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§ Venture Capital · OH, USA
Venture capital firm investing in early-stage healthcare startups, focused on medical devices, diagnostics, therapeutics, and health IT.
Angel Physicians Fund is an early-stage venture capital firm based in Powell, Ohio, that invests capital into healthcare technology companies and medical startups. The firm focuses primarily on seed and Series A funding rounds across the medical device, diagnostics, therapeutics, health services, and health IT sectors. When deploying capital, the firm typically writes individual investment checks ranging from $100,000 to $5 million per transaction. Operating with a traditional venture capital model that leverages a broad network of clinical professionals for strategic guidance, the organization has raised $5 million in total capital to date. The fund's active investment portfolio includes emerging healthcare and biotechnology companies such as Foldax, S4 Medical, Elucid, Moray Medical, and Alphyn Biologics. Angel Physicians Fund was founded in 2020 by Dr. Manish Bhandari alongside a dedicated team of physicians and healthcare entrepreneurs.
Key people at Angel Physicians Fund.
Angel Physicians Fund is an early-stage investment group founded in 2020 in Cincinnati, Ohio, by physicians and healthcare entrepreneurs. Its mission is to enhance the availability of clinical tools while delivering strong returns to investors. The fund focuses on seed and Series A investments, typically ranging from $100,000 to $5 million, exclusively in healthcare sectors such as medical devices, diagnostics, therapeutics, health services, and health IT. It prioritizes companies that are capital-efficient, have high valuation growth potential, academic or university backing, and global impact potential, with a preference for clinical development stage ventures. The fund actively supports portfolio companies through board or scientific advisory involvement, contributing clinical development expertise, trial design, and patient recruitment[1][2].
Founded by a team including Dr. Manish Bhandari, a medical oncologist and healthcare innovator, Angel Physicians Fund leverages deep clinical and operational experience to identify promising healthcare startups. The founding partners bring a blend of clinical, entrepreneurial, and investment expertise, with backgrounds spanning oncology, med-tech, and life sciences. The fund has evolved to emphasize hands-on involvement with portfolio companies, supporting firms like Foldax, S4 Medical, Elucid, Moray Medical, and Alphyn Biologics, helping them advance clinical tools and technologies[1][2][4].
Angel Physicians Fund rides the growing trend of physician-led venture capital in healthcare innovation, addressing the increasing demand for clinical tools that improve patient outcomes. The timing aligns with rapid advances in medical technology, diagnostics, and health IT, alongside a healthcare ecosystem that values evidence-based innovation and clinical validation. By focusing on capital-efficient startups with academic ties, the fund leverages market forces favoring translational medicine and scalable healthcare solutions. Its involvement helps bridge the gap between clinical research and commercial success, influencing the broader ecosystem by accelerating the development and adoption of impactful healthcare technologies[1][2].
Looking ahead, Angel Physicians Fund is well-positioned to capitalize on ongoing healthcare innovation trends, including personalized medicine, digital health, and advanced therapeutics. Its physician-led model and active engagement with portfolio companies will likely deepen its influence in shaping clinical innovation pathways. As healthcare continues to evolve with technology integration and value-based care models, the fund’s focus on capital-efficient, clinically validated startups with global potential will remain a strong differentiator. This approach not only promises attractive investor returns but also meaningful improvements in healthcare delivery and patient outcomes, reinforcing its dual mission[1][2].
Key people at Angel Physicians Fund.
Angel Physicians Fund has 7 tracked investments across 6 companies. The latest tracked deal is $25.0M Series B in Alphyn Biologics in December 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Dec 12, 2025 | Alphyn Biologics | $25.0M Series B | Tony Shipley | Serial Stage Venture Partners |
| Nov 24, 2025 | Cordance Medical | $8.0M Seed | Deborah Kilpatrick | National Brain Tumor Society, R42 Group, Shanda Group, SmartGate, Sontag Foundation |
| Sep 19, 2022 | Alphyn Biologics | $3.3M Series A | Queen City Angels | Serial Stage Venture Partners |
| May 10, 2021 | Elucid | $8.0M Series A | Orrin Ailloni Charas, Ashok Gowda | BlueStone Venture Partners, Checkmate Capital Group, IAG Capital Partners, University OF Michigan, Willamette Valley Capital |
| May 1, 2021 | PanTher Therapeutics | $5.0M Series A | Darshana Zaveri | — |
| Apr 1, 2021 | S4 Medical | $3.0M Series A | — | — |
| Jun 1, 2020 | Foldax | $20.0M Series D | Brant Heise | BioStar Ventures, California Institute OF Technology, Kairos Ventures, Sayan Bioventures |