Fundraising Fox

Two Bear Capital

Venture capitalActively deploying

Whitefish · Pre-Seed–Series B · 38 people tracked

Also known as TWO BEAR CAPITAL SEED

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Investment thesis

Two Bear Capital invests in founders with breakthrough ideas aimed at solving urgent and complex problems by leveraging both life sciences and technology. The firm focuses on disruptive sectors where these two domains intersect, seeking opportunities where scientific and technological breakthroughs can scale. Its team is composed of investors, operators, and advisors with deep domain expertise across technology and life sciences. Two Bear Capital emphasizes partnering closely with founders to help transform ambitious ideas into enduring, transformative companies capable of delivering impact on a world-changing scale.

Source: firm website, verified Aug 3, 2026.

Stage
Pre-Seed–Series B
Check
$3M – $10M
HQ
Whitefish, Montana, US
Leads rounds
Leads
Instruments
Equity
Founded
2019
Last 12 months
3 investments
Tracked investments
28

Team · 38 people

from the firm's website & public directories
Kristen Getchell· Partner, Head of Platformin
Ellen Lubman· Biopharmaceutical Advisor
Ellen Lubman, MBA· Biopharmaceutical Advisor
James Allison· Nobel Laureate, Chair of Immunology, MD Anderson Cancer Center, University of Texas
James Allison, PhD· Nobel Laureate, Chair of Immunology, MD Anderson Cancer Center, University of Texas
Jeff Miller· Operating Partner, Enterprisein
John Delaney· Senior Biopharmaceutical Advisorin
John Delaney, PhD· Senior Biopharmaceutical Advisor
Padmanee “Pam” Sharma· Professor of Genitourinary Medical Oncology and Immunology, MD Anderson Cancer Center, University of Texas
Padmanee "Pam" Sharma, M.D., PhD· Professor of Genitourinary Medical Oncology and Immunology in the Division of Cancer Medicine, MD Anderson Cancer Center, University of Texas

What they invest in

from 24 of 28 portfolio companies

AI & Machine Learning ×13Biotech ×11Data & Infrastructure ×7Enterprise Software ×7Healthtech ×7Deep Tech ×6Cybersecurity ×5Cloud Computing ×4

HQs:United States×18

Who they back

founder profiles across 10 portfolio companies
40%
solo founders
4 of 10 mapped founding teams

Founding team size:solo founder×42 founders×6

Investments · 28 tracked

founders shown can be your intro path

By year:2026 · 22025 · 32024 · 42023 · 12022 · 22021 · 12015 · 114 dated

CIQciq.comin𝕏✓ verified

CIQ is an enterprise infrastructure software company that builds and supports the Linux, HPC, and AI infrastructure stack from the kernel to the orchestrator, serving enterprises, research institutions, and government agencies.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsReno, US

Gregory Kurtzer(Founder & CEO)Bjorn Hovland(President)Peter Nelson(Chief Technology Officer)Marlin Prager(CFO)

Co-investorsRho Capital PartnersRho Ventures

Sanavia Oncologysanavia.bioin✓ verified

Sanavia develops cancer therapies—including antibody drug conjugates (ADCs), bispecific T cell engagers, and CAR-T cell therapies—that target novel epitopes in validated cancer targets.

AI & Machine LearningBiotechHealthtech

Arch Systemsarchsys.ioin𝕏Jul 2022

Arch builds agentic AI that acts as a virtual factory expert, analyzing manufacturing data to identify root causes and give operators, engineers, and shift leaders prescriptive next steps in real time.

Advanced ManufacturingAI & Machine LearningIoTPalo Alto, US

Timothy Burke(Executive Officer, Director)Andrew Scheuermann(CEO & Co-founder)Tim Burke(CTO & Co-founder)Jennifer Davis(Chief Operating Officer)Ben Freeman(SVP of Engineering)Gus Shahin(Director)

Board seatMichael Goguen· per SEC Form D

Co-investorsComet LabsHCVCMerus CapitalNeotribe VenturesUlu VenturesUncork Capital

Elisityelisity.comin𝕏Mar 2024 · $37M

Elisity provides an identity-based microsegmentation platform that turns existing network infrastructure (Cisco, Arista, Aruba, Juniper switches and Palo Alto firewalls) into policy enforcement points to discover devices and enforce least-privilege access without agents, new hardware, or re-IPing.

CybersecurityEnterprise SoftwareIoTSaaSSan Jose, US

Brian Thompson(Executive Officer)James Winebrenner(Executive Officer, Director)

BoardBrian Long(Director)inSpencer Tall(Director)inStephen Ward(Director)in

Board seatMichael Goguen· per SEC Form D

Co-investorsAllegisCyber CapitalAtlantic Bridge VenturesInsight PartnersRain CapitalALLEGIS CAPITAL

FYR Diagnosticsfyrdiagnostics.comin𝕏Aug 2024

BiotechMissoula, US

Brian Conway(Executive Officer)Christopher Booth(Executive Officer, Director)Sarjubhai Patel(Executive Officer, Director)

Board seatAvery SonnenbergMichael Goguen· per SEC Form D

Novoronnovoron.comin𝕏Dec 2022

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)

Board seatMichael Goguen· per SEC Form D

Co-investorsBackstage Capital

PULSEDATApulsedata.ioinApr 2021SEC filingmedium confidence

PulseData builds patented machine learning and AI predictive analytics models that help healthcare organizations identify chronic diseases earlier and predict disease progression, with a focus on kidney disease and end-stage renal disease.

AI & Machine LearningDigital HealthHealthtechNew York, US

Hai Po Sun(Co-founder)Teddy Cha(Co-founder)Hai PoHAI PO SUN(Executive Officer, Director)THEODORE CHA(Executive Officer, Director)

Board seatMichael Goguen· per SEC Form D · $16.5M raise · filed Apr 2021

Co-investorsBlue CollectiveBloomberg Beta

R2 Semiconductorr2semi.comAug 2015SEC filingmedium confidence

R2 Semiconductor develops power management semiconductor technology, including envelope tracking for RF power amplifiers and core power management for multi-core application processors and digital SoCs.

Deep TechHardwareIoTSemiconductorsSunnyvale, US

DAVID FISHER(Executive Officer, Director)ANDREW HARTLAND(Executive Officer)

BoardFAHRI DINER(Director)ROBERT SCHWARTZ(Director)BOB PAVEY(Director)RICHARD GOLD(Director)

Board seatMichael Goguen· per SEC Form D · $10M raise · filed Aug 2015

Co-investorsThird Point VenturesSigma Prime Ventures, Llc

TileDBtiledb.comin𝕏Sep 2023

TileDB builds a database platform for organizing, cataloging, and analyzing large-scale data across organizations.

AI & Machine LearningBiotechCloud ComputingData & InfrastructureEnterprise SoftwareCambridge, US

Stavros Papadopoulos(Executive Officer, Director)inSamuel Madden(Director)in

BoardAbhishek Sharma(Director)in

Board seatMichael Goguen· per SEC Form D

Co-investorsAlleyCorpBig Pi VenturesIntel CapitalNTT DOCOMO VenturesS VenturesSAV (Scale Asia Ventures)+2 more

Abilita Therapeuticsin

Enables discovery of novel therapeutics for previously undruggable membrane protein targets.

Abilitabioabilitabio.com

Abilita Therapeutics is a drug discovery company built on its EMP (Enabled Membrane Proteins) technology, which uses directed evolution to create stability- and expression-enhanced membrane protein variants.

BiotechDeep Tech

Abilitatxabilitatx.com

Abilita Therapeutics is a drug discovery company focused on membrane protein targets, using its EMP (Enabled Membrane Proteins) technology based on directed evolution to create stability- and expression-enhanced protein variants for discovering and optimizing drug candidates.

BiotechDeep TechSan Diego, US

Mauro Mileni(Founder & Chief Executive Officer)Matthew Ritter(Chief Business Officer)Jim Schmidt(Chief Financial Officer)Arshan Amiri(General Counsel)

Binarlybinarly.ioin𝕏

Santa Monica, US

Alex Matrosov(Founder)

Co-investorsCanaan PartnersStoneMill Ventures

Concealconceal.ioin𝕏

Conceal builds browser-based security that moves enforcement into the browser runtime and application layer, binding application access to identity rather than network location.

CybersecurityEnterprise SoftwareSaaSAugusta, US

Craig Whetstone(Executive Officer)inEric Cornelius(Director, Executive Officer)inGordon Lawson(Executive Officer, Director)Ronald Kolson(Executive Officer)

BoardSpencer Tall(Director)inRon Gula(Director)in

Co-investorsAllegisCyber CapitalGula Tech AdventuresRRE Ventures

Dymiumdymium.ioinMar 2024

Dymium is a data-centric, zero-trust platform that governs access to enterprise data in real time, applying identity-, role-, and context-based policies before data is returned.

AI & Machine LearningCybersecurityData & InfrastructureLos Gatos, US

Valentyn Kamyshenko(Founder)

Co-investorsSINEWAVE VENTURES

Fyr Biofyr.bioin𝕏

FYR develops an AI-enabled multi-omic platform (EV-Omics/EVO) that profiles extracellular vesicles in blood to decode RNA and protein signals for disease detection and characterization.

AI & Machine LearningBiotechMedical Devices

Graphiantgraphiant.comin𝕏May 2025

Graphiant provides a software-based, unified network platform for connecting AI, cloud, SaaS, B2B, and branch environments.

Cloud ComputingData & InfrastructureEnterprise SoftwareSan Jose, US

Stefan Olofsson(Founder)

Co-investorsHarpoon VenturesMVP VenturesIAG Capital PartnersSequoia CapitalWa'ed Ventures

Gravwellgravwell.ioinOct 2025 · $15.4M

Gravwell is a security data platform that collects, stores, and analyzes unstructured logs and large data volumes in raw format without enforcing predefined schemas.

CybersecurityData & InfrastructureEnterprise Software

Kristopher Watts(Founder)in

Co-investorsGula Tech AdventuresInnosphere VenturesKickstartNext Frontier Capital

Inimmuneinimmune.comin𝕏

Inimmune is a clinical-stage biotech company that discovers and develops immunotherapies based on innate immune modulation, including Toll-like receptor agonists, to treat inflammatory conditions such as allergy, cancer, and autoimmune disease.

BiotechHealthtech

alan joslynin

Leapfrog Bioleapfrog.bioin

Leapfrog develops precision cancer therapies by using its OncoSLX platform to identify genetic vulnerabilities in cancers driven by loss-of-function mutations and repurposing clinical-stage drugs against them.

AI & Machine LearningBiotechHealthtech

Montara Therapeuticsmontaratx.comin

Montara is a biotech company developing small-molecule therapeutics focused on neurodegeneration and diseases such as Alzheimer's.

AI & Machine LearningBiotechDeep TechSan Francisco, US

Kevan Shokat(Co-Scientific Founder & Chairman of the SAB)Thomas Südhof(Co-Scientific Founder & SAB Member)Seth Stratton(Director)Dirk Langdorf(Director)Nicholas Hertz(Executive Officer, Director)

Co-investorsDolby Family Ventures

PulseDatapulsedata.aiin

PulseData provides patented machine learning and AI healthcare analytics models that predict chronic disease progression, with a focus on kidney disease and end-stage renal disease.

AI & Machine LearningDigital HealthHealthtech

Co-investorsAndreessen HorowitzTiger Global Management

QuSecurequsecure.comin𝕏Feb 2025

QuSecure provides a cryptographic management platform that discovers, remediates, and reports on encryption across cloud, on-premises, and legacy systems.

Crypto & Web3CybersecurityEnterprise SoftwareQuantum ComputingSan Mateo, US

Rebecca Krauthamer(Founder)inDave Krauthamer(Founder)in

Co-investorsKickstart InnovationTechstarsAccenture Ventures

Rainfall Health
Reveniumrevenium.aiinApr 2026 · $13.5M

Revenium provides real-time attribution and cost monitoring for AI spend, breaking down every model call, agent turn, and tool call by team, customer, feature, and agent.

AI & Machine LearningCloud ComputingData & InfrastructureFintechSaaS

John(Co-founder (Architecture Lead))inJason(Co-founder (Product Strategy))in

Co-investorsWestWave Capital

Selector
Selector AIselector.aiin𝕏Feb 2026 · $32M

Selector builds an AI-driven observability platform that helps operations teams understand and manage complex infrastructure through natural language interaction and contextual intelligence.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSanta Clara, US

Kannan Kothandaraman(Founder)Nitin Kumar(Founder)

Co-investorsAnsa CapitalAtlantic Bridge VenturesComcast VenturesSINEWAVE VENTURESBell VenturesSingTel Innov8 Pte Ltd.

Talus Biotalus.bioin𝕏Jul 2024

Talus develops a proprietary platform that measures and modulates the regulome—the body's gene expression control system—in native cellular contexts.

AI & Machine LearningBiotechDeep TechHealthtechSeattle, US

Alex Federation(Founder)inLindsay Pino(Founder)in

BoardOmri Amirav-Drory(Director)inJ. Seth Strattan(Director)in

Co-investorsFarvatn VentureFifty YearsFundersClubNFXY CombinatorBoxOne Ventures

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Two Bear Capital made?
Two Bear Capital has 17 tracked investments, including 4 dated in the last 24 months.
What stage does Two Bear Capital invest at?
Two Bear Capital invests at the Pre-Seed, Seed, Series A, Series B stages.
What is Two Bear Capital's typical check size?
Two Bear Capital typically writes checks of $3M – $10M.
What sectors does Two Bear Capital focus on?
Two Bear Capital focuses on AI & Machine Learning, Biotech, Cybersecurity, Data & Infrastructure, Deep Tech, Digital Health, Healthtech, Longevity.
Where is Two Bear Capital located?
Two Bear Capital is headquartered in Whitefish, US.
Does Two Bear Capital lead rounds?
Yes, Two Bear Capital leads investment rounds.
Who does Two Bear Capital co-invest with?
Two Bear Capital most often shares deals with Canaan Partners, FundersClub, Intel Capital, among 25 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Members Talk - Mike Goguen - Founder & CEO, Two Bear Capital

FII Institute · Mike Goguen

Hello Whitefish - Cris Neckar - Hacking life / Two Bear Capital (Episode 14)

Hello Whitefish · Cris Neckar

Two Bear Capital: Why Montana, Why Now? Transformational Opportunities in Life Science w Mike Goguen

Montana High Tech Business Alliance · Mike Goguen

Images

Two Bear Capital photoTwo Bear Capital photoTwo Bear Capital photoTwo Bear Capital photoTwo Bear Capital photoTwo Bear Capital photo

Co-investors · 28

AllegisCyber Capital

AllegisCyber Capital is a venture capital firm focused exclusively on cybersecurity investments, emphasizing deep domain expertise and operating experience.

Both backed · 2
$3M – $5M
Atlantic Bridge Ventures

Atlantic Bridge is a growth equity firm investing in deep technology companies across Europe, the UK and the US, using a cross-border value-add strategy and a global platform to help portfolio companies scale internationally.

Both backed · 2
$1M – $5M
Andreessen Horowitz

Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.

Both backed · 1
$500K – $50M
Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies.

Both backed · 1
$4.4M – $214M
Insight Partners

Insight Partners is an investment firm focused on accelerating revenue and profit growth in software companies, providing capital and operational support through its Insight Onsite team.

Both backed · 1
$120M – $350M
Canaan Partners

Canaan Partners is a venture capital firm with over 30 years of history, backing companies across technology and healthcare sectors through close, hands-on partnerships with founders.

Both backed · 1
Binarly
$500K – $20M
Third Point Ventures

Third Point Ventures is the venture capital arm that invests in and supports technology companies, guiding, coaching, and connecting founders from early to late stage.

Both backed · 1
WestWave Capital

WestWave Capital is an early-stage venture capital firm founded by former entrepreneurs and experienced investors, focused on backing founders building and scaling technology companies.

Both backed · 1
Greylock Partners

Greylock Partners is an early-stage venture capital firm that partners with founders building companies from inception. Its partners make only one or two new investments per year to focus deeply on each partnership.

$100K – $200M
Menlo Ventures

Menlo Ventures is a venture capital firm that invests in transformative, early-stage AI companies across every layer of the modern AI stack, from applications and middleware to data infrastructure and foundation models.

$1M – $20M
Sapphire Ventures

Sapphire Ventures partners with expansion-stage enterprise software companies aiming to become category leaders.

$5M – $20M
Battery Ventures

Battery Ventures is a global investment firm that has backed more than 450 companies over its 40-year history, operating its investment staff as a single global unit.

$500K – $100M
16 more co-investors

Liquid VenturesNexus Venture PartnersAccompliceWingUnusual VenturesTenaya CapitalCisco InvestmentsWalden InternationalEvolution Equity PartnersS3 VenturesAcrobator VenturesMorgenthalerDag VenturesLumia CapitalEmerald Technology Ventures AgDigital Horizon VC

Firms observed investing alongside Two Bear Capital, from public investor directories. Shared companies are the overlap with Two Bear Capital's recorded portfolio.

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