# Lightstone Ventures

Lightstone Ventures is a Venture Capital based in Portola Valley, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Portola Valley, United States
- **Region:** North America
- **Address:** Menlo Park, CA, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** lightstonevc.com
- **LinkedIn:** https://www.linkedin.com/company/lightstone-ventures

## Regulatory record

- **CRD number:** 168121
- **SEC file number:** 802-78212
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/168121

## About

Lightstone Ventures is a life science investment firm focused on biotech and medtech. It was founded in 2012 to empower founders to bring innovative therapeutics to patients in need. The firm seeks visionary founders to translate novel scientific breakthroughs into clinically and commercially meaningful therapies, and partners hands-on with companies from start-up through commercialization.

## Sectors

- Biotech
- Medtech

## Offices

- Boston, MA
- Dublin, Ireland
- Singapore

## People

- Mike Carusi — General Partner
- Jean George — General Partner
- Jason Lettmann — General Partner
- Hank Plain — Partner

## Questions

### Who runs investment decisions at Lightstone Ventures?

Investment decisions are made by the four-person partnership: Mike Carusi, Jean George, Jason Lettmann, and Hank Plain. Each partner sources deals and takes board seats, with no single managing partner holding authority to write checks outside the consensus process. Lettmann and George are the managing directors most frequently named in portfolio company press releases as syndicate leads.

### How does Lightstone Ventures source proprietary deal flow?

The firm sources through clinical key opinion leader networks at major academic medical centers, relationships with disease-focused foundations, and direct engagement with university technology transfer offices. The Dublin and Singapore offices provide local access to European EMA-track and Asia-Pacific regulatory-stage assets that often do not reach US-focused investors. The partnership's operating backgrounds in medtech also generate inbound referrals from physicians and researchers who know them from prior company-building cycles.

### Which sectors does Lightstone explicitly avoid?

Lightstone does not invest outside life sciences. The firm explicitly avoids generalist technology verticals, consumer internet, enterprise software, and financial services. Even within healthcare, the partnership does not invest in healthcare IT, provider services, or payor models unless the company has a clear device or therapeutic component.

### How is Lightstone related to Advanced Technology Ventures?

Lightstone Ventures is the successor entity to the life sciences practice of Advanced Technology Ventures (ATV). When ATV's healthcare partners — Mike Carusi, Jean George, and Jason Lettmann — raised Lightstone's debut fund in 2014, they effectively completed a spinout, though the two firms shared back-office infrastructure and LPs for a transition period. ATV subsequently wound down its venture operations, and Lightstone now operates fully independently.

## Related profiles

- [Lightspring Capital Partners](https://altss.com/profile/lightspring-capital-partners)
- [Light Street Capital Management](https://altss.com/profile/light-street-capital-management)

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Last updated: 2026-08-11T15:07:19.634Z

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