Opal Ventures

Co-founders Amit Garg and Vineeta Agarwala lead investment decisions. Both are physicians by training and have prior venture experience — Agarwala was a partner at a16z's bio fund before launching Opal with Garg. The firm does not publicly list additional investment partners or an investment committee, suggesting a partnership-driven decision model.

Opal invests primarily at seed and Series A, where its clinical domain expertise has the highest marginal value relative to generalist funds. The firm takes board or observer seats alongside lead investors in most deals. It does not publicly participate in growth-stage rounds or pre-seed exploration vehicles.

Opal sources through clinical networks, academic medical centers, and physician-founder referrals — channels that are difficult for non-clinician investors to replicate. Both partners maintain ties to major health systems and teaching hospitals, giving them early visibility into founders who are building solutions to problems they've encountered in practice.

Based on public record, Opal invests directly into operating companies and does not market a fund-of-funds program. The firm's model is concentrated on primary equity positions in health-tech startups rather than commitments to external venture funds.

Opal does not invest in traditional biotech, pharmaceutical development, or medical devices that lack a software or data component. The firm's narrow mandate excludes anything where clinical expertise alone cannot provide a diligence edge over non-physician investors.