# Arboretum Ventures: portfolio, investments and team

> Arboretum Ventures is a vc firm based in United States. 54 investments on record, 1 in the last 12 months, latest Mar 2026.

Source: https://millionrounds.com/fund/arboretum-ventures (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Arboretum Ventures

Last cheque observed Mar 2026; 54 cheques on record.

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Deploying now New fund $137M, Jun 2022 VC firm

Series A Series B Growth Medical_devices Life_science_tools_diagnostics Tech_enabled_care_delivery

Follow Arboretum Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Farboretum-ventures)

Deploying now

**33%** of best year **1** **cheques in 12 months**, 54 on record

Since the last cheque **220** days **00** hrs **00** min **00** sec

Median round **$26M** Rounds led **2 of 54** Sole investor **5 rounds** Exits **6 from the portfolio** Mostly in **United States, 98%**

Pitch Arboretum Ventures

## Arboretum Ventures highlights

- 01 1 cheques in the last 12 months
- 02 Mostly Series B and Series A: 56% of its rounds
- 03 Sole investor in 5 rounds, median $12M
- 04 6 exits from the portfolio

## What they do

> A healthcare venture capital firm rooted in the Midwest From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Series A Series B Growth
- **Sectors:** Medical_devices Life_science_tools_diagnostics Tech_enabled_care_delivery
- **Based in:** Ann Arbor, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **54 appearances**

- **2026** 1 round
- **Mar** **[Endogenex](https://millionrounds.com/company/endogenex)** Series C · US · Arboretum Ventures **$50M** *Led*
- **2025** 2 rounds
- **Jun** **[Akadeum Life Sciences](https://millionrounds.com/company/akadeum-life-sciences)** Growth · US · Firms' own news pages **$20M** With 4 others
- **Jun** **[Allay Therapeutics](https://millionrounds.com/company/allay-therapeutics)** Series D · US · Firms' own news pages **$58M** With 14 others
- **2019** 1 round
- **Apr** **[Fifth Eye](https://millionrounds.com/company/fifth-eye)** Series A · US · FinSMEs **$12M** *Led*
- **2018** 4 rounds
- **Dec** **[SonarMD](https://millionrounds.com/company/sonarmd)** US · FinSMEs **$10M** With 1 other
- **May** **[Strata](https://millionrounds.com/company/strata)** Series B · US · FinSMEs **$26M** With 5 others
- **Apr** **[Cardiac Dimensions](https://millionrounds.com/company/cardiac-dimensions)** Series B · US · FinSMEs **$39M** With 6 others
- **Jan** **[Pear Therapeutics](https://millionrounds.com/company/pear-therapeutics)** Series C · US · Businesswire **$64M** With 5 others
- **2017** 1 round
- **Jan** **[Pear Therapeutics](https://millionrounds.com/company/pear-therapeutics)** Series B · US · FinSMEs **$50M** With 5 others
- **2016** 2 rounds
- **Jul** **[nVision Medical](https://millionrounds.com/company/nvision-medical)** Series B · US · Finance **$12M** Sole investor
- **Jun** **[Si-Bone](https://millionrounds.com/company/si-bone)** US · Massdevice **$20M** Sole investor
- **2015** 3 rounds
- **Oct** **[Intellicyt](https://millionrounds.com/company/intellicyt)** Venture · US **$7.4M** With 3 others
- **Sept** **[Delphinus Medical Technologies](https://millionrounds.com/company/delphinus-medical-technologies)** Series C · US **$40M** With 5 others
- **Mar** **[Cardiac Dimensions](https://millionrounds.com/company/cardiac-dimensions)** Venture · US **$15M** With 4 others
- **2014** 4 rounds
- **Oct** **[My Health Direct](https://millionrounds.com/company/my-health-direct)** Venture · US **$8.0M** With 2 others
- **Oct** **[Cardiac Dimensions](https://millionrounds.com/company/cardiac-dimensions)** Venture · US **$8.5M** Sole investor
- **Aug** **[Rethink Autism](https://millionrounds.com/company/rethink-autism)** Series C · US **$10M** With 3 others
- **Apr** **[NeuMoDx Molecular](https://millionrounds.com/company/neumodx-molecular)** Series B · US **$21M** With 3 others
- **2013** 6 rounds
- **Sept** **[ADVANCE Medical](https://millionrounds.com/company/advance-medical)** Growth · US · pehub.com **$20M** With 2 others
- **Jul** **[ArborMetrix](https://millionrounds.com/company/arbormetrix)** Series B · US · finsmes.com **$7.0M** With 2 others
- **May** **[Fidelis SeniorCare](https://millionrounds.com/company/fidelis-seniorcare)** Series A · US · pevc.dowjones.com **$21M** With 1 other
- **May** **[Intellicyt](https://millionrounds.com/company/intellicyt)** Venture · US · finsmes.com **$8.0M** With 3 others
- **Apr** **[Esperion Therapeutics](https://millionrounds.com/company/esperion-therapeutics)** Venture · US · businesswire.com **$33M** With 5 others
- **Feb** **[BAROnova](https://millionrounds.com/company/baronova)** Series C · US · prnewswire.com **$27M** With 5 others
- **2012** 5 rounds
- **Nov** **[Tangent Medical Technologies](https://millionrounds.com/company/tangent-medical-technologies)** Series B · US · sec.gov **$8.6M** With 2 others
- **May** **[Sonitus Technologies](https://millionrounds.com/company/sonitus-technologies)** Venture · CA · sec.gov **$34K** With 3 others
- **May** **[Sonitus Medical](https://millionrounds.com/company/sonitus-medical)** Series D · US · sonitusmedical.com **$25M** With 5 others
- **Mar** **[Uptake Medical](https://millionrounds.com/company/uptake-medical)** Series C · US · sec.gov **$40M** With 6 others
- **Feb** **[Cervilenz](https://millionrounds.com/company/cervilenz)** Series A · US · onbiovc.com **$8.3M** With 1 other
- **2011** 5 rounds
- **Nov** **[Advanced ICU Care](https://millionrounds.com/company/advanced-icu-care)** Series D · US · icumedicine.com **$8.0M** With 3 others
- **Nov** **[Tangent Medical Technologies](https://millionrounds.com/company/tangent-medical-technologies)** Series A · US · businesswire.com **$4.5M** With 1 other
- **Oct** **[NxThera](https://millionrounds.com/company/nxthera)** Series B · US · fis.dowjones.com **$22M** With 2 others
- **Apr** **[Wellfount](https://millionrounds.com/company/wellfount)** Series A · US · prweb.com **$6.0M** Sole investor
- **Apr** **[My Health Direct](https://millionrounds.com/company/my-health-direct)** Series B · US · jsonline.com **$4.0M** With 1 other
- **2010** 4 rounds
- **Nov** **[PathCentral](https://millionrounds.com/company/pathcentral)** Series B · US · finsmes.com **$10M** With 2 others
- **Oct** **[Accuri Cytometers](https://millionrounds.com/company/accuri-cytometers)** Series E · US · onbiovc.com **$6.0M** With 5 others
- **Jul** **[Delphinus Medical Technologies](https://millionrounds.com/company/delphinus-medical-technologies)** Series A · US · onbiovc.com **$8.0M** With 3 others
- **Jul** **[Uptake Medical](https://millionrounds.com/company/uptake-medical)** Series B · US · uptakemedical.com **$18M** With 5 others
- **2009** 3 rounds
- **Oct** **[CardioMEMS](https://millionrounds.com/company/cardiomems)** Series F · US · onbiovc.com **$22M** With 9 others
- **Aug** **[Accuri Cytometers](https://millionrounds.com/company/accuri-cytometers)** Series D · US · onbiovc.com **$4.0M** With 6 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **9 named**

AM **Amanda M. Heinrich** Manager i Filing they signed

DM **Daniel Mclean Kidle** Managing Member i Filing they signed

JL **Jan Lynn Garfinkle** Chief Executive Officer i Form ADV

ML **Marcy Lynn Marshall** Chief Financial Officer i Form ADV

NJ **Nicole J. Walker** Managing Member i Filing they signed

PE **Paul Ernest Mccreadie** Manager, Arboretum Investment Manager IV, LLC i Form ADV

RJ **Robert J. Cesaro** Manager i Filing they signed

TM **Thomas Michael Shehab** Manager, Arboretum Investment Manager V, LLC i Form ADV

TB **Timothy Bruce Petersen** Manager, Arboretum Investment Manager, LLC i Form ADV

We also hold **21** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$605M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Arboretum Ventures, LLC
- **SEC number:** CRD 325307

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Cookiedatabase

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **6 in all**

**[PathCentral](https://millionrounds.com/company/pathcentral)** Bought by XIFIN **Undisclosed** Aug 2013

**[Accuri Cytometers](https://millionrounds.com/company/accuri-cytometers)** Bought by (Becton, Dickinson and Company) **Undisclosed** Mar 2011

**[HandyLab](https://millionrounds.com/company/handylab)** Bought by Becton Dickinson **$275M** Oct 2009

**[NeoGuide Systems](https://millionrounds.com/company/neoguide-systems)** Bought by Intuitive Surgical **Undisclosed** Jun 2009

**[Inogen](https://millionrounds.com/company/inogen)** Listed **$86M** Dec 2008

**[CardioMEMS](https://millionrounds.com/company/cardiomems)** Bought by [St. Jude Medical](https://millionrounds.com/fund/st-jude-medical) **Undisclosed** Nov 2003

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$137M**

raised in Jun 2022

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Series A Series B Growth

Median round joined **$26M** the round, not its cheque Alone, median **$12M**

Led 2 of 54 rounds **4%**

- **Sole investor:** 5 rounds
- **Last cheque:** Mar 2026
- **Exits:** 6 from the portfolio

Rounds by stage said on their site

- Series B said *16*
- Series A said *11*
- Series C *8*
- Venture *7*
- Series D *6*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Baird Capital](https://millionrounds.com/fund/baird-capital) 6
- [Chrysalis Ventures](https://millionrounds.com/fund/chrysalis-ventures) 5
- [ONSET Ventures](https://millionrounds.com/fund/onset-ventures) 5
- [Beringea](https://millionrounds.com/fund/beringea) 4
- [InvestMichigan](https://millionrounds.com/fund/investmichigan) 4
- [Aberdare Ventures](https://millionrounds.com/fund/aberdare-ventures) 3

**Pitching Arboretum Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Arboretum Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**Baird Capital** Wealth manager **6** rounds together](https://millionrounds.com/fund/baird-capital)[**Chrysalis Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/chrysalis-ventures)[**ONSET Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/onset-ventures)[**Beringea** Private equity **4** rounds together](https://millionrounds.com/fund/beringea)[**InvestMichigan** Private equity **4** rounds together](https://millionrounds.com/fund/investmichigan)[**Aberdare Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/aberdare-ventures)[**Affinity Capital Management** VC firm **3** rounds together](https://millionrounds.com/fund/affinity-capital-management)[**Charter Life Sciences** VC firm **3** rounds together](https://millionrounds.com/fund/charter-life-sciences)[**EDBI** VC firm **3** rounds together](https://millionrounds.com/fund/edbi)[**Fidelity Biosciences** Investment firm **3** rounds together](https://millionrounds.com/fund/fidelity-biosciences)[**Highland Capital Partners** VC firm **3** rounds together](https://millionrounds.com/fund/highland-capital-partners)[**Lumira Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/lumira-ventures)

## Recently backed

The latest companies Arboretum Ventures put money into.

[**Endogenex** $50M · Mar 2026](https://millionrounds.com/company/endogenex)[**Allay Therapeutics** $58M · Jun 2025](https://millionrounds.com/company/allay-therapeutics)[**Fifth Eye** $12M · Apr 2019](https://millionrounds.com/company/fifth-eye)[**SonarMD** $10M · Dec 2018](https://millionrounds.com/company/sonarmd)[**Cardiac Dimensions** $39M · Apr 2018](https://millionrounds.com/company/cardiac-dimensions)[**Si-Bone** $20M · Jun 2016](https://millionrounds.com/company/si-bone)

## On podcasts

1 episode naming Arboretum Ventures in the title.

- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 2 Sept 2021 · 1h 10m Jan Garfinkle – Arboretum Ventures (Manager Meetings, EP.09) With [Jan Garfinkle](https://millionrounds.com/person/jan-garfinkle) Mentions [Arboretum Ventures](https://millionrounds.com/fund/arboretum-ventures)[Google](https://millionrounds.com/fund/google-assistant-investments) Apple PodcastsShow page

## Quick answers about Arboretum Ventures

### What does Arboretum Ventures invest in?

Arboretum Ventures invests most often at Series B and Series A (56% of the rounds on record), in sectors such as Medical_devices, Life_science_tools_diagnostics and Tech_enabled_care_delivery.

### How active is Arboretum Ventures?

54 investments on record, 1 of them in the last 12 months, and it led 2. The most recent was in Mar 2026.

### What has Arboretum Ventures invested in recently?

Its most recent investments on record: Endogenex (Series C, Mar 2026), Akadeum Life Sciences (Growth, Jun 2025) and Allay Therapeutics (Series D, Jun 2025).

### How big are Arboretum Ventures's cheques?

The median round it joins is $26M.

### Does Arboretum Ventures lead rounds?

Sometimes: it led 2 of its 54 investments on record (4%).

### Where does Arboretum Ventures invest?

Most of the companies it backs are in the United States (98%).

### Is Arboretum Ventures investing now?

Yes: it is actively investing, with 1 investments in the last 12 months.

### Who does Arboretum Ventures invest alongside?

Most often Baird Capital (6 rounds together), Chrysalis Ventures (5 rounds together) and ONSET Ventures (5 rounds together).

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