Two Bear Capital (TBC) was founded and is led by venture capitalist and Montana philanthropist Michael Goguen with professionals in Whitefish, Montana, the San Francisco Bay area, San Diego and Boston. TBC invests in early stage companies with disruptive innovations at the intersections of biotech, bioinformatics, machine learning / AI and cybersecurity that are positioned to deliver dramatically better solutions to the most critical problems affecting human health, security and wellness.
Employees: 11-50
Founded date: 2019
Investment Type: Venture Capital
Investment Stage: Pre-Seed; Seed; Series A
Portfolio 4
| Date | Name | Website | Total Raised | Location |
| 19.02.2026 | Rainfall H... | rainfallhealth.com | $15M | United Sta... |
| 23.10.2025 | Gravwell | gravwell.io | $18.4M | United Sta... |
| 17.10.2025 | Conceal | conceal.io | $35M | United Sta... |
| 30.06.2021 | Novoron Bi... | novoron.com | $19.19M | United Sta... |
Mentions in press and media 24
| Date | Title | Description |
| 23.02.2026 | Selector Secures $32M to Propel AI Observability, Global Growth | Selector secures $32M in funding, doubling its valuation to $375M. AVP led the round. This capital fuels AI innovation, product development, and global market expansion. The AI-powered observability platform integrates LLMs and causal reaso... |
| 21.02.2026 | Healthcare AI Innovator Rainfall Health Raises $15M to Transform Hospital Reimbursement with New CMS Mandate | Rainfall Health just secured $15M in Series A funding. Its AI-driven platform addresses the new CMS TEAM mandate. Launched January 1, 2026, this mandate ties hospital reimbursement to patient outcomes. It targets five high-cost surgical pro... |
| 19.02.2026 | Selector: $32 Million Funding Raised At $375 Million Valuation For AI-Powered Observability Platform | Selector, an AI-powered observability and network intelligence platform, announced it has raised $32 million in a new funding round, doubling its valuation to $375 million. The round was led by AVP, with participation from Ansa Capital, Two... |
| 19.02.2026 | Rainfall Health: $15 Million Series A Raised For AI-Driven Hospital Compliance And Reimbursement Platform | Rainfall Health, an AI-driven compliance and reimbursement platform for hospitals and medical groups, announced it has closed a $15 million Series A funding round to support health systems impacted by the Transforming Episode Accountability... |
| 18.02.2026 | Rainfall Health Raises $15M in Series A Funding | Rainfall Health, a San Francisco, CA-based provider of an AI-driven compliance and reimbursement platform for hospitals and medical groups, raised $15M in Series A funding. The round was led by Two Bear Capital, along with participation fro... |
| 18.02.2026 | Selector Raises $32M in Funding | Selector, a Santa Clara, CA-based company which specializes in AI-driven observability and network intelligence, raised $32M funding round, at $375M valuation. The new round was led by AVP alongside Ansa Capital, Two Bear Capital, Sinewave ... |
| 18.02.2026 | Rainfall Health Raises $15M to Turn CMS Team Mandates into Revenue | What You Should Know The Raise: Rainfall Health, an AI-driven compliance platform, has closed a $15M Series A funding round led by Two Bear Capital, along with support from other notable investors. The Catalyst: The investment coincides wit... |
| 24.10.2025 | Gravwell Secures $15.4M Series A: Bolstering Enterprise Security, AI Oversight | Gravwell, a leader in full-stack data analytics and security, recently closed a $15.4 million Series A funding round. Two Bear Capital led the investment, with Gula Tech Adventures and Next Frontier Capital participating. This capital infus... |
| 23.10.2025 | Gravwell: $15.4 Million Series A Secured For Advancing Data Analytics And Security Platform For Enterprise And AI Oversight | Gravwell, a full-stack data analytics and security platform, announced the closing of a $15.4 million Series A funding round led by Two Bear Capital, with participation from Gula Tech Adventures, Next Frontier Capital, and other investors. ... |
| 21.10.2025 | Gravwell Raises $15.4M in Series A Funding | Gravwell, a Minneapolis, MN-based full-stack data analytics and security platform provider, closed a $15.4m Series A funding round. The round was led by Two Bear Capital with participation from Gula Tech Adventures, Next Frontier Capital, a... |
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