Lightstone Ventures Marks Year-to-Date 2025 Milestones for its Innovative Biotech and Medtech Portfolio Companies

Supported successful recent private financing rounds for portfolio companies totaling approximately $725 million year-to-date

Helped oversee Shoulder Innovations $75 million IPO on NYSE

Enhanced strategic advisory and leadership capabilities

PORTOLA VALLEY, Calif. and BOSTON, Sept. 24, 2025 /PRNewswire/ -- Lightstone Ventures today highlighted recent progress across its portfolio of innovative biotechnology and medical device companies, and further enhanced its leadership team. 

"The Lightstone team, together with our partners at the many innovative biotech and medtech companies that we are proud to support, have achieved meaningful milestones this year that we want to recognize," said Mike Carusi, Managing Partner at Lightstone Ventures. "So far in 2025, we have seen our portfolio companies close approximately $725 million in private financing rounds, alongside premier investors who share our vision of breakthrough therapies for patients in need across many therapeutic areas. We were also delighted to announce Shoulder Innovations' successful public listing on the NYSE, adding to the list of IPOs and M&A events for some of Lightstone's most impactful portfolio companies. Our focus remains on partnering with visionary founders to build impactful companies that transform novel ideas into commercially viable products."

Key Financing Highlights Through September 2025

• FIRE1 – $120 million Series B round closed in January 2025
• Trotana Therapeutics – $52.5 million Series A round closed in February 2025
• Atsena Therapeutics – $150 million Series C round closed in April 2025
• Allay Therapeutics – $57.5 million Series D round closed in June 2025
• Shoulder Innovations – $40 million Series E round closed in March 2025; $40 million convertible notes financing led by Fidelity Management & Research Company closed in July 2025; and initial public offering on the New York Stock Exchange (NYSE) under ticker "SI" closed on July 31, 2025
• Apreo Health – $130 million Series B round closed in August 2025
• Reprieve Cardiovascular – $61 million Series B round closed in August 2025
• ProVerum – $80 million Series B round closed in August 2025

 "Lightstone has recently enhanced our team with the addition of Martin Seidel, Ph.D., joining as an Advisor. He brings deep expertise in R&D and business development, offering insights that will be valuable across our portfolio companies," said Christina Isacson, Ph.D., Partner at Lightstone Ventures. "Additionally, Lightstone Partner Caroline Gaynor was recently elected Chair of the IVCA, the representative body for venture capital and private equity firms in Ireland. We are delighted for her appointment to such a prominent position in our industry, highlighting her leadership, vision, and dedication to advancing innovation from our Dublin office."

"I'm honored to have been elected Chair of the Irish Venture Capital Association," said Caroline Gaynor, Partner at Lightstone Ventures. "As Ireland continues to nurture world-class founders and innovative businesses, I look forward to working with my colleagues across the venture community to support entrepreneurs, foster growth, and strengthen the Irish ecosystem."

Key Leadership Team Announcements Through September 2025

• In January 2025, H. Martin Seidel, Ph.D., was appointed as an Advisor to Lightstone Ventures. Dr. Seidel has extensive experience advancing clinical candidates and structuring strategic partnerships across the biotech industry, and advises Lightstone's biopharmaceutical team on deal sourcing, diligence, and portfolio support. He currently serves as Chief Executive Officer of IFM Therapeutics where he has led multiple successful exits, and previously held senior roles at Novartis, including Global Head of Business Development and Licensing for the Novartis Institutes for Biomedical Research (NIBR).
• In August 2025, Caroline Gaynor, Partner at Lightstone Ventures, was elected Chair of the Irish Venture Capital and Private Equity Association (IVCA). Her role involves identifying and advocating for public policies that strengthen the Irish venture and entrepreneurial ecosystem, helping ensure funding is available for high potential Irish companies.

About Lightstone Ventures

Lightstone Ventures ("LSV") is a global venture capital firm investing in biotech and medtech companies pioneering big ideas poised to transform patient outcomes. LSV was founded in 2012 to empower visionary entrepreneurs with the resources and operational guidance necessary to bring their innovative therapeutics and technologies to the patients who need them most. LSV's investment team has led deals resulting in over 40 acquisitions and initial public offerings over the last two decades. The firm has offices in Boston, Mass., Portola Valley, Calif., and Dublin, Ireland.

For more information, please visit www.lightstonevc.com

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SOURCE Lightstone Ventures