What Lightstone Ventures does

Lightstone Ventures is a privately held life-sciences venture capital firm founded in 2012 to fund and build biotech and medtech companies developing first-in-class therapeutics and breakthrough medical devices. The firm invests across all modalities — small molecules, biologics, and cell/gene therapies — with therapeutic focus areas spanning central nervous system (CNS), autoimmune, oncology, ophthalmology, immunology, cardiovascular and neurology. Its investment approach is thesis-driven, hands-on and lifecycle-long, backing founders from start-up through commercialization with patient capital and operational partnership rather than purely financial sponsorship.

The firm operates through multiple specialized fund vehicles: a debut $172M US fund (2014), a €125M Ireland-focused fund (2014), a $50M Singapore-focused fund (2016), a $250M second life-sciences fund (2017) and a $375M third fund (2021) — its largest to date. Beyond fund vehicles, Lightstone maintains a strategic investment in 65LAB, a Singapore-based incubator partnered with Evotec that sources therapeutic IP from NUS, Duke-NUS and A*STAR, and a long-standing preferred partnership with The Foundry, the medical device incubator responsible for 20+ medtech companies including Ardian, Twelve and Evalve. Curie.Bio provides a complementary accelerator relationship for seed-stage therapeutics.

Lightstone monetizes through standard venture economics: management fees on committed capital across successive funds plus carried interest from portfolio exits. The track record includes 20 IPOs and 22 acquisitions across the portfolio — including notable realizations by Acceleron, ALX Oncology, Ardian (Medtronic), Plexxikon (Daiichi Sankyo), MicroVention (Terumo), Portola, Ra Pharma (UCB), Disarm Therapeutics (Lilly) and ZELTIQ. The team of ~18 named professionals spans Managing Partners Mike Carusi (Portola Valley) and Jean George (Boston), Partner Caroline Gaynor (Dublin), plus operating partners, advisors and a shared CFO function with affiliate firms Advanced Technology Ventures and Morgenthaler Ventures.

Name

Lightstone Ventures

Legal name

LSV Capital Management, LLC

Website

https://lightstonevc.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Lightstone Ventures is a life-sciences venture capital firm founded in 2012 that funds and builds first-in-class biotech and medtech companies across the US, Ireland and Singapore, with ~$847M in cumulative committed capital, a 20-IPO/22-acquisition track record, and ~18 investment professionals.

Ownership category

akta.pro rank

Product category

Venture Capital / Life Sciences Investing

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industries

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD), Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Venture capital investing
• Biotech venture capital
• Medtech venture capital
• Life sciences funding
• Early stage healthcare investing

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture capital fund management: As a life sciences venture capital firm founded in 2012, Lightstone Ventures generates revenue through management fees on committed capital across multiple funds (including the legacy $172M fund, the $250M fund closed in 2017, the $375M third fund closed in 2021, and a $50M Singapore-focused fund closed in 2016) plus carried interest from successful portfolio company exits (20 IPOs and 22 acquisitions to date).

Go-to-market motion3 records

Marketing channels5 records

Core offering

Lightstone Ventures is a life sciences-focused venture capital firm that invests venture capital into biotech and medtech startups developing first-in-class drugs (small molecules, biologics, cell and gene therapies) and breakthrough medical devices. The firm manages multiple fund vehicles and deploys patient capital alongside hands-on operational partnership to build companies from start-up through commercialization and exit.

Product overview

Lightstone Ventures is a venture capital firm (founded 2012) that operates a single unified platform offering of growth-stage venture capital across two industry verticals: Biopharma and Medtech. Its offering is structured as a portfolio of fund vehicles (the $375M Fund III, a prior $250M life-sciences fund, and a $50M Singapore-focused fund) plus dedicated incubators/accelerators — including the Singapore-based 65LAB strategic incubator (with Evotec) and its Curie.Bio partnership — that together fund and build biotech and medtech startups. The portfolio encompasses named active companies such as Cala Health (Cala kIQ / TAPS wearable neuromodulation for essential tremor and Parkinson's), Cerevance (NETSseq CNS drug discovery platform, Phase 3 solengepras), PsiThera (QUAISAR AI+molecular dynamics oral medicines), Nimbus Therapeutics (computationally designed SIK2 inhibitors and obesity programs), Alchemab Therapeutics (deep-learning antibody mining), Crystalys Therapeutics (dotinurad URAT1 inhibitor for gout), Atsena Therapeutics (ocular gene therapy ATSN-201), Tagworks Pharmaceuticals (Click-to-Release ADCs), Bonito Biosciences (RNA degrader oligos), Tallac Therapeutics (CpG-Antibody conjugates), Tizona/Trishula Therapeutics (anti-CD39 immuno-oncology), Carrick Therapeutics (samuraciclib breast cancer), MediSix Therapeutics (CAR-T for T-cell malignancies), Trotana (RNA-binding-protein medicines), Hydra Biosciences (ion-channel drugs); medtech actives including Apreo Health (Breathe Airway Scaffold for emphysema), Amber Therapeutics (adaptive neuromodulation for incontinence), FIRE1 (remote heart monitoring), Reprieve Cardiovascular (acute heart failure fluid management), CardiacBooster (percutaneous LVAD), SetPoint Medical (bioelectronic vagus nerve stimulation for autoimmune disease), Shoulder Innovations (InSet humeral stem), ProVerum (ProVee BPH system), Contego Medical (carotid/peripheral vascular), Relievant Medsystems (Intracept for low-back pain), Willow (wearable breast pump), EndoGastric Solutions (TIF/EsophyX GERD), Gynesonics (Sonata uterine fibroid ablation), Moximed (Atlas knee OA implant), Volta Medical (AI EP arrhythmia software), and Currie.Bio/65LAB as platforms. Realized exits include 20 IPOs (e.g., Acceleron, ALX Oncology, Cyteir, Vigil, Gemini, Ra Pharma, Flex Pharma, Portola, Five Prime, Verastem, Mersana, ZELTIQ) and 22 acquisitions (e.g., Ardian, MicroVention, Claret, PowerVision, Plexxikon, Twelve, Cabochon, Transcend, ForSight VISIONs, Proteolix, Hypnion, Disarm), reflecting the firm's integrated company-building and exit model across the biotech/medtech ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• 65LAB: Singapore-based strategic investment / incubator partnered with Evotec to grow the pipeline of investible therapeutic companies from Singapore research institutions such as NUS, Duke-NUS and A*STAR.

Products and services

• Lightstone Ventures Fund III ($375M Third Fund) Lightstone Ventures' $375 million third fund (closed September 2021), expanding the firm's thesis into the CNS field while continuing investments across biotech and medtech startups. Fund is structured as a limited partnership with capital called from institutional LPs over multiple years.
• Lightstone Ventures $250M Second Life Sciences Fund A $250 million life sciences venture capital fund closed in September 2017 to back biotech and medtech startups, building on the firm's US, Irish, and Singapore platforms.
• Lightstone Ventures Singapore Fund ($50M) A $50 million Singapore-focused fund closed in February 2016 to support medtech and biotech investments originating from Singapore-based research institutions such as NUS, Duke-NUS, and A*STAR.
• Lightstone Ventures $172M Debut Life Sciences Fund A $172 million debut US life sciences fund closed in 2014, focused on early-stage biotech and medtech startups; reported by FierceBiotech in 2014.
• Lightstone Ventures Ireland Fund (€125M) A €125 million Ireland-focused life sciences venture capital fund established in May 2014 to invest in innovative Irish life sciences firms.
• 65LAB Strategic Incubator Strategic investment in a Singapore-based incubator partnered with Evotec that grows the pipeline of investible therapeutic companies with technologies originating from Singapore research institutions such as NUS, Duke-NUS, and A*STAR. 65LAB funds promising early-stage therapeutic technologies to accelerate the drug development process and upon completion, projects are evaluated by 65LAB's board for further investment and the creation of new companies.
• Curie.Bio Founder Accelerator Founder-focused seed-stage venture firm combined with an industry-grade therapeutics accelerator that helps entrepreneurial founders launch viable therapeutics companies.

Quantifiable outcome

• 20 IPOs and 22 Acquisitions across portfolio companies
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship partnership and strategic.

• Evotecflagship partnershipStrategic or Co-development Partner · 1 September 201765LAB is a Singapore-based incubator in which Lightstone has made a strategic investment, partnered with Evotec. The purpose of 65LAB is to grow the pipeline of investible therapeutic companies with technologies originating from Singapore research institutions such as NUS, Duke-NUS and A*STAR. 65LAB funds promising early-stage therapeutic technologies to accelerate the drug development process; upon completion, projects are evaluated by 65LAB's board for further investment and the creation of new companies.
• The Foundry, LLCflagship partnershipStrategic or Co-development Partner · 1 January 1998The Foundry is the premier medical device company incubator and a preferred partner to LSV. Since its inception in 1998, The Foundry has founded and financed over twenty new medical device companies. Success stories include Evalve (acquired by Abbott), Concentric (acquired by Stryker), Ardian (acquired by Medtronic), Twelve (acquired by Medtronic). LSV partners Hanson S. Gifford III and Mark Deem are co-founders/managing partners of The Foundry.
• A*STAR (Agency for Science, Technology and Research, Singapore)strategicStrategic or Co-development PartnerLightstone collaborates with Singapore's A*STAR as a key research institution from which 65LAB sources novel therapeutic technologies. Mike Carusi currently sits on the A*STAR Medtech Catapult Steering Committee.

Scale indicators5 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Third Rock Ventures: Third Rock Ventures is a healthcare venture firm that founds and builds biotech companies from scratch. Its model of company creation, large founding teams, and focus on bold first-in-class science closely mirrors Lightstone's playbook (e.g., its co-founder Christina Isacson previously worked at Third Rock).
• 5AM Ventures: 5AM Ventures is an early-stage life sciences venture capital firm focused on founding and seeding biotech companies. Its hands-on company-creation approach and focus on next-generation therapeutics closely parallels Lightstone's Lightstone-led newco strategy, particularly in CNS and rare disease.
• Atlas Venture: Atlas Venture is a life sciences-focused venture capital firm that builds biotech companies from inception. Like Lightstone, it focuses on early-stage biotech and medtech, pursues a hands-on company-building model, and has a strong exit track record — making it a direct peer in thesis and operating approach.
• Versant Ventures: Versant Ventures is a healthcare-focused VC firm investing across biotech, medtech, and healthcare services with offices in the US, Canada, and Europe. Comparable to Lightstone in its dual biotech/medtech thesis, global footprint, and stage-agnostic deployment from inception through commercial-stage rounds.
• Frazier Life Sciences: Frazier Life Sciences is a dedicated life sciences venture capital firm investing across all stages of biotech and medtech development. Its thesis-driven approach, public/private crossover exposure, and stage-agnostic strategy closely parallel Lightstone's model.

Broad incumbents

• OrbiMed: OrbiMed is one of the largest healthcare-dedicated investment firms globally, managing public and private equity, royalty, and credit strategies across the healthcare spectrum. As a broad incumbent, it competes with Lightstone in late-stage biotech and medtech but at a much larger AUM and with broader instrument coverage.
• RA Capital Management: RA Capital is a crossover life sciences investor combining public equity and private venture investing. Its TechAtlas research platform and crossover model make it a broad incumbent competing with Lightstone for biotech Series A/B rounds and at the public-market crossover.
• New Enterprise Associates (NEA): NEA is one of the largest US venture capital firms with a dedicated healthcare practice investing across biotech, medtech, and digital health. As a broad incumbent, it competes with Lightstone across stages but at much greater AUM and with a broader sector mandate.
• Flagship Pioneering: Flagship Pioneering is a biotechnology-focused venture creation firm that originates and grows platform companies such as Moderna. As a much larger broad incumbent, it competes with Lightstone for breakthrough biotech opportunities and founder talent, particularly in platform/AI-enabled drug discovery.
• ARCH Venture Partners: ARCH Venture Partners is a leading early-stage technology and life sciences VC firm, known for backing breakthrough biotech companies such as Illumina, Foundation Medicine, and Editas. Comparable to Lightstone in the biotech vertical but operates at meaningfully larger fund sizes and broader scope.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lightstone-ventures
• Xx.com/lightstonevc

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments90 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lightstone Ventures