By: Todd Perman

Happy New Year!

As we start to reflect on 2025, it’s important for me to start with WHY this work matters. As many of you know, this work is not abstract for me.

My mission and purpose is deeply personal and it is to drive meaningful change in healthcare. I speak about the topic often, compelling people to take steps to determine their own health, pathway, and care delivery model. It’s vital to get checked, whatever that means for you. I give information willingly and will always make time to discuss or connect someone with resources when they’re facing a health challenge.

Even with all my knowledge, my family recently experienced the shortcomings of our healthcare system firsthand. After being passed back and forth between her primary care, cardiologist, and two visits to the hospital, my mother was found to have an additional cancer diagnosis. At 82, she is trapped in a healthcare system that simply does not advocate for proactive care. The doctors on her case were treating her symptoms instead of diving deeper, and until she had a chronic event, the cancer was not discovered. Fortunately, my mom has a type of cancer that is very treatable based on the subtype, and for that I am thankful.

Even still, I cannot help but think a simple blood test with a more advanced screening would have caught this particular type of cancer. It is simply that no one looked. We plan to elaborate on this and host my mom on our podcast in early 2026 to tell the story. Our families and friends all need to see the examples and avoid the pitfalls and frustration.

The process of care is a juggle, the fear that is created for the patient is real, and the stress is unnerving. Ultimately, this is the core failure of our current system: we don’t have a health care system. We have a sick-care system. We reimburse for decline. We chase symptoms. We delay insight.

Preventing this experience for others and pushing the system forward so fewer families experience this is what gives our work meaning. Early diagnostics change everything: treatment options, cost curves, patient advocacy, and dignity.

Seed exists because too many families learn this lesson too late, and it is time for that to change. Our work in 2025 reflects that and I’m happy to share a year in review of the progress we made.

Seed Healthcare: Year in Review

2025 was a defining year for Seed Healthcare. Not because of a single deal, close, or headline, but because the platform we’ve been deliberately building reached escape velocity.

What I mean by that is that what began as a family-office–driven investment strategy has matured into an integrated system: capital, clinical insight, commercialization, and consulting working together.

Seed is not just investing in healthcare companies. We are building a movement around early detection, prevention, and meaningful health outcomes for patients, providers, and families.

At our Annual Meeting in November, we met with key stakeholders on our Advisory Boards who shared important insights, and as our Investment Committee Chair Bill Liao noted, “healthcare doesn’t need more ideas. It needs systems that let good ideas survive contact with reality.”

This collective belief shaped everything we built this year, and it was centered on our thesis, which remains simple: the biggest impact in healthcare will come from detecting disease earlier, intervening sooner, and aligning incentives across technology, providers, and capital.

But this impact cannot happen without clinicians being on board. Integrating our Clinical Board and maintaining direct access to providers at scale are key ingredients in turning our thesis into reality.

In 2025, this thesis moved from theory to execution:

• Seed-to–Series A focus with disciplined governance
• Clinical validation embedded directly into diligence
• Commercial access built during capital deployment
• Early revenue and equity value creation

The gap between innovation and execution is a key point of focus for Seed. As Dr. Jacque Sokolov, who serves on both our Advisory Board and Investment Committee, noted at our Annual Meeting: “Too many good technologies fail because no one bridges the gap to real-world adoption.” This remains a critical operating principle for us, as we work with partners, portfolio companies, and investors to drive meaningful impact in healthcare.

2025 Highlight: Fund & Platform Progress

In 2025, our fund and platform experienced incredible growth that allowed us to reduce risk earlier, move faster post-investment, and create value well ahead of traditional venture timelines.

• Completed fund structure and multiple closes
• Deployed initial investments with impactful MOIC and revenue growth while building significant pipeline of impactful companies
• Through our commercialization efforts, earned additional shares that benefit the board, the fund and investors
• Over half of the fund committed, with strong momentum heading into final close (Q1 2026)
• Unified fund, advisory network, and commercialization engine working together

2025 Highlight: Investment Wins & Early Signals

Our portfolio progress reflects what Seed optimizes for: clinical relevance, scalable deployment, and real-world adoption.

• Fountain Life

• • Seed’s equity position grew approximately 175% in value
  • Strong alignment with early detection and AI-driven diagnostics
  • Expansion model validated with compelling per-site economics

• Genalyte

• • Point-of-care diagnostics platform with major progress toward final FDA approvals, currently operating under LDT
  • Mobile labs delivering results in under 30 minutes
  • Seed engaged directly in commercialization, with meaningful revenue impact forecasted

• Nicolette

• • Addressing a critical communication gap in NICU care
  • Strong early ARR traction and hospital pipeline
  • Scalable SaaS platform extending beyond its initial use case

2025 Highlight: Commercialization & Advisory Edge

For us, commercialization is not a post-investment hope. It is a pre-investment filter. In 2025, we actively accelerated adoption, revenue, and enterprise value across the portfolio by:

• Activating provider relationships during diligence
• Securing LOIs and pilots early
• Converting advisory access into real go-to-market leverage

As Advisor Erin Mistry emphasized during our Annual Meeting, “innovation doesn’t fail because it isn’t good, it fails because it can’t get paid for or adopted.” It is a core principle of ours to design for adoption early which de-risks healthcare venture investing.

Also, key in this is our Advisory Board, which is a deep bench of clinical, operating, and investment executives that actively shape investment decisions, go-to-market strategy, provider access, and governance discipline.

Bill Liao said “what excites me about Seed is that it’s not theoretical. This is execution with intent.” It’s this collective intelligence that functions as a force multiplier for us, turning insight into execution and access into adoption.

2025 Highlight: Expanding the Narrative

In 2025, Seed also expanded its voice and reach:

• Continued growth of the Kill or Cure podcast
• Speaking engagements across healthcare, venture, and family office forums
• A unified narrative connecting capital, health, and legacy

The result has been deeper relationships, better deal flow, and stronger alignment with LPs and founders alike.

Looking Ahead to 2026

2026 is about scale. We didn’t set out to build just a venture fund. We set out to build an operating system for healthcare innovation that works in the real world. Key focus areas include:

• Final fund close and portfolio concentration
• Expansion of Seed OS, extending execution support beyond capital
• Seed Europe, establishing a durable pan-European presence
• Commercialization automation to drive faster revenue and earlier exits

Closing Thoughts

Seed Healthcare enters 2026 with momentum, clarity, and conviction. I’m very proud of our team, partners, portfolio companies, investor relationships, and momentum. We are proving that healthcare venture can be clinically grounded, commercially disciplined, and mission-driven, while still remaining return-focused. The foundation is in place, and we’re energized by the opportunities and year ahead.

As we look ahead, we welcome any questions and conversations around the fund, SPVs, and where our platform is headed next.