About BVF
BVF is a venture capital firm founded in 2008. It is primarily based out of Chicago, United States. As of Aug 2026, BVF is an active investor, having invested in 74 companies, with 4 new investments in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to HealthTech and Life Sciences. Most recently it participated in the $***** Series C round of Network Bio Overall, BVF portfolio has seen 2 unicorns, 3 IPOs and 30 acquisitions including key companies like Phreesia, Change Healthcare and NiCE. A lot of funds co-invest with BVF, with names like Sandbox Industries sharing a substantial percentage of its portfolio. BVF has team of 22 people including 10 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 5 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
BVF's List of Top Investments
BVF has a portfolio of 74 companies, including 2 unicorns. Their most notable investments are in Abacus Insights and Tuesday Health.Their portfolio spans across United States, United Kingdom, India and 1 more locations. They have invested in Enterprise Applications, HealthTech, Life Sciences and 11 other sectors, across stages such as Series A, Series B and 5 more. Here is the list of top investments by BVF:1. Perspectum
Developer of medical imaging software for analyzing liver disease biomarkers. This technology extracts quantitative data from magnetic resonance imaging to assist in the assessment of metabolic and chronic conditions. The software provides diagnostic information to support clinical decision-making and patient monitoring. These tools facilitate the interpretation of complex imaging data for medical professionals.
Key facts about Perspectum
- Founded Year: 2012
- Location: Oxford (United Kingdom)
- Annual Revenue: £10M - £50M as on Dec 31, 2024
- Stage: Series C
- Total Funding till date: $140M
- Employee Count: 274 as on Jun 30, 2026
- Investors: Health Quest Capital, Oppenheimer and 32 Others
- Latest Funding Round: Grant (prize money), Sep 17, 2025, $*****
- Highlight: Editors' Pick
2. Phreesia
Provider of a patient check-in and registration platform for healthcare organizations. The platform replaces the outdated patient clipboard with a free wireless touch screen and swipe card enabled PhreesiaPad. The patient self-service solution includes electronic payment applications, clinical and administrative data collection, and consent form management, online appointment & referral management, revenue cycle management, registration, clinical screening tools, patient engagement.
Key facts about Phreesia
- Founded Year: 2005
- Location: New York City (United States)
- Annual Revenue: $100M - $500M as on Jan 31, 2026
- Stage: Public
- Total Funding till date: $109M
- Employee Count: 1,495 as on Jun 30, 2026
- Investors: MFS Investment Management, Ardan Equity Partners and 17 Others
- Latest Funding Round: Post IPO, Nov 13, 2019, $*****
- Highlight: Public
Cloud-based suite solution for payers, providers and patients. It helps employers to optimize existing wellness programs and on-site clinics. It utilizes proprietary data analysis to generate specific cost information, targeted savings opportunities, and personalized messaging. The features include patient engagement, revenue cycle management, and more.
Key facts about Change Healthcare
- Founded Year: 2007
- Location: Nashville (United States)
- Annual Revenue: $1B+ as on Mar 31, 2022
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $36M
- Employee Count: 4,612 as on Jun 30, 2026
- Investors: Hellman & Friedman, 247btcompany and 14 Others
- Latest Funding Round: Conventional Debt, Aug 29, 2019, $*****
- Highlight: Acquired
4. NiCE
Developer of platforms automating customer service using artificial intelligence. This technology streamlines engagements into automated actions across multiple channels including voice and digital platforms. The system supports contact centers by providing workforce management, interaction analytics, and predictive outreach tools. These features assist organizations in handling interactions from intent to final resolution. The platform integrates with existing business systems to provide operational insights, quality monitoring, and compliance controls. Organizations utilize these tools to manage performance across both human agents and automated artificial intelligence agents. The service provides global connectivity with built-in redundancy for continuous operation. Business users access these capabilities through a unified cloud interface to manage workflows, monitor agent performance, and improve productivity.
Key facts about NiCE
- Founded Year: 1986
- Location: Hoboken (United States)
- Stage: Public
- Employee Count: 14,034 as on Apr 30, 2026
- Investors: Kepha Partners, HarbourVest Partners and 10 Others
- Latest Funding Round: Post IPO, Aug 2020, $*****
- Highlight: Public
5. HeartFlow
HeartFlow provides cardiovascular diagnostic support using analytics. The company's technology uses CT scans and high-performance computing to provide physicians with data about blood flow within the coronary arteries. The company claims that the HeartFlow technology analysis led to the improvement in diagnostic accuracy as compared to a standard CT scan.
Key facts about HeartFlow
- Founded Year: 2007
- Location: Redwood City (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $936M
- Employee Count: 844 as on Jun 30, 2026
- Investors: SeedFord Partners, Section Partners and 24 Others
- Latest Funding Round: Series F, Mar 27, 2025, $*****
- Highlight: Public
BVF's Year-on-Year Investment Trends
BVF has invested in 74 companies over the last 18 years, with an average of 4 new investments annually in the last 10 years. In 2025, it made 6 investments, while as of Aug 2026, it has made 3 investments in this year. Its most recent first time investment was in Network Bio and most recent follow-on round was in Nest Health.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 3 | 0 | 3 |
2025 | 3 | 3 | 6 |
2024 | 2 | 0 | 2 |
2023 | 2 | 4 | 6 |
2022 | 4 | 2 | 6 |
2021 | 7 | 3 | 10 |
2020 | 7 | 7 | 14 |
2019 | 5 | 2 | 7 |
2018 | 4 | 4 | 8 |
2017 | 2 | 1 | 3 |
BVF's Investments by Stage
BVF has made 29 investments in Series A stage with an average round size of $13.7M, 16 investments in Series B stage with an average round size of $20.7M and 8 investments in Series C stage with an average round size of $28.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 29 |
Series B | 16 |
Series C | 8 |
Seed | 4 |
Post IPO | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
BVF's Investments by Sector
BVF has a diverse portfolio, with companies operating in the HealthTech, Enterprise Applications, Vertical SaaS, Healthcare and Life Sciences. Notably, it has invested in 57 Tech companies, 56 Enterprise (B2B) companies, 48 Software companies and at least 25 companies focusing on Saas.Sector | No. of Investments |
|---|---|
HealthTech | 40 |
Enterprise Applications | 38 |
Vertical SaaS | 20 |
Healthcare | 10 |
Life Sciences | 6 |
Others | 25 |
Note: We have considered here, only first round of investments
BVF's Investments by Geography
BVF has made most investments in United States (57), followed by United Kingdom where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 57 |
United Kingdom | 2 |
India | 1 |
Israel | 1 |
Note: We have considered here, only first round of investments
BVF's recent investments
BVF has made 3 investments in 2026 so far. Network Bio and BigHealth are the latest among them.Here are the most recent investments by BVF:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 19, 2026 | United States | Series C | 9526 | [+4] | |
Feb 12, 2026 | United States | Series C | 8319 | [+5] | |
Jan 28, 2026 | United States | Series B | 9617 | [+5] | |
Aug 29, 2025 | United States | Series C | 9052 | - | |
Aug 19, 2025 | United States | Series A | 9322 | [+3] |
Unicorns in BVF's Portfolio
BVF has 2 unicorns in its portfolio - Prove and Somatus. The most recent unicorn in their portfolio is Prove. It became a unicorn in 2023, 6 years after BVF first invested in it.Here is a list of unicorns in BVF's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
65 | Provider of digital identity verification and authentication solutions across various industries | 2008 | New York City | Series F | rmpolqq | ||
47 | Software enabled concierge services company to help manage chronic kidney disease | 2015 | Dunn Loring | Series E | jtxbsop |
IPOs and Publicly Listed companies in BVF's Portfolio
3 of BVF's portfolio companies have become public. HeartFlow got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Aug 2025 at marketcap of $1.53B and Phreesia got listed on the New York Stock Exchange (NYSE) at marketcap of $639M.Here are BVF's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 08, 2025 | - | - | 5669 | |
Jul 19, 2019 | Feb 17, 2009 | Series C | 6347 | |
Jan 26, 1996 | Oct 19, 2010 | Post IPO | 7722 |
Acquired companies in BVF's Portfolio
30 companies from BVF's portfolio have been acquired. The most recent acquisition was Humata in Aug 2026 by R1 RCM for $*****.Here are BVF's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 18, 2026 | May 31, 2024 | Series B | 1047 | |
Apr 30, 2026 | Aug 29, 2025 | Series C | 3656 | |
Mar 03, 2026 | Mar 31, 2021 | Series C | 6247 | |
Feb 26, 2026 | - | - | 6518 | |
Aug 26, 2025 | Apr 26, 2022 | Series A | 7942 |
Team profile of BVF
BVF has a team of 22 members including 10 Partners, 1 Venture Partner and 5 Principals located in United States. BVF's team sits on the board of 3 companies.Here is a list of top team members in BVF:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Chicago | |||
Partner | Raleigh | - | - | |
Partner | Chicago | |||
Partner | Chicago | - | - | |
Partner | San Francisco | - | ||
Partner | Baton Rouge | - | - | |
Partner | - | - | ||
Partner | - | - | - | |
Partner | Austin | - | ||
Partner | Minneapolis | - |
Co-investors of BVF
Over the past 18 years, 492 investors have co-invested in BVF's portfolio companies. This includes funds and angels.
- Invested before BVF: Healthbox, HLM Venture Partners and 148 others have invested in rounds before BVF. There are 3 companies where Healthbox has invested before BVF and 2 companies where HLM Venture Partners has invested before BVF.
- Top Co-investors of BVF: 137 investors entered a company along with BVF. These include investors like Sandbox Industries (20 companies).
- Invested after BVF: A total of 205 investors have invested in BVF's portfolio after their investments. Top Investors include HHS (5 companies), HLM Venture Partners (3 companies) and Oak HC/FT (3 companies).
Recent News related to BVF
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Network Bio Raises $50M in FundingFinSMEs•Aug 19, 2026•JSL Health Capital, Founders Fund, Breyer Capital, S32 and 3 others
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Big Health Secures $23.7M in Funding RoundMassinvestor•Feb 13, 2026•DaylightRx, BigHealth, , CVS Health and 7 others
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Origin Raises Series B FundingFinSMEs•Jan 28, 2026•State of California, Origin, BVF, Gratitude Railroad and 1 other
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Daymark Health Raises $20M to Expand Value-Based Cancer CareHIT Consultant•Sep 26, 2025•Daymarkhealth, Healthier Capital, BVF, Healthycapitaldistrict and 2 others
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Octave Bioscience Secures $35M Series C to Boost Commercial GrowthBusiness Wire•Sep 05, 2025•Octave Bioscience, Valhalla, Northpond Ventures, S32 and 8 others
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Nest Health Raises $12.5M Series A to Expand In-Home Family Care for Medicaid.PR Newswire•Aug 25, 2025•Nest Health, Amboy Street Ventures, BVF, 8VC
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Ultromics secures €48M to advance AI tools for early heart disease diagnosisSilicon Canals•Jul 31, 2025•Oxford Science Enterprises, BVF, University of Oxford, Ultromics and 8 others
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PinkDx Raises $5M in Additional Series A FinancingFinSMEs•Jan 23, 2025•PinkDx, BVF, Sandbox Industries, BEVC and 3 others
