Fundraising FoxPhase Two Ventures
Venture capitalSan Diego · Pre-Seed–Seed · 11 people tracked
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Investment thesis
Phase Two Ventures believes the tools and platforms underlying biology determine what therapeutics become possible, so it funds the enabling layer rather than drugs themselves. It invests across three areas: R&D tools (instruments, reagents, consumables that make experiments faster and more reproducible), platform technologies with multiple applications (glycoengineering, spatial biology, epigenetic regulation, point-of-care cell therapy manufacturing), and AI x Bio software and autonomous agents that convert biological data into decisions. It writes first checks at pre-seed and seed, often before technology leaves the bench, and offers hands-on operator coaching on product, manufacturing, and commercial strategy. Rooted in San Diego with ties to UCSD and Salk, it favors overlooked science founders with defensible technical insight and a path from tools revenue to platform leverage.
Source: firm website, verified Oct 10, 2026.
Team · 11 people
from the firm's website & public directories
Founder mafia
2 people who came through Phase Two Ventures went on to found or lead other companies.
What they invest in
from 11 of 17 portfolio companiesBiotech ×11Healthtech ×8Deep Tech ×7AI & Machine Learning ×4Medical Devices ×4Hardware ×1New Materials ×1SaaS ×1
HQs:United States×6
Who they back
founder profiles across 9 portfolio companiesFounding team size:solo founder×42 founders×23 founders×14+ founders×2
Where their founders studiedfrom 10 founders with education data
University of California, San Diego - Rady School of Management ×2Willamette University ×2
What their founders studiedfrom 12 founders with field-of-study data
Life Sciences ×7Engineering ×4Business & Management ×3Computer Science ×2Medicine ×2
Where their founders worked beforefrom 12 founders with career history
Omniome ×2University of California San Diego ×2
Investments · 17 tracked
founders shown can be your intro pathBy year:2026 · 12024 · 12 dated
Acurion Health develops OncoGaze, a technology that predicts clinically actionable genomic biomarkers from routine digital histology tissue slides at the biopsy stage.
AI & Machine LearningBiotechHealthtech
Andson Biotech develops analytical tools for the analysis of biotherapeutics, aimed at supporting the discovery and development of biologic drugs.
BiotechDeep TechHealthtechAtlanta, US
Mason Chilmonczyk(Founder)inJim Filippini(Executive Officer)inRob Grier(Vice President of Operations)
BoardAndrei Fedorov(Director)Thomas O'Brien(Director)James Ross(Director)
Co-investorsGaingelsY CombinatorEquity Trust CompanyMcKesson VenturesMerck Global Health Innovation FundNorthpond Ventures+1 more
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Arima Genomics develops DNA-based cancer diagnostics that combine genomic sequence with 3D genome structural information (via Hi-C sequencing) to detect fusions, rearrangements, ecDNA, and other structural drivers of cancer.
BiotechHealthtechMedical Devices
Sid Selvaraj(Founder & Chief Operating Officer)inTom Willis(Chief Executive Officer)inAnthony Schmitt(Senior Vice President, Science)inErin Davis(Vice President, Marketing)in
Co-investorsBerkeley CatalystIllumina Ventures
Defined Bioscience develops cell culture media, growth factors, and related reagents for stem cell biology and regenerative medicine research.
BiotechDeep TechHealthtechMedical DevicesNew Materials
Steve Rees(Co-Founder, CEO)Jerome Karpiak(Co-Founder, VP of R&D)Jose M. Morachis(Founder and Board Chairman)Will Alaynick(Founder and Board Member)
Exthymic is a company working on cell therapy manufacturing, aiming to make cancer cell therapies more accessible to patients who currently cannot obtain them.
BiotechHealthtechSan Diego, US
Rich Stoner(Founder)inDan Knudsen(Founder)Kevin Cooksy(Founder)in
Co-investorsHAWKTAILKdT Ventures
Automated platform for hydrogel testing across medicine, cosmetics, and agriculture applications.
Co-investorsNextFab VenturesTreeo VC
LynxBio (Lynx Biosciences) is a biotech company developing immuno-oncology and immunology therapies using a proprietary patient-based ex vivo disease biology platform combined with a multiomics approach for drug discovery.
AI & Machine LearningBiotechDeep TechSan Diego, US
Chorom Pak(Founder)in
Co-investorsCheckmate Capital Group LLCCove FundGreat Oaks Venture CapitalFlare Capital Partners
Developer of microfluidic cell sorting technologies for the biotech industry.
BiotechHardwareMedical DevicesSan Diego, US
Jose Morachis(Executive Officer, Director)inNate Heintzman(Executive Officer, Director)inWilliam Alaynick(Executive Officer, Director)Chris Neary(CEO)in
BoardKenneth Hood(Director)
Co-investorsVertical Venture PartnersWarburg PincusAnzu PartnersFusionX VenturesHemisphere Ventures LLCIllumina Ventures+1 more
Navega Therapeutics develops gene therapies using zinc-finger and CRISPR-based epigenome regulation to control gene expression.
BiotechDeep TechHealthtechSan Diego, US
Fernando Aleman(Executive Officer, Director)inAna Moreno(Executive Officer, Director)inRandy Socol(Executive Officer)
Novoron develops lipoprotein-receptor small molecule therapies aimed at repairing damage and degeneration of the brain and spinal cord, including treatments for proteinopathies and neuroregeneration following traumatic injury.
BiotechDeep TechHealthtechMedical DevicesSan Diego, US
Travis Stiles(CEO & Co-founder)inShawn Gahr(COO & Co-founder)inDavid Weiner(Executive Chairman)Ryan McMillian(CFO & Financial Strategy)
BoardMichael Goguen(Director)in
Co-investorsTwo Bear CapitalBackstage Capital
Potato builds software that bridges scientific research and laboratory execution, enabling research teams to move from hypothesis to experiment to learning faster by automating the manual processes between scientific intent and real-world lab work.
AI & Machine LearningBiotechDeep TechSaaS
Merrit Savener(VP of Commercial)
Co-investorsAlumni VenturesDraper AssociatesRoble VenturesDolby Family VenturesEnsemble VC
RyboDyn develops breakthrough immunotherapies by identifying and targeting previously hidden disease markers through its proprietary RyboCypher™ technology platform.
AI & Machine LearningBiotechDeep TechHealthtech
Imad Ajjawi(Co-Founder & Chief Executive Officer)inCorey Dambacher(Founder, President, & Chief Technology Officer)inKerry Wilson(Co-Founder & VP, Platform Development)inAshley Woodfin(Co-Founder & Bioinformatics Lead - Target Discovery)in
Co-investorsSOSVSwell PartnersHOF Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Augment BiologicsMesa BiotechMorphos BioscienceScholarNexusSweetspot Diabetes
Portfolio news
latest coverage across their companiesAcurion · prnewswire.com · Apr 14, 2026
Andson Biotech · andsonbiotech.com · Oct 27, 2025
Frequently asked questions
- How many investments has Phase Two Ventures made?
- Phase Two Ventures has 17 tracked investments, including 1 dated in the last 24 months.
- What stage does Phase Two Ventures invest at?
- Phase Two Ventures invests at the Pre-Seed, Seed stages.
- What sectors does Phase Two Ventures focus on?
- Phase Two Ventures focuses on AI & Machine Learning, Biotech, Deep Tech, Healthtech.
- Where is Phase Two Ventures located?
- Phase Two Ventures is headquartered in San Diego, US.
- Does Phase Two Ventures lead rounds?
- Yes, Phase Two Ventures leads investment rounds.
- Who does Phase Two Ventures co-invest with?
- Phase Two Ventures most often shares deals with Illumina Ventures, Gaingels, NextFab Ventures, among 21 tracked co-investors.
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