in the Midwest, with an emphasis on Minnesota.

Bessemer Venture Partners is a $4 billion venture capital firm founded in 1911 and based in California, specializing in investments across consumer, enterprise, and healthcare sectors globally, from seed stage to growth. The firm supports founders by providing guidance and resources, starting with seed and Series A investments and maintaining involvement throughout the development of their companies. Bessemer has a diverse portfolio, having funded early-stage companies such as Pinterest, Blue Apron, Skype, and Twitch, and has played a role in the successful initial public offerings of 117 companies, including Twilio, Yelp, and LinkedIn. The firm also operates several specialized funds targeting various sectors, including information technology, software, and digital health, with a presence in key markets such as India and Israel.

Brightstone VIII is a venture capital fund managed by Brightstone Venture Capital, a Minneapolis-based private equity firm established in 1985. The firm specializes in early-stage investments, focusing on technology and life science companies across the United States. With a 30-year history of fostering successful businesses, Brightstone Venture Capital seeks to partner with innovative entrepreneurs who possess a unique vision for addressing significant challenges in expanding markets. The firm is dedicated to supporting these entrepreneurs in realizing their ambitious goals.

Northstar Capital is a private equity firm established in 1993 that specializes in mezzanine debt transactions for mid-market companies in the United States and Canada. The firm focuses on companies with experienced management teams and established sponsor groups, demonstrating a commitment to fostering growth through strategic financial support. Northstar Capital has a diverse investment portfolio, with particular interests in sectors such as value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare. The firm prides itself on its clear direction and commitment to understanding the unique needs of its investment partners.

Norwest Equity Partners (NEP) is a leading middle market investment firm focused on partnering with business owners to build companies into industry leaders. With a reputation for quality investments and exceptional financial returns since 1961, NEP has raised over $7 billion of capital through a series of equity and mezzanine funds. Offering creative and flexible transaction solutions through management buyouts, recapitalizations and growth financings, NEP believes in long-term relationships and helping stakeholders realize liquidity at the appropriate time. NEP seeks $30-$250+ million equity investment opportunities for growing and profitable companies within the agriculture, business services, consumer, distribution, diversified industrials, energy, healthcare. NEP is based in Minneapolis, Minnesota.

Versant Ventures is a prominent healthcare investment firm headquartered in California, specializing in medical devices, biotechnology, and pharmaceuticals. Established in 1999, the firm manages approximately $2.3 billion and invests across all stages of company development, with a strong focus on discovering and developing innovative therapeutics. Versant has a global presence with offices in Canada, the U.S., and Europe, and its team comprises professionals with extensive investment, operational, and scientific expertise, allowing for a proactive approach to building companies. Since its inception, Versant has successfully facilitated the growth of over 65 companies, leading to numerous acquisitions and public offerings.

Sofia Fund is a venture capital firm founded in 1998 and based in St. Paul, Minnesota, with an additional office in Kansas City, Missouri. The firm specializes in early-stage investments, focusing on women-led companies across various sectors, including information technology, business products and services, health and wellness, and clean technology. In information technology, Sofia Fund invests in areas such as business intelligence, cloud services, and e-commerce. In health and wellness, it targets companies involved in materials, diagnostics, and analytics. The clean technology investments include energy efficiency and green products. The fund typically invests between $0.1 million and $0.5 million per company across one or two funding rounds, with a goal of exiting investments within three to five years. Through rigorous due diligence, Sofia Fund aims to identify and support high-potential entrepreneurial ventures that prioritize gender diversity in their leadership teams.

Flare Capital Partners is a Boston-based venture capital firm established in 2013, specializing in early-stage and growth equity investments in healthcare technology. The firm focuses on areas such as medical devices, biopharmaceuticals, diagnostics, and digital health technologies, emphasizing transformational solutions that enhance value-based healthcare. Flare Capital Partners is known for its strategic resources and commitment to entrepreneurial success, having raised significant funds dedicated to healthcare innovation. The firm has a diverse portfolio that includes investments in companies like Aetion, Bright Health, and Iora Health. With a keen interest in leveraging mobile solutions and big data analytics, Flare Capital aims to support advancements in healthcare that improve patient outcomes and operational efficiency.

Right Side Capital Management is a venture capital firm based in San Francisco, California, established in 2010. The firm specializes in early-stage investments, focusing exclusively on the pre-seed round of technology startups. Right Side Capital Management aims to support companies with capital-efficient business models that are typically located outside major hubs like the San Francisco Bay Area and New York City. The firm invests in a range of technology sectors, including internet and cloud technologies, and operates primarily within the United States and Canada, with occasional investments in Western Europe, Israel, Australia, and New Zealand. Right Side Capital Management conducts 75 to 100 investments annually, with portfolio companies spanning 19 states. The firm seeks to provide a clear response to entrepreneurs within two weeks, with investments generally ranging from $50,000 to $500,000 and pre-money valuations between $1 million and $3 million.

The F. R. Bigelow Foundation is an independent non-profit organization based in Saint Paul, Minnesota, established in 1946. Its primary mission is to enhance the quality of life in the Saint Paul community by funding programs and initiatives that strengthen neighborhoods and downtown areas. The foundation is committed to its founding principle of making the community a better place to live, learn, and grow. The management of the foundation's assets is overseen by a board of trustees, who ensure that its investments align with its mission to empower the local community.

Lumira Ventures is a venture capital firm that specializes in investing in emerging, mid, and late-stage companies within the healthcare and life sciences sectors. Founded in 2007 and based in Toronto, Ontario, with additional offices in Montreal, Vancouver, and Boston, the firm primarily focuses on biotechnology, biopharmaceuticals, medical devices, digital health, and consumer health companies. Lumira Ventures typically invests between 5 million and 15 million in North American companies, emphasizing those located in Canada and the United States. The firm is committed to helping its portfolio companies enhance the value of their technology pipelines through active board participation and support in accessing additional funding sources and market opportunities. With a history that includes investments in over 100 healthcare companies, Lumira Ventures currently manages a portfolio of more than 30 active investee companies that aim to address significant unmet needs in the healthcare landscape.

Medtronic is a global leader in healthcare technology focused on developing and manufacturing medical devices and therapies to treat chronic diseases. Founded in 1949 and headquartered in Minneapolis, Minnesota, the company operates through four primary business units: Minimally Invasive Therapies, Diabetes, Restorative Therapies, and Cardiac and Vascular. Medtronic's innovative solutions address a wide range of health issues, including heart failure, Parkinson's disease, obesity, chronic pain, spinal disorders, and diabetes. By providing advanced medical technologies and services, Medtronic is committed to improving the quality of life for patients worldwide. The company's portfolio includes minimally-invasive devices, such as those for treating brain aneurysms and strokes, underscoring its dedication to enhancing patient care through progressive healthcare solutions.

Lemhi Ventures, Inc. is a venture capital firm based in Wayzata, Minnesota, established in 2006. The firm focuses on early and seed-stage investments in the healthcare services sector, seeking out companies with innovative business models that promise disruptive change. Lemhi Ventures typically invests in privately held companies within the United States and prefers to take on a leading role in its investments, often seeking board seats or partnership opportunities. The firm's experienced team, comprised of innovators and entrepreneurs, draws on their extensive backgrounds in business growth and successful exit strategies to identify promising investment opportunities. Lemhi Ventures does not engage in investments related to medical devices or specific therapeutic developments.

Cargill, established in 1865, is a privately held company based in the United States that operates internationally, producing and marketing a diverse range of food, agricultural, financial, and industrial products and services. Employing approximately 142,000 people across 67 countries, Cargill focuses on collaborating with customers to address various economic, environmental, and social challenges. The company leverages its scientific expertise and extensive research and development capabilities to enhance existing products, improve process efficiencies, and support innovative solutions. With a global team of over 1,300 specialists in research, development, applications, and technical services, Cargill offers a comprehensive spectrum of services, including technical support, intellectual asset management, and regulatory affairs, to generate distinctive value for its clients.

Drive Capital is a private equity firm based in Columbus, Ohio, founded in 2012. The firm specializes in investing in innovative technology, healthcare, and consumer companies primarily within the Midwest, targeting a region extending from Pittsburgh to Kansas City to Minneapolis. Drive Capital seeks to partner with entrepreneurs who are addressing significant market opportunities and have ambitious goals for building sustainable businesses. The firm is open to investments ranging from $100,000 to several million dollars, focusing on sectors such as technology, technology-enabled services, healthcare, and financial services. Founded by experienced venture capitalists Mark Kvamme and Chris Olsen, Drive Capital aims to support companies that have the potential for substantial growth.

Technology Venture Capital in Northern Plains

BMO Harris Bank, established in 1882 and part of BMO Financial Group since 1984, is one of the largest banks in the Midwest, serving personal, commercial, and affluent customers. The bank operates more than 600 branches and approximately 1,300 ATMs across several states, including Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida. BMO Harris Bank offers a wide array of personal banking products, financing options, and investment solutions, alongside integrated commercial and financial advisory services. Its commercial banking division focuses on mid-market clients, leveraging sector expertise and local knowledge. The bank aims to enhance customer experience through an integrated network of branches, mobile and online banking, and the expertise of mortgage specialists and financial planners. BMO Harris Bank is also committed to community engagement, supporting the areas where its employees live and work while helping customers navigate financial complexities and make informed decisions.

Pavilion Financial Corporation is an employee-owned investment services firm established in 2006, providing a range of advisory and execution services for institutional investors, including pension funds and foundations. The firm has expanded its capabilities through organic growth, strategic acquisitions, and the recruitment of specialized teams. Its subsidiaries, including Pavilion Advisory Group, deliver a comprehensive suite of integrated services, encompassing investment consulting, implemented consulting, transition management, securities trading, research, and wealth management. Pavilion Advisory Group's Research Division conducts extensive research across various domains, including investment manager, global macro, capital markets, quantitative, and alternative asset classes. The firm evaluates qualitative and performance characteristics of investment management firms globally and offers insights on asset allocation, market trends, and economic conditions. Additionally, it provides customized research and analysis to meet the specific needs of its clients, which include institutional investors, portfolio managers, and analysts. With offices in Minneapolis and Montreal, Pavilion Financial Corporation continues to position itself as a leader in the investment services sector.

UnitedHealth Group is a diversified health care company based in Minnetonka, Minnesota, that operates primarily through four segments: UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx. The UnitedHealthcare segment provides a range of health benefit plans and services tailored for various demographics, including individuals, employers, and government programs. OptumHealth focuses on health management services, care delivery, and consumer engagement, serving individuals through various channels. OptumInsight offers consulting, software, and information products to health care organizations, while OptumRx specializes in pharmacy care services, including retail, home delivery, and specialty pharmacy programs. Additionally, UnitedHealth Group Ventures invests in startups that enhance healthcare delivery and promote cost transparency. The company is committed to improving health care outcomes and building a sustainable health system.

GAMCO Investors Inc. is a diversified global financial services company that primarily serves high net worth individuals, pension plans, charitable organizations, and government entities. Founded in 1977 and headquartered in Rye, New York, with additional offices across the United States, the firm specializes in managing separate equity portfolios, mutual funds, and hedge funds. GAMCO employs a fundamental research approach with a bottom-up stock selection strategy, focusing on value stocks across large-cap, mid-cap, and small-cap companies. The firm benchmarks its investments against recognized indices while also incorporating socially responsible investment strategies. The company's success is rooted in its rigorous research-driven culture and a commitment to delivering superior risk-adjusted returns.

Plymouth Growth is a venture capital firm based in Ann Arbor, Michigan, established in 2002. The firm focuses on growth-stage investments in Midwest-based B2B software, technology, and tech-enabled service companies, primarily those generating between $3 million and $8 million in revenue. With a team that possesses extensive experience as operators, advisors, and investors, Plymouth Growth emphasizes the importance of understanding the people and culture behind a business, in addition to financial metrics. The firm is currently investing from its fourth fund, aiming to partner with entrepreneurs who have demonstrated the ability to achieve significant results with limited resources. Through its investments, Plymouth Growth seeks to foster smart and sustainable growth for the companies it supports.

Santé Ventures is a life sciences venture capital firm that invests exclusively in early-stage companies developing innovative new medical technologies or healthcare delivery models. The firm was founded in 2006 and has $281 million in capital under management in two funds.

Carlson Private Capital Partners is a private investment firm established in 2018 and based in Minnetonka, Minnesota. Founded by the Carlson family, the firm focuses on investing family capital in middle-market companies across various sectors, including healthcare, financial services, industrial, consumer, distribution, and business services. Carlson Private Capital Partners aims to create long-term value by partnering with exceptional management teams, leveraging their entrepreneurial legacy and operational expertise to foster business growth and success.

Service Provider Capital is a venture capital firm founded in 2014 and based in Golden, Colorado. The firm specializes in co-investing in Series A deals, primarily alongside institutional venture funds. It focuses on seed-stage companies across various sectors, including artificial intelligence, machine learning, blockchain, cannabis, cybersecurity, e-commerce, education technology, fintech, hardware, information technology, robotics, and healthcare. Additionally, Service Provider Capital manages funds that target specific regional markets, such as the Midwest, emphasizing investments in software and healthcare technology systems. The firm typically seeks minority stakes and engages in syndicated investments to support the growth of innovative startups.

O2 Investment Partners, LLC is a Michigan-based private equity firm that focuses on lower middle market investments in various sectors, including industrial manufacturing, niche distribution, business services, and technology. The firm seeks to acquire a majority interest in companies with revenue between $10 million and $75 million and enterprise values between $10 million and $100 million. O2 Investment Partners aims to partner with management teams to drive growth and enhance shareholder value, often through strategies such as buy and build, management buyouts, and turnaround initiatives. The firm primarily targets opportunities in the Midwest and Great Lakes regions of the United States and Canada, investing between $1 million and $20 million in businesses with strong earnings growth potential. Founded in 2010 and based in Bloomfield Hills, Michigan, O2 Investment Partners also considers co-investments and opportunistic acquisitions across various industries.

SightLine Partners LLC is a private equity and venture capital firm established in 2004, headquartered in Bloomington, Minnesota, with an additional office in Palo Alto, California. The firm specializes in investing in later-stage healthcare companies across the United States, focusing on medical technology, biotechnology, medical devices, diagnostics, and healthcare services. It targets investments in innovative medical devices and technologies, particularly in therapeutic areas such as vascular diseases, diabetes, and pulmonary conditions. SightLine Partners looks for opportunities in companies that can enhance the diagnosis, treatment, and prevention of major diseases, including those related to the nervous and immune systems, cardiovascular health, and oncology. The firm typically invests between $2 million and $8 million in its portfolio companies, structuring investments as preferred stock, with an exit strategy within five years.

Canaan VII is an early-stage venture capital fund managed by Canaan Partners, a global firm established in 1987 and based in San Francisco, California. The fund focuses on investing in the software and technology, media, and telecommunications (TMT) sectors within the United States. Canaan Partners manages a diverse portfolio with over 190 exits and has invested in more than 250 companies across various industries, including fintech, healthcare, and digital health. The firm employs a team of experienced investment professionals who seek to support visionary entrepreneurs with innovative ideas, providing capital ranging from $1 million to $20 million across different stages of development. With approximately $5 billion under management across multiple funds, Canaan Partners continues to play a significant role in fostering growth within the technology and healthcare landscapes.

Full Investment Portfolio: Public Equities: 45.63% Fixed Income: 6.92% Private Equity: 6.13% Private Debt: 0.70% Real Asset: 2.00% Real Estate: 0.92% Distressed/Opportunistic: 1.02% Treasuries: 6.93% Cash: 0.83% Other: 28.92% The Minnesota State Board of Investment (SBI) is the state agency responsible for the investment management of various statewide retirement funds, trust funds, and cash accounts. The Combined Funds account represent assets for public employees in the Minnesota retirement systems, the largest of which are Public Employees Retirement Association (PERA), the Teachers Retirement Association (TRA), and the Minnesota State Retirement System (MSRS). Only the Combined Funds invests in alternatives.

Tonka Bay Equity Partners LLC is a private equity firm based in Minnetonka, Minnesota, founded in 1998. The firm specializes in management buyouts, shareholder liquidity events, recapitalizations, acquisitions, and growth capital investments, primarily targeting lower middle market companies. Tonka Bay focuses on highly-engineered niche manufacturing, business services, healthcare practice management, and industrial distribution, among other sectors, and prefers to invest in businesses located in the United States. The firm typically invests between $4 million and $10 million in companies with an EBITDA of $2 million to $10 million and annual revenues ranging from $20 million to $50 million. Tonka Bay seeks to acquire both control and non-control positions in its portfolio companies, often taking a board seat and aiming for a majority stake. The firm does not engage with startups, turnaround situations, financial institutions, real estate companies, or restaurants and retailers.

Eclipse Ventures is an early-stage venture firm based in California, founded in 2015. The firm is dedicated to modernizing significant physical industries, including manufacturing, logistics, transportation, and healthcare. Eclipse Ventures collaborates closely with experienced founders to drive transformation in these sectors, providing support in operational best practices and fundraising strategies. The firm focuses on investments in consumer goods, healthcare, industrial, and technology companies, aiming to enhance efficiency and profitability within these traditional industries. By engaging deeply with entrepreneurs, Eclipse Ventures seeks to build generational companies that contribute to the evolution of the industrial landscape.

Hatteras Discovery is a venture capital firm based in Durham, North Carolina, focusing on early and seed stage investments in the life sciences and healthcare sectors. Established in August 2011 as a subsidiary of Hatteras Venture Partners, it primarily targets therapeutic areas such as ophthalmology, cardiovascular, pulmonary, anti-infectives, oncology, immunology, and orphan diseases. The firm aims to invest between $0.25 million and $1 million in portfolio companies located in North Carolina, emphasizing its commitment to supporting regional innovation in healthcare. Hatteras Discovery leverages the expertise and resources of its parent company, which has a broader focus on biopharmaceuticals, medical devices, and healthcare technologies, thereby enhancing its ability to foster the growth of emerging companies in the healthcare landscape.

RPM Ventures is an early-stage venture capital firm based in Ann Arbor, Michigan, founded in 2000. With $300 million under management, the firm targets seed to early-stage investments across the United States, focusing primarily on sectors where it has established itself as an industry leader, such as FinTech, InsurTech, Real Estate Tech, and Mobility and Transportation. RPM Ventures emphasizes investments in companies that cater to the Midwest's Fortune 500 manufacturing base or are based on technology developed at prominent regional research centers. The firm is particularly interested in high-tech and information technology sectors, including advanced materials processing, data discovery and analytics, and software automation. Originally established as Waypoint Ventures, the firm rebranded in 2006 to better align with its strategic focus on leveraging the strengths of the Midwest.

Heartland Equity Partners is a private equity firm based in Brooklyn Center, Minnesota, founded in 2014. The firm specializes in mid-market investments, focusing primarily on manufacturing, value-added distribution, and business services. It seeks to acquire majority stakes in companies with annual sales ranging from $5 million to $30 million, predominantly in the upper Midwestern states, particularly Wisconsin, Minnesota, and Iowa. Heartland Equity Partners aims to be a responsible steward of jobs, companies, communities, and investor capital through its acquisition and growth strategies.

Vivo Capital, LLC is a private equity and venture capital firm established in 1996 and headquartered in Palo Alto, California, with additional offices in Asia. The firm specializes in investing in healthcare sectors, including biotechnology, pharmaceuticals, medical devices, and healthcare services, primarily focusing on companies in the United States and East Asia. Vivo Capital manages approximately $5.8 billion in assets and has invested in over 290 public and private companies globally. The firm employs a multi-fund investment strategy, targeting various financing stages from early-stage ventures to public companies, and typically invests between $2 million and $40 million. Vivo Capital's team consists of more than 50 professionals with diverse expertise in medical, scientific, and entrepreneurial fields, allowing the firm to identify and nurture high-quality companies within the healthcare industry.