Bruce Luehrs

As we approach what is certain to be the beginning of the Fed's rate cutting cycle and the recent period of inflationary pressure ebbs, it's worth stepping back and looking more broadly at how prices by category have changed over the last couple of decades. A few specific comments: - Hospital services not only leading the pack for the last two decades but also nearly guaranteed to be a problem for the next two decades as population demographics push more demand into the system while regulatory and other frictions keep supply constrained. This one will not end well IMO. - College costs are maddening in that it's pretty difficult to argue the education product is meaningfully better than it was two decades ago, but country club ancillary services arms races continue to drive increased costs to students without really changing long term outcomes in any meaningful way. Add debt support structure let alone loan forgiveness and market efficiency here is woeful. Also, college textbooks world may as well be run by organized crime. No other "book" market over the last two decades looks anything like it in terms of increase and then sustain. - Food and housing running in parallel is pretty surprising. One has much higher level of supply constrain than the other and underlying input costs + global supply flows would lead one to believe they should be much less correlated. Begs the question of how much price increases are set by "ability to pay" vs. "cost to supply." - Technology advances are obviously highly deflationary but TVs at -98%! That's a lot of percents. Cheers!

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Join us tomorrow for a panel discussion on the complex relationship many FirstGens have to money and how that affects founders, investors, operators and others. See you tomorrow! https://lu.ma/9rixyzgs

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A little late, even though this process started in July.... Excited to share our latest investment in Heads Together Health!! We met Steve DeVrieze in October last year, and we think they are poised for impressive growth! Read more here: https://lnkd.in/ecYcqqkn #earlystagestartup #earlystageinvesting #VCinvestment #ncstartups #nctechstartups

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🌟 Boston’s Trailblazing Health Tech Startups! 🌟 I thought it would be nice to give a little shout out to some of the health tech startups in Boston putting in work. PathAI – Leveraging artificial intelligence to enhance the accuracy of pathology diagnoses, PathAI is paving the way for more precise and efficient disease detection. Akili Interactive – Bridging healthcare and digital therapeutics, Akili is developing video game-based treatments for cognitive disorders, bringing a unique approach to mental health and wellness. Biofourmis – This predictive health analytics leader offers remote patient monitoring solutions, allowing healthcare providers to offer personalized care and anticipate patient needs. Ginkgo Bioworks, Inc. – Specializing in synthetic biology, Ginkgo Bioworks is transforming drug development and diagnostics by creating custom organisms, fueling innovations in biotechnology Omada Health – A pioneer in virtual care, Omada Health provides digital health solutions to manage chronic conditions like diabetes, hypertension, and mental health, bringing healthcare directly to patients. Buoy Health – Powered by AI, Buoy Health offers personalized health guidance and telehealth support, helping users make informed decisions about their health from home. Eqrx R – Focused on affordable drug development, EQRx is working to make essential medicines accessible, addressing one of healthcare’s biggest challenges—affordability. #BostonHealthTech #InnovationEcosystem #DigitalHealth #HealthcareInnovation #Startups

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The opioid crisis was a sad hallmark of my years working for the Baker Administration. In a time of extreme partisanship at the federal level, this was one area where public policy, civil discourse, and private enterprise seemed aligned and sufficiently motivated to find a solution. What we learned, however, is that dollars and access only go so far in combatting a disease that knows no so specific demographic. Instead, it's apparent that a battery of tools is needed to combat and prevent addiction--ranging from strong safety nets, to novel non-addictive pain therapies, and better technology. Introducing Marigold Health. Shrenik Jain, Ravi Shah, Tracey Cohen, MD, FASAM and team have built a proprietary NLP-based platform that--most significantly--improves the lives of those suffering from SUD/SMI. One customer we spoke with noted, "We needed a unique treatment intervention that had supportive research, fit into a CMS established model with a recognized service code, and that would provide positive clinical outcomes in an efficacious and fiscally responsible manner”. Another plainly said: "Marigold is our best hope to reach into the lives and help those who many have already given up on." Honored to join Bill Evans, Sean Day, and the entire syndicate in doing our part to scale a tool we believe will become essential in the fight against addiction. Marigold Health Innospark Ventures Rock Health KdT Ventures Matt Fates Lily Zarrella Venkat Srinivasan

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According to the latest report from Rock Health, digital health funding in Q1 2024 totaled $2.7B across 133 deals, with an average deal size of $20.6M. It doesn’t break out device-related investments, but most medtech founders I meet these days are being forced to chase tiny rounds made up of endless little checks, consuming valuable energy and slowing their progress. The benign neglect of this next generation of diagnostic and therapeutic devices is counterproductive and surprising. Given the crowded virtual care market, for example, I’d expect more such companies would be exploring medtech partnerships, investments or acquisitions that'd enable them to back integrate into delivering sharper, and more differentiated, care and treatment. This is exactly what Maverix Medical is doing from the other direction: Reshaping the entire spectrum of lung cancer care by integrating more advanced + effective approaches to screening and diagnosis, treatment and therapeutics, and even palliative care…And putting it all to work through an innovative provider network. One notable investor exception is Y Combinator partner Surbhi Sarna who’s been backing great teams like Selera Medical (YC W24) doing foundational work on ambitious medical devices. Without more support from investors like her, we’re going to increasingly find ourselves stuck with the incremental portfolio improvements from the incumbents, and that’s just not nearly enough.

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending June 10, just over 590 new companies were added, resulting in 95,661 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech maintained its most active status, seeing the greatest percentage of growth in both new companies and transactions. The US Fin Tech vertical led the way in SEC Filings and news articles. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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I’m thrilled to be on a panel at the upcoming Nashville Healthcare Sessions conference! I’ll be joining industry leaders Adam Boehler from Rubicon Founders and Anna Haghgooie from Valtruis. Together, we’ll explore the evolution of healthcare investing and the current landscape after a tumultuous five years. What can you expect? 🤔 🔍 Insights into market maturation and what we’re observing in today’s investment strategies. 💡 Discussion on how these dynamics are influencing capital strategies for companies moving forward. 📈 An overview of the changes operators are making to secure the best deals. 🔮 A look at investor trends for the remainder of the year and what’s on the horizon for 2025. This is a fantastic opportunity to gain valuable insights and network with fellow healthcare enthusiasts and professionals. Don’t miss out on what promises to be a thought-provoking and informative session! #NashvilleHealthcareSessions #HealthcareInvestment #PanelDiscussion #Networking #HealthcareInnovation #InvestSmart #2025Trends

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🚀 With this deck, Hinge Health Raises $300 Million in Series D at a $3 Billion Valuation 🚀 - Hinge Health, a pioneering startup in the digital health space, has just raised an impressive $300 million in its Series D round, securing a valuation of $3 billion! 🩺💰 - This funding round, driven by top investors, is a testament to the growing demand for innovative, tech-driven healthcare solutions. 👉🏻 Key Highlights: 🔷 Funding Amount: $300 Million 🔷 Valuation: $3 Billion 🔷 Lead Investors: A mix of leading venture capital firms and strategic investors. 🔷 Purpose of Funding: Expand product offerings, enhance R&D, and scale operations globally. 👉🏻Why This Matters: 🔷 Digital Health Revolution: Hinge Health is at the forefront of the shift toward digital-first healthcare, offering cutting-edge solutions for musculoskeletal (MSK) conditions. 🔷 Scalability: This capital will enable Hinge Health to broaden its reach, making its services accessible to millions more patients globally. 🔷 Technological Advancements: Continued investment in AI, machine learning, and wearable tech will enhance personalized care and treatment outcomes. 👉🏻 Facts & Figures: 🔷 Total Funding: With this round, Hinge Health has raised over $426M, positioning itself as a dominant player in digital healthcare. 🔷 Growth Trajectory: The company’s valuation surged from $1B in 2020 to $3B in 2024, reflecting rapid market adoption and expansion. 🔷 Customer Base: Hinge Health’s platform serves over 400 employers and health plans, including 25% of the Fortune 500. 🔷 Innovation: The funds will fuel R&D, expand the product offering, and scale operations, particularly in integrating AI and remote care. 👉🏻 Strategic Focus: 🔷 Product Innovation: Introducing new features like real-time virtual physical therapy and AI-driven personalized care plans. 🔷 Global Expansion: Targeting new markets in Europe and Asia to address the global MSK pain crisis. 🔷 Partnerships: Strengthening collaborations with healthcare providers, insurers, and employers to enhance service delivery. 👉🏻 What’s Next? - Hinge Health’s innovative approach to MSK care is revolutionizing how chronic pain and injury recovery are managed. - With this significant financial boost, the company is set to further disrupt the healthcare industry by providing accessible, effective, and scalable digital health solutions. 👉🏻 Takeaway for Founders: - Strategic funding isn’t just about capital—it’s about positioning your startup for sustained growth and innovation. - For those keeping an eye on the health tech space, Hinge Health’s trajectory is a clear indicator of where the future of personalized healthcare is heading. 🔰 P.S.: Let me know in the comment section, which startup's deck you want to see next. #startups #founders #funding #healthtech #startupgrowth #india #venturecapital #digitalhealth #innovation

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Happy to jump back into another episode of the Innovation Wave podcast. On this episode, Bob McGriff and I discuss the current state of the life sciences ecosystem through the halfway point of 2024. We offer thoughts and analysis of what to expect for the remainder of the year. It's still a case of survive to '25'. #LifeSciences #Innovation #Healthcare #VentureCapital

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This week Mikal Ventures brings you a 4-week breakdown of the non-US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending July 22, 1,681 new companies were added, with over 104,500 companies included in the non-US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. The non-US AI Tech saw the greatest percentage growth in new companies for the period at 26%, vs. the vertical average of 16% for the period. That vertical also led the group in transactions and news articles. The non-US Med Tech vertical led in SEC Filings. Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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We need pharmaceuticals controlled by state regulations and out of the lobbies' grip in Washington DC. Shifting control of pharmaceuticals from federal oversight to state regulation and reducing lobbyist influence in Washington could indeed address many issues, such as drug pricing and access. The influence of pharmaceutical lobbyists in shaping policy has long been criticized, as these companies have often prioritized profits over public health, resulting in skyrocketing drug prices and limited access to necessary medications for many Americans. A more effective economic development authority that employs locals with community first and lobbyists not invited and draining money for middle man money changers. Moving to a state-controlled regulatory framework for pharmaceuticals could mean that states set their standards for drug pricing, approval, and distribution. This decentralization might encourage competition, drive down costs, and foster innovation as states try different models. Additionally, it could increase transparency by allowing for more localized and responsive systems, potentially holding pharmaceutical companies more accountable.

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Juniper Square recently released their look back at the state of venture in Q2 2024, and the data is interesting. 👉 The liquidity drought continues to stifle fundraising, with $37.4B committed to 255 funds YTD. 👉 In the current climate, established managers are securing 77% of fund value YTD, the highest concentration in the last decade.  👉 Over 63% of capital raised in 2024 so far is in funds of $500M+, the second-highest percentage in the last decade. 👉 Q2 reflects an uptick in US venture deal momentum, with quarterly deal count climbing to the highest level since Q2 2022. 👉 Q2 data shows a third consecutive upward quarter in both exit value and the total number of exits.  👉 Q2 hit a 9-quarter high in total number of exits, and the total exit value recorded was the second-best quarter since Q1 2022. The data shows that the landscape is especially competitive for emerging managers. When it comes to generating returns though, a fresh perspective can help find the most interesting deals. I wrote a bit about this last week, if you’re curious to dig into stats on unicorns at the seed stage, and the funds they’re raising from. You can check out the full report from Juniper Square here: https://lnkd.in/eN6VnY-k #emergingmanagers #stateofvc

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🌱 For founders taking on venture debt, covenants are the fine print you cannot afford to ignore. 📃 They set the boundaries for how you can operate and manage your company’s finances. If you don’t play by these rules, the consequences can be pretty dire. It’s all about negotiating terms that align with your startup’s financial health. Be sure to read the original post by Kruze Consulting to get the full breakdown. Link in the 1st comment. 👇 #StartupFinance

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Last week I had the pleasure of being on The Exit, which is hosted by Steve McGarry and presented by Flippa.com. In this episode, I talk about my exits from MeMD and NextCare. At the end of the episode, I discuss how I time my ventures and how I live life as a serial entrepreneur. #businessexit #exitstrategy #entrepreneur #businesstips #healthcareleadership

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This week Mikal Ventures brings you a 2-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 2-week period ending May 13, 450 new companies were added, with just under 95,000 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech again saw the greatest percentage of growth in new companies and transactions, weighing in at over double the vertical averages for the period. The US Med Tech vertical led the way in SEC Filings, with Fin Tech leading in news articles. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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Is private equity owned healthcare a positive or a negative in regard to real health outcomes for patients? I asked Ambar Bhattacharyya of Maverick Ventures this question and more on Episode 438 of The Full Ratchet. Tune into the show to catch our discussion. Link to the full episode is in the comment section below.

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