Lemhi Ventures

Tony Miller is the managing partner and handles final investment decisions. Before forming Lemhi, Miller founded Definity Health, an early consumer-directed health plan, and sold it to UnitedHealth Group. He later served as CEO of Carol, a health navigation firm. No other managing partners are publicly disclosed, suggesting a concentrated decision-making structure.

Lemhi operates as a traditional venture capital partnership, raising funds from institutional limited partners. It is not a family office. The firm's capital comes from outside investors, not a single family's wealth.

Lemhi focuses primarily on Seed and Series A rounds within healthcare IT and services. Initial check sizes generally range from $2 million to $10 million. The firm leads or co-leads rounds and takes board seats, indicating an active, concentrated portfolio approach rather than a spray-and-pray seed model.

Lemhi does not invest in biotech, medical devices, or therapeutics. The firm's public portfolio is confined to healthcare technology platforms, care delivery models, health insurance administration, and consumer health benefits marketplaces. Hard-science life sciences and FDA-regulated devices sit outside its mandate.

Minneapolis houses UnitedHealth Group, Medtronic, and Optum headquarters, creating an uncommon density of potential strategic acquirers and distribution partners. Lemhi's team includes former UnitedHealth operators who understand the procurement cycles and regulatory constraints of these anchor institutions, which acts as an implicit diligence advantage when evaluating founder claims about enterprise sales timelines.