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Cleveland, Ohio · Healthcare Venture

A Premier Healthcare
Investor Network

Serial Stage Venture Partners invests in AI-enabled medical devices, breakthrough therapeutics, advanced diagnostic platforms, and Tech and AI solutions — targeting opportunities that meaningfully improve clinical outcomes and reduce cost.

✦  MedTech World North America
2026 Angel Investor Group & Syndicate of the Year Award Nominee
Our Thesis New Member Inquiry
2
Notable Exits
150+
Network Members
34+
Portfolio Companies
2×
Min. Target Return Per Year Held
"Our ability to create unlimited personal entrepreneurial W.E.A.L.T.H. Freedoms© is only limited by our ability to create those same Freedoms for others."

SSVP is a network of physicians, distributors, commercial experts, engineers, and scientists committed to backing the most compelling healthcare innovations in the Midwest and beyond.

With access to premier Midwest, national, and global resources, SSVP helps its portfolio companies test market fit and accelerate regulatory and commercialization outcomes.

SSVP seeks to grow 5 Entrepreneurial W.E.A.L.T.H. Freedoms©: Worship, Economy (Capital), Aspiration (Purpose), Love (Relationship), Time, and Health.

Where We Invest

We target novel innovations with fundamentally sound economics — specifically those capable of generating at least a 2× return multiple per year of investment holding.

Medical Devices

Novel technologies that improve procedural outcomes, reduce costs, and enhance patient safety across surgical and interventional disciplines.

Therapeutics

Breakthrough treatments with strong clinical potential, targeting significant unmet medical needs with clear regulatory pathways and durable IP.

AI Diagnostics / H-DaaS

Proprietary technologies enabling earlier, more accurate detection through advanced analytics, machine learning, and AI-driven clinical decision support.

Tech / AI

Scalable Tech / AI solutions improving provider operations, care coordination, revenue cycle management, and data-driven patient outcomes.

The Team

Clinical, Commercial & Venture Expertise

Three partners spanning reconstructive surgery, MedTech commercialization, and venture fund formation — united by a commitment to building enduring healthcare companies.

Raymond R. Rackley
Raymond R. Rackley
MD, BME
Founder & Managing PartnerRaymond@SerialStageVP.com
Leading pelvic reconstructive surgeon and long-time venture investor with deep clinical and co-investing experience across the Midwest healthcare ecosystem.
Raymond is a renowned pelvic reconstructive surgeon who has also generated significant returns as a venture capitalist, while developing strong co-investing relationships with some of the region's most active funders.

Currently, Raymond serves as a Professor of Surgery at the Cleveland Clinic's Glickman Urology Institute for Pelvic Medicine and Reconstructive Surgery. Over 46 years of academic excellence, clinical service, and venture experience, he has become a leading biomedical engineer, reconstructive surgeon, and life-science industry consultant.

He has also been an active investor, making numerous venture health science and technology investments since 2002 while serving as a board advisor, investment committee member, or limited partner in Serial Stage Venture Partners, an angel investor network, and several Midwest venture funds including NDI Healthcare Fund and BioEnterprise's Medical Growth Fund.

As an active investor and advisor, Raymond has participated in multiple co-investing and venture partnering activities alongside regional venture funders such as First Analysis, BioEnterprise, Queen City Angels, and MI-12 managing partners while holding board and committee roles in several seed-through-late-stage medical device and pharmaceutical companies.

Notable Exits
  • NDI Medstim  ·  100× DPI  ·  2008
  • CoverMyMeds  ·  100× DPI  ·  2017
  • Convelo Therapeutics  ·  2+× DPI  ·  2022
  • Standard Bariatrics  ·  3× DPI  ·  2022
  • SPR Therapeutics  ·  3–4× DPI  ·  2026
Education

MD, Medicine — Case Western Reserve University School of Medicine
BS, Biomedical Engineering — Duke University

Jonathan P. Lehmann
Jonathan P. Lehmann
Managing Partner
MedTech commercial leader and angel investor specializing in scaling in-office procedural models in ENT and Urology to drive value and successful exits.
Jonathan is a MedTech leader, angel investor, and commercial consultant. He is a 20-year veteran of the space driven by the purpose of funding and commercializing minimally-invasive, clinically-effective, financially-viable, and patient-centric ideas.

He has sold, built salesforces, funded, and forged strategic partnerships in numerous markets from primary care to endocrine to cardiology to psychiatry to genetics to population health to sports medicine to regenerative health. But his sweet spot markets are ENT and Urology, where he created scalable in-office procedural models that fueled explosive growth against J&J, AMS, Smith & Nephew, and Medtronic — leading to immense value creation during two liquidity events: an ENTL Nasdaq $70M IPO and a subsequent $662M sale to Stryker.

In his spare time you can find him on the water talking business, foiling, or sharing his love for and the beauty that is the "Blue Mindset."

Notable Exits
  • ENTL  ·  Nasdaq IPO  ·  $70M
  • Stryker Acquisition  ·  $662M
Education

Bachelor's degree, Finance — University of Maryland

Eric C. Ulchaker
Eric C. Ulchaker
MS, MFin
Managing PartnerEric@SerialStageVP.com
Entrepreneur and venture investor with a track record in fund formation, early-stage company building, and commercialization across MedTech and diagnostics.
Eric brings over a decade of entrepreneurial experience, including venture capital, with a proven track record of successful ventures. He previously served as Fund Manager for the Pit Road Fund, a $23 million pre-seed and seed-stage venture fund affiliated with the University of Notre Dame.

Eric was instrumental in raising the 1842 Fund, a partnership between High Alpha Innovation and the University of Notre Dame, where he led diligence efforts on investments following the fund's initial close at $17.5 million. Additionally, he was a Summer Associate with North Coast Ventures. Eric is an active angel investor.

Eric's passion for MedTech, BioTech, and HealthTech began early in his career. As a sophomore at Gilmour Academy in Gates Mills, Ohio, Eric worked with Pulmonary Apps, a Cleveland-based company that developed the digibreathe©, a wireless, patient-based, disposable, adhesive-backed stethoscope monitoring pad. During his freshman year of college, he joined a HealthTech telemedicine startup — Apportis — and continues to serve as an advisor. He also worked in business development with Million Marker, a Y-Combinator-backed biomarker company in Berkeley, California.

He serves on the Investor Advisory Board at the Consortium for Technology & Innovation in Pediatrics (CTIP).

Education

BS, Operations Management — The Ohio State University, Fisher College of Business
MS, Engineering, Science & Technology Commercialization — University of Notre Dame
Master of Finance, Corporate Finance — Case Western Reserve University, Weatherhead School of Management

Our Investments

Our Venture Portfolio

A curated portfolio of healthcare innovations across medical devices, therapeutics, diagnostics, and Tech / AI — each backed by SSVP's rigorous diligence process.

Medical Devices
Wound Care

Battery-free negative pressure wound therapy powered by a solid-state chemical pump that delivers days of continuous suction for closed surgical incisions. The single-use system works without batteries, motors, or external power. It is designed to reduce complications while keeping patients mobile.

Medical Devices
Respiratory

Next-generation respiratory therapy devices spanning strength trainers, airway-clearance systems, and digital inhalers. The portfolio supports home and pharmacy-based care, extending treatment beyond the clinic. Connected design helps patients and providers track adherence and outcomes.

Therapeutics
Dermatology

First-in-class topical therapies for dermatologic diseases such as atopic dermatitis, built on a multi-target platform. The approach addresses both the bacterial and immune drivers of inflammation at once, without steroids or antibiotics. It aims to help patients underserved by current treatments.

Medical Devices
Urology

A reusable, no-touch intermittent catheter paired with a portable washer-disinfector for neurogenic bladder patients. The closed system reduces catheter-associated urinary tract infections while cutting costs and plastic waste. It gives patients a safer, more sustainable option for daily self-catheterization.

Medical Devices
Women's Health

An absorbable sling device for stress urinary incontinence that offers a safer alternative to permanent surgical mesh. The implant supports tissue during healing and then resorbs, avoiding complications linked to non-degradable mesh. It targets a large women's-health market seeking lower-risk options.

Tech / AI
Analytics

A no-code analytics platform that centralizes event registration, engagement, and sales data in one place. By unifying fragmented sources, it helps organizers optimize audience targeting and grow revenue. The platform is built for events and associations that lack dedicated data-science teams.

Therapeutics
Microbiome

Microbiome diagnostics and targeted probiotics that analyze both bacterial and fungal populations in the gut. By accounting for fungi as well as bacteria, Biohm pioneers a more complete approach to gut health. Its at-home testing and supplements translate microbiome science into consumer products.

Tech / AI
Care Coordination

A national provider directory and FHIR-based interoperability platform that unifies fragmented provider data. It enables secure communication and care coordination between organizations that otherwise cannot connect. The platform helps reduce delays and errors in referrals and care transitions.

Medical Devices
Nerve Repair

Intraoperative nerve care solutions spanning nerve cutting, assessment, and protection technologies. The tools give surgeons real-time information to help preserve and restore nerve function during procedures. The portfolio supports better functional outcomes across surgical specialties.

Diagnostics / H-DaaS
Oncology Diagnostics

IsoPSA is an FDA-approved, blood-based test that detects high-grade prostate cancer through structural changes in PSA. By distinguishing aggressive from indolent disease, it helps reduce unnecessary biopsies. The structure-based platform is being extended to additional cancers.

Tech / AI
MarTech

A digital-shelf analytics platform that automates monitoring of product content across retail channels and marketplaces. It flags inaccurate, missing, or non-compliant listings so brands can fix issues before they cost sales. The result is more consistent, optimized product pages at scale.

Diagnostics / H-DaaS
Dermatology

An FDA-cleared handheld device that uses elastic-scattering spectroscopy to assess skin lesions in seconds. It gives primary-care clinicians objective, point-of-care guidance on whether to refer or biopsy. The tool aims to catch melanoma and other skin cancers earlier, outside specialist settings.

Medical Devices
Pediatrics / Autism

An FDA-cleared eye-tracking device that uses visual-attention biomarkers to aid autism diagnosis in young children. It delivers objective, same-day results, helping shorten long waits for specialist evaluation. Earlier diagnosis supports timelier intervention during critical developmental windows.

Medical Devices
Respiratory

An all-in-one airway management device that combines multiple airway technologies into a single unit. It is designed to maintain uninterrupted ventilation during emergency and perioperative care. By consolidating tools, it streamlines workflow and reduces risk at critical moments.

Medical Devices
Critical Care

An FDA-cleared intelligent feeding-tube platform with sensor-embedded tubes for the ICU. It provides real-time placement guidance and continuous monitoring to confirm positioning and optimize enteral nutrition. The data-driven approach aims to reduce complications for critically ill patients.

Medical Devices
Cardiovascular

Minimally invasive transcatheter solutions for repairing functional mitral and tricuspid valve regurgitation in heart-failure patients. The approach avoids open surgery, offering a lower-risk option for high-risk patients. It targets a large and growing structural-heart market.

Medical Devices
Surgical Robotics

A robotic vascular-access platform enabling AI-guided, robotic-assisted peripheral IV catheterization. It targets the hundreds of millions of IVs placed each year, many requiring multiple painful attempts. Automation aims to raise first-stick success while freeing up clinical staff.

Therapeutics
Nutrition

Sustainable insect-based proteins and oils for animal feed and aquaculture, produced from black soldier fly larvae. The process carries a substantially lower carbon footprint than conventional protein. It offers a scalable, circular alternative to fishmeal and soy.

Therapeutics
Radiopharmaceuticals

Precision radiopharmaceuticals for the targeted diagnosis and treatment of cancer. Paired diagnostic and therapeutic isotopes enable tumor-specific therapy with minimal damage to healthy tissue. The theranostic model supports a personalized, see-and-treat approach to oncology care.

Medical Devices
Enteral Nutrition

An FDA-cleared, portable enteral feeding system that pairs precision feeding with connected, real-time data tracking. The wearable design replaces bulky equipment, improving mobility for tube-fed patients. Continuous data gives caregivers and clinicians better visibility into nutrition.

Therapeutics
Hemostatics

Absorbable surgical hemostat technology that controls bleeding without pre-mixing or cold storage. Its ready-to-use format simplifies handling across diverse surgical settings. The product addresses a broad clinical need for fast, reliable bleeding control.

Medical Devices
Surgical Devices

Origami-inspired modular surgical instruments for minimally invasive and robotic procedures. The folding designs enable smaller incisions and simplified instrument sets across multiple specialties. The approach can reduce instrument count, cost, and operative complexity.

Medical Devices
Surgical Devices

An adjustable, soft-tipped surgical access device for minimally invasive laparoscopic and robotic surgeries. It improves access, visualization, and patient safety during complex procedures. The atraumatic design helps surgeons work more effectively in confined spaces.

Tech / AI
Returns Management

A returns-management platform that automates the end-to-end returns process for e-commerce brands. It analyzes return data to surface trends and reduce avoidable returns while improving the customer experience. The platform turns returns from a cost center into a source of operational insight and customer retention.

Diagnostics / H-DaaS
Maternal Health

A clinical decision-support platform embedded directly in EHR workflows for labor and delivery. It delivers real-time maternal and neonatal risk alerts so care teams can intervene before emergencies escalate. The tool targets preventable harm in one of the highest-risk areas of medicine.

Medical Devices
Cardiology

An FDA-cleared esophageal deviation device that helps prevent esophageal injury during radiofrequency cardiac ablation. It gently moves the esophagus out of the ablation path, reducing a serious procedural risk. The device supports safer, more effective treatment of atrial fibrillation.

Tech / AI
Pharmacy

A prescription delivery platform that connects pharmacies with last-mile delivery networks to bring medications directly to patients. The platform integrates with pharmacy systems to streamline prescription handoff and improve adherence. By extending the pharmacy beyond its physical walls, it helps patients overcome mobility, transportation, and scheduling barriers to filling their scripts.

Medical Devices
Urology

Non-invasive, ultrasound-based technologies for fragmenting and repositioning kidney stones without surgery. The system can break up stones and move them to speed clearance, often in an office setting. It offers a lower-cost, lower-risk alternative to traditional stone procedures.

Medical Devices
Pain Management

A 60-day peripheral nerve stimulation system that treats chronic and acute pain without opioids. The temporary device requires no permanent implant yet can deliver lasting relief after removal. It offers a drug-free option amid the ongoing opioid crisis.

Tech / AI
Defense Tech

Proprietary laser-based directed-energy systems for counter-drone defense. The technology neutralizes aerial threats rapidly and at low cost per engagement. It is designed to protect critical infrastructure and other high-value assets.

Tech / AI
Benefits Admin

A web-based benefits administration platform for third-party administrators, brokers, and employers. It integrates claims, invoicing, communications, and compliance into a single connected workflow. By automating manual processes, it reduces administrative overhead and errors.

Tech / AI
Health Data

A secure health-data and communication platform focused on connecting patients, providers, and emergency responders. It enables verified, interoperable data exchange across organizations and care settings. The platform aims to make critical information available when and where it is needed.

Therapeutics
Topical Anesthetic

A needle-free topical anesthetic spray that numbs injection sites within seconds. It reduces pain and anxiety from vaccinations and IV procedures, especially for needle-averse patients. The fast-acting format fits easily into routine clinical workflows.

Therapeutics
Therapeutics

A novel bladder drug-delivery platform for acute and chronic urinary tract infections. By delivering therapy directly to the bladder, it targets infection at the source while limiting systemic exposure. The platform has potential applications in overactive bladder and bladder cancer.

"Please reach out if you wish to connect with any of our portfolio companies."

Connect With Us
Investing First Principles

How We Think About Investing

SSVP is built on three enduring principles — Deal Reality, Deal Stewardship, and Deal Economics — that guide every investment decision we make.

Our Investment Philosophy

"We seek to find the truth" — diagnosing risk and uncovering product-market reality through venture due diligence that strips away marketing hype, founder bias, and macroeconomic noise. Our three enduring principles filter every deal selection we make.

01

Deal Reality

We back technology that works and creates real market demand.

02

Deal Stewardship

We prioritize portfolio companies led by capable, trustworthy management teams, and learn from every experience as committed stewards of our managers' and our members' venture capital.

03

Deal Economics

We seek exceptional businesses with durable economics and the potential for at least 2× returns per year held — never merely fair businesses, even at attractive prices.

From insight to scale, we don't just back ventures — we build them.

Explore SSVP's structured Venture Studio process for turning critical healthcare problem points into scalable companies.

Explore the Venture Studio  →

How We Invest

"Our ability to create unlimited personal entrepreneurial W.E.A.L.T.H. Freedoms© is only limited by our ability to create those same entrepreneurial Freedoms for others."

SSVP seeks businesses developing and commercializing novel innovations with fundamentally sound and enduring economics. The network acquires equity positions in exceptional businesses with unique, opportunistic leverage, purchased at fair prices.

Preference is given to rare enterprises capable of deploying additional capital at high returns. In an increasingly competitive venture capital environment, SSVP creates opportunistic advantages through uniquely structured SPV LLCs and future micro-fund formations.

This strategy enhances the probability of achieving top-tier returns through lower operating costs and access to higher-quality, diversified deal flow.

The SSVP Process

1

Introductory Call

Partners evaluate whether the company aligns with SSVP's core investment criteria: market size, clinical differentiation, team quality, and economic potential.

2

Initial Due Diligence

Deep analysis of the technology, IP, regulatory pathway, competitive landscape, and financial model. Partners regroup to address open questions with the founder.

3

Investment Memo

If conviction remains high, a formal investment memo is prepared. This process typically takes three to four weeks from first contact.

4

Pitch Call & Member Decision

The founder presents to the full network during SSVP's monthly recorded pitch call. Members have approximately 30 days to make individual investment decisions.

Transparent & Aligned Economics

SSVP's fee structure is intentionally minimal — designed to align interests between the network and its portfolio companies.

5%
One-Time Upfront Fee
A single, transparent operating fee charged at the time of investment. No hidden costs, no ongoing charges.
0%
Management Fees
Unlike traditional VC funds, SSVP charges no annual management fees. Capital is preserved for deployment into portfolio companies.
20%
Carried Interest (Typical)
A standard 20% carried interest on the backend in most SPVs — ensuring SSVP only succeeds when its members succeed.

Providing Sophisticated Capital

SSVP's network is its greatest asset — a curated group of domain experts who add strategic value beyond capital.

Physicians & Clinicians

Board-certified specialists who provide unmatched clinical diligence and real-world validation of emerging medical technologies.

Commercial Experts

MedTech commercial leaders and distributors with deep expertise in go-to-market strategy, salesforce building, and market access.

Engineers & Scientists

Technical experts across biomedical engineering, Tech / AI, and life sciences who support product development diligence and validation.

Venture Investors

Active co-investors and angel investors who provide deal flow, syndication relationships, and post-investment value creation.

SSVP Venture Studio

Where Ideas Become Impactful

Our Venture Studio identifies critical healthcare problem points and turns them into scalable companies — building the next generation of healthcare businesses through a structured, proven process.

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Our Vision

To shape the future of healthcare by launching companies that address systemic challenges across care delivery, access, affordability, and innovation. Great healthcare companies aren't just born — they're built through close collaboration between industry experts, entrepreneurial talent, and strategic capital. Our Venture Studio exists to be that collaborative bridge.

From insight to scale

01

Insight Capture & Validation

We mine and pressure-test problems surfaced by our network of clinicians, payers, and healthcare executives through interviews, data analysis, and feasibility assessments.

02

Opportunity Sizing & Concept Design

Once a problem is validated, we explore market size, monetization potential, and strategic alignment to ensure it is worth building.

03

Venture Development

From product to brand to go-to-market, our internal team handles the heavy lifting — leveraging shared infrastructure to move quickly and cost-effectively.

04

Spinout & Scale

When a venture is ready, we install dedicated leadership, deploy capital through our network, and support commercial traction with ongoing studio resources.

Join SSVP

Membership & Requirements

SSVP membership provides access to curated, high-quality healthcare venture opportunities alongside a network of physicians, distributors, commercial experts, engineers, and scientists.

New Member Inquiry
150+
Network
Members
$10k
Minimum
Investment
1–2
Deals Per
Month

Membership Requirements

To participate in any SSVP SPV investment, investors must first complete an SSVP membership application via DocuSign, which includes attesting to their accredited status through the Accredited Investor Questionnaire. This information enables SSVP to determine whether an individual is qualified to invest in SSVP SPVs and to receive due diligence materials on prospective portfolio companies.

Once a member has completed their due diligence on a given SPV LLC opportunity, they may request signing documents by emailing or texting one of the SSVP managing partners. All signing documents are delivered securely through DocuSign.

1

Complete Membership Application

Apply via DocuSign and attest to accredited investor status. SSVP will review and confirm your eligibility to receive diligence materials.

2

Receive Monthly Opportunities

Each month, SSVP presents one to two carefully vetted opportunities. A one-page summary is shared before the recorded pitch call; the full investment memo is distributed afterward.

3

Make Your Investment Decision

Members have approximately 30 days following the pitch call to review the opportunity and make their individual investment decision.

4

Fund & Receive Updates

Investment funds may be submitted via wire transfer or check. Members receive quarterly or annual updates. Those with 5+ investments gain access to the SSVP Investment Workbook.

Deal Structure

Minimum Investment: $10,000 per SPV
One-Time Fee: 5% upfront operating fee
Management Fees: None
Carried Interest: Typically 20% on backend
K-1 Delivery: By March 15 (or September 15 extended)
Funding: Wire transfer or check; USPS mail discouraged
Updates: Quarterly or annual, via email or recorded calls
Investment Workbook: Accessible after 5+ SPV investments

Investment Tax Considerations

While SSVP does not provide financial advice, we may offer informed opinions to help members optimize their investment structure.

Roth IRA Investments

SSVP often recommends prioritizing Roth IRA investments over Traditional IRAs for tax-advantaged venture exposure, where appropriate to the member's situation.

QSBTE Eligibility

If a particular investment qualifies for the Qualified Small Business Stock Tax Exemption, the associated tax benefits may negate the need for Roth IRA funding. Members should check QSBTE eligibility with SSVP for each opportunity.

Annual K-1 Reporting

Members receive a Schedule K-1 for each SPV investment annually by March 15, or by the extended IRS deadline of September 15. Filing a personal tax extension may occasionally be necessary.

Disclaimer: The above represents general information only and does not constitute financial, legal, or tax advice. SSVP encourages all members to consult with qualified financial and tax advisors regarding their individual circumstances.

What Members Receive

Membership in SSVP is more than capital deployment — it's access to a curated ecosystem of healthcare investment intelligence.

Monthly Deal Flow

One to two rigorously vetted investment opportunities per month, each accompanied by a one-page executive summary and a full investment memo distributed after the pitch call.

Recorded Pitch Calls

Live or recorded pitch presentations direct from founders, giving members direct access to the management teams of prospective portfolio companies before making investment decisions.

Quarterly Portfolio Updates

Regular updates on portfolio company progress via email or recorded calls with management teams. Members with 5+ investments gain access to the full SSVP Investment Workbook.

For Founders

Submit Your Company to SSVP

We review every submission and respond to those that align with our investment thesis. Please complete all sections as thoroughly as possible — the quality of your submission directly impacts our ability to evaluate your company quickly.

Healthcare Focus: Medical devices, therapeutics, AI diagnostics, or Tech / AI
Return Potential: Clear path to at least a 2× return per year of investment holding
Stage: Early, late, or serial-stage companies with clinical or commercial traction
Leadership: Capable, trustworthy management team with relevant domain expertise
Economics: Durable, defensible business model with meaningful barriers to competition
1
Company Info
2
Product & Market
3
Financials
4
Team & Raise
Company Information
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Help us understand what you're building, who it's for, and why it matters clinically and commercially.
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SSVP prioritizes backing capable, trustworthy management teams. Tell us about your people and what you're looking for from us.
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Submission Received

Thank you for submitting your company to Serial Stage Venture Partners. Our team reviews every submission and will reach out if your company aligns with our current investment thesis.

You can expect to hear from us within 2–3 weeks if there is a mutual fit.

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Apply for Membership

Complete the form below to apply for SSVP membership. All applicants must attest to accredited investor status. We review applications on a rolling basis and will follow up within 3–5 business days.

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