Venture Investors rebrands as Clarevia Ventures

After more than 40 years as Venture Investors Health Fund, the Madison-based firm has rebranded as Clarevia Ventures, reflecting what leaders describe as a more defined focus on early-stage healthcare investing.

Founded in 1984, the firm has invested exclusively in healthcare since 2018. It has made 123 investments and completed 52 exits across sectors including therapeutics, diagnostics, medical devices and digital health. The firm manages approximately $350 million, according to PitchBook.

The rebrand comes as both the firm and the broader healthcare investment landscape have shifted toward greater complexity and larger, later-stage deals.

“Healthcare innovation has become more technical, more regulated, and more demanding at the earliest stages,” said managing partner Jim Adox.

PitchBook data shows more than 94% of the firm’s investments over the past five years have been in healthcare and U.S.-based companies. Over that same period, later-stage deals increased to 55.56% of activity, up from 48.78% historically.

That focus mirrors broader trends in Wisconsin’s startup ecosystem.

According to the Wisconsin Technology Council’s 2025 Wisconsin Portfolio, healthcare companies raised $247.8 million across 41 deals, accounting for 44.6% of all deals and 66.2% of total capital by industry.

Within the sector, diagnostics attracted the largest share of capital at 29%, followed by healthcare IT at 28%, underscoring continued investor interest in data-driven and clinical innovation.

“In healthcare, lack of clarity early can be lethal,” said Jenni Le, principal. “If a company does not have a clear view of the problem, the regulatory path, and the milestones that matter, mistakes become expensive very quickly.”

Clarevia’s recent investments include a $42.7 million later-stage round in Elephas, a Wisconsin-based company developing tools to accelerate cancer treatment decisions.

“This is not about becoming something new overnight,” said David Arnstein, partner and CFO. “It is about putting a clearer name to the firm we have become, and to the kind of partner we intend to be for founders going forward.”