Two Bear Capital — Full Portfolio
28 tracked investments · listed companies and verified rows first
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 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 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
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
BiotechMissoula, US
Brian Conway(Executive Officer)Christopher Booth(Executive Officer, Director)Sarjubhai Patel(Executive Officer, Director)
Board seatAvery SonnenbergMichael Goguen· per SEC Form D
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
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 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
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
Enables discovery of novel therapeutics for previously undruggable membrane protein targets.
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)
Santa Monica, US
Alex Matrosov(Founder)
Co-investorsCanaan PartnersStoneMill Ventures
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
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
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
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
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 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
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
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
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 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 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.