Top Indiana Biotech and Health Tech Investors

Indiana's top biotech investors include Elevate Ventures, IU Ventures, and VisionTech Partners , alongside Allos Ventures and Boomerang Ventures, five Indianapolis-area firms funding life sciences and health tech startups from pre-seed through Series A. When talking about the biotech sector and its growth, we often hear about cities like California and Massachusetts.

While it's true that both of these states have numerous biotech unicorns, Indiana has real momentum of its own. In 2024, the federal Economic Development Administration awarded roughly $51 million to Heartland BioWorks, a Central Indiana consortium led by the Applied Research Institute, to build out the state's biomanufacturing capacity, and several well-known VC firms have started investing in the state as a result.

To help you secure funding from these investors and save time from extensive research, we have come up with the following list of top startup investors in Indiana who fund biotech and health tech startups.

Here Are The Top Startup Investors in Indiana Who Fund Biotech and Health Tech Startups

Allos Ventures

• Contact: Contact Page
• Website: Allos Ventures
• Focused Sectors: B2B Software, FinTech, HealthTech, Enterprise SaaS
• Funding Stages: Seed, Series A, Series B
• Present in: Carmel, Indiana (also Cincinnati, Ohio)
• Notable Investments: Sift Healthcare, Woven, Quiver Quantitative

Allos Ventures, based in Carmel, Indiana, specializes in early-stage investments in B2B software and technology-enabled service companies across the Midwest. Founded in 2010, the firm has made over 100 investments to date, prioritizing companies with strong recurring revenue and high growth potential.

Once they have funded a startup, Allos's managing directors provide hands-on operating support and help build out investor syndicates for future rounds. The firm typically writes an initial check around $2 million, with follow-on rounds of $3 million to $6 million.

Boomerang Ventures

• Contact: [email protected]
• Website:About Boomerang Ventures
• Focused Sectors: Connected Health, Health Tech, Life Sciences
• Funding Stages: Pre-Seed, Seed
• Present in: Indianapolis, Indiana
• Notable Investments: Mentavi Health, Flyte, Primary Record, Xploro, GeoH, Respiratory Health Technologies

Founded in 2019, Boomerang Ventures is a combination venture studio and fund focused on early growth-stage connected health technology companies. It has been funding startups in the space for about seven years.

Like most venture firms, Boomerang is committed to shaping the future of health tech and life sciences by partnering with innovative founders. The firm can lead rounds and writes checks ranging from roughly $250,000 to $5 million, depending on stage.

IU Ventures

• Contact: Contact Page
• Website: IU Ventures
• Focused Sectors: Cleantech, Edtech, Biotech, Medtech, Security, Climatetech, and Fintech
• Funding Stages: Pre-Seed, Seed
• Present in: Indiana
• Notable Investments: Confluence Pharmaceuticals, NerX Biosciences, Scioto Biosciences, Vascugen, MBX Biosciences, Ziptility, MetaCX, Kovina Therapeutics, Amplified Sciences, Adipo Therapeutics, OpenInsights, Folia, Boardable

IU Ventures is Indiana University's early-stage venture and angel investment arm. Unlike regular VC firms, IU Ventures serves as a platform for alumni, faculty, students, and friends of Indiana University to engage with early-stage IU-affiliated startup companies, including several in the life sciences.

They operate through a few main programs, including:

• IU Angel Network: Connects accredited investors to exclusive early-stage deals
• The IU Philanthropic Venture Fund: Allows donors to make tax-deductible contributions to support faculty, student, and alumni innovation
• The IU Founders & Funders Network: Facilitates connections, mentorship, and educational content within the entrepreneurial community

Individual investments have ranged from $100,000 to $1 million for their life sciences portfolio companies, including a $500,000 investment in MBX Biosciences and $150,000 in Adipo Therapeutics.

VisionTech Partners

• Contact: [email protected]
• Website: VisionTech Partners
• Focused Sectors: Life Sciences, Medtech, Biotech, SaaS, IoT, Advanced Materials, Agtech
• Funding Stages: Early and Seed
• Present in: Indianapolis, Indiana (chapters also in Bloomington, Fort Wayne, and Lafayette)
• Notable Investments: Adipo Therapeutics, Amplified Sciences, GeoH, Nexosome Oncology

Founded in 2009, VisionTech Partners operates its angel network as VisionTech Angels, one of the Midwest's most active angel investing groups. The network's mission centers on supporting early-stage tech and life sciences startups headquartered in Indiana and Ohio.

The investors screen more than 400 companies a year and look for founders solving validated problems in life sciences, from novel therapeutics to diagnostics. Individual round sizes vary widely; a recent seed round for Adipo Therapeutics, for example, included a $242,000 VisionTech Angels investment with 29 individual members participating.

Elevate Ventures

• Contact: Elevate Ventures | LinkedIn
• Website: Elevate Ventures
• Focused Sectors: Biotech, Pharma, Medtech, Software, Hardtech, Cleantech
• Funding Stages: Pre-Seed, Seed, Series A
• Present in: Indiana
• Notable Investments: 120 Water, Adipo Therapeutics, Adranos, Acoustical Music Tech, Akanocure Pharmaceuticals

Founded in 2011 by then-Governor Mitch Daniels as a public-private partnership spun out of the Indiana Economic Development Corporation, Elevate Ventures has grown into the most active VC firm in the state, with significant depth in biotech, pharma, and medtech alongside its software and hardtech investments.

Aside from capital, Elevate provides value-added services, mentorship, and strategic guidance to founders, with a team that focuses on startups headquartered in Indiana at the Pre-Seed, Seed, and Series A stages.

Frequently Asked Questions

How much do biotech investors in Indiana typically invest?

Check sizes vary widely by firm and stage. Angel networks like VisionTech Angels often write checks in the low hundreds of thousands as part of a syndicated round, while VC firms like Elevate Ventures and Allos Ventures can lead rounds with initial checks of $1 million to $2 million and follow-on capital reaching several million more.

Do Indiana biotech investors only fund pure biotech startups?

No. Most of the firms on this list, including Allos Ventures and Boomerang Ventures, invest across biotech, medtech, and broader health tech. Founders building diagnostics, digital health, or health data platforms are just as likely to fit their thesis as those building therapeutics.

Why is Indiana becoming a bigger biotech hub?

In 2024, the federal Economic Development Administration awarded about $51 million to Heartland BioWorks, a Central Indiana biomanufacturing consortium backed by Eli Lilly, Roche Diagnostics, Indiana University, and Notre Dame, to build out regional biotech infrastructure and workforce training.

How many investors does AngelMatch track in Indiana?

AngelMatch currently tracks 260+ investors based in Indiana, including 150+ in the Indianapolis area, out of 125,000+ investors in the full database, with 19,000+ investors nationwide active in the biotechnology market.

Wrap-Up:

In short, there are several VC firms and angel networks in Indiana supporting the biotech and health tech ecosystem, even if only a few invest in pure-play therapeutics. As a founder, you still need to do ample research and pitch in the best way.

Generally, most biotech investors in Indiana are looking for startups that can solve modern problems: gene editing, drug discovery, diagnostics, and biomanufacturing among them.

Before pitching to investors, we would recommend you browse real pitch deck examples and create a pitch by:

• Adding the latest market standings of your business
• Incorporating your company's financial achievements and mentioning your total addressable market figures
• Linking a short story about what motivated you to start your business

You can also use AngelMatch's investor directory to find biotech-aligned investors in Indiana, Indianapolis, or across AngelMatch's full biotechnology investor list.