Complimentary to its robust startup presence, Atlanta has recently welcomed more sources of venture capital to fuel a plethora of developments. Now, the latest addition to the city’s VC presence will provide women’s health startups with a localized source of funding. Originally hailing from New York, SteelSky Ventures announced the relocation of its headquarters to the southeast’s fastest-growing tech hub.
When the Covid-19 pandemic hit, it accentuated many of the flaws within the U.S. healthcare system. Simultaneously, it birthed a variety of innovative products and solutions to fill in the gaps. As demand for these solutions continues to rise, SteelSky hopes to offer startups the opportunity they need to improve outcomes and increase access to quality care within the women’s health sector.
As new technology emerges, SteelSky has noticed new care models that address this area of concern. This includes a rise in platforms for conditions that affect women differently — like heart disease and hormonal health — as well as an increase in tech-enabled, at-home care solutions and hybrid delivery systems powered by artificial intelligence and machine learning.
Upon visiting Atlanta during the pandemic, SteelSky founding partner Maria Velissaris noticed the city’s thriving scene for healthcare innovation, as well as its diverse venture and tech ecosystem. Excited to join the growing space, Velissaris was inspired to move the firm’s headquarters.
“SteelSky focuses on innovative healthcare solutions that are focused on historically overlooked or underserved populations,” Velissaris told Built In via email. “At SteelSky, which is a Black female-founded firm, we actively seek out teams with diverse backgrounds. Women’s health is a space that deserves increased focus and investment, and true innovation requires seeking out the expertise of founders with diverse experiences and perspectives.”
This mindset has led SteelSky to invest in 16 startups worldwide so far as it strives to foster improvements in health inequities, access to care and disparities in care. Some of the names in its portfolio include Zipline, an autonomous drone system that delivers medical supplies and prescriptions; Mae, a digital solution for Black expectant mothers; Proov, an ovulation testing platform; and period apparel brand Ruby Love.
SteelSky also invested in Atlanta-based Motivo, a virtual tele-supervision platform for therapeutic licensing.
“[Motivo] is a technology that is breaking down barriers and making it possible for more women to access the steps necessary to obtain their therapy licenses, while also contributing to the growing list of Atlanta-based tech innovations and bringing jobs to the community,” Velissaris said.
With $50 million in assets under management, the VC firm typically invests $500,000 to $2 million in startups. Continuing into 2022, SteelSky expects to see more platforms emerge that focus on women’s health, wider adoption of telehealth solutions for a range of conditions and major exits within the healthtech industry.