Headwater Ventures

Headwater Ventures is a venture capital firm dedicated to modernizing health and care through strategic investments in the software layer of health. The firm actively supports pre-seed and seed stage teams that are developing infrastructure and intelligence designed to streamline administrative processes, enhance clinical safety, and improve financial legibility within the healthcare system. Their investment thesis prioritizes companies that serve as connective tissue between payers, providers, patient access, and operational workflows, with a particular interest in systems that can establish repeatable defaults within regulated environments. Headwater Ventures explicitly avoids investments in pharmaceuticals, biotechnology, medical technology, or life sciences.

Founded in 2021, Headwater Ventures is headquartered in Minneapolis, Minnesota. The firm was established with the mission to empower early-stage founders who possess ambitious visions for transforming the healthcare landscape through technological innovation. The firm's leadership includes Matt Miller, PhD, as Founder and Partner. Dr. Miller brings a comprehensive background as a behavior scientist, mental health professional, serial healthtech founder, and systems-level healthcare operator. His extensive experience includes leading digital health accelerators for Techstars and UnitedHealth Group, complemented by an investment portfolio encompassing over 200 startups.

Headwater Ventures has cultivated a diverse portfolio of approximately 40 companies, all centered on innovative healthcare software solutions. Key portfolio companies include Affineon, Andy AI, Automate Clinic, Bridge, Credo Health, Cured, Defiant Health, Develop Health, Dune Health, Elion, Felt Clinic, Ferrum Health, Fincura, Gather Health, Glass Health, Gratia Health, Helm, Josi Health, Koda Health, Medzoomer, Mirza, Nice Healthcare, OneImaging, Orbit, OutcomesAI, Pair Team, Photon Health, Piction Health, Pops, PromptWell, Radical Health, Reema, Rezilient Health, Saile, Sophont AI, Switchboard Health, Tembo Health, TrueClaim, Vector Health, and Volta Health. Notably, the firm recently participated in a $2.2 million pre-seed funding round for Saile, an AI-powered platform focused on physician staffing and credentialing.

The firm operates with a focused approach, led by a small team. As Founder and Partner, Matt Miller, PhD, leverages his profound understanding of human behavior to drive healthcare innovation. His operational acumen and extensive investment experience are strategically directed towards supporting founders dedicated to enhancing the healthcare system for all. Headwater Ventures extends beyond capital, providing operational support and resources to its portfolio companies, thereby assisting them in navigating the complexities of scaling their businesses within the dynamic healthcare sector.