Pier 70 Ventures was a healthcare-focused venture firm launched in 2020 by a team that included former Boeing leaders. In a Dec. 5, 2022 report, GeekWire described its plan to invest in health startups while pursuing both financial returns and social impact, with traditionally underrepresented entrepreneurs expected to represent a meaningful share of its portfolio. The firm said diverse teams were a priority, not a requirement: it began by assessing the technology and business opportunity.
What Pier 70 Ventures said it would invest in
GeekWire reported that Pier 70 focused on digital health, medical technology, diagnostics, and health services. Its stated investment range covered companies from early stage through Series B, and its geographic scope was the United States, with particular interest in opportunities in the middle of the country and startups other investors might overlook.
The firm’s leaders saw a connection between their earlier work in aerospace and healthcare technology. R. Miller Adams and Bob Balk had experience with remote sensing and communications technologies—capabilities with potential applications in areas such as fitness tracking and telehealth.
Why the firm connected Boeing experience with healthcare
The four managing partners named in the 2022 report were R. Miller Adams, Bob Balk, Shaun Hawkins, and Preetha Ram. Their backgrounds spanned aerospace, corporate venture investing, pharmaceuticals, and entrepreneurship.
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- Adams was a former Boeing vice president of global research and development strategy. GeekWire said he formed an internal business incubator and launched Boeing’s first venture capital investment program.
- Balk later ran that program, which the article said grew into a $250 million portfolio.
- Hawkins had led Eli Lilly’s venture capital arm.
- Ram was described as a chemist and founder of a social-learning startup acquired by Brainly in 2016.
Adams told GeekWire, “We are a different sort of fund and a different sort of team.” The combination of technical, investing, pharmaceutical, and startup experience helped explain the firm’s interest in healthcare companies applying technology to care delivery and patient needs. These biographies and roles are as reported in 2022, not a confirmation of the partners’ current positions.
How impact and team diversity fit the investment approach
Pier 70 described a dual objective: financial performance alongside impact. Hawkins told GeekWire, “We are going to deliver financial returns and we want to have impact.” The firm said traditionally underrepresented founders would account for a material, and potentially above-average, share of its portfolio.
That emphasis did not amount to a formal diversity eligibility rule, according to the article. Hawkins said, “We start with the technology and the opportunity,” and characterized the effort as business-driven rather than a reason to lower investment standards. For founders, the distinction matters: the firm presented diverse teams as an investment priority, but said it evaluated the underlying opportunity first.
What its reported fund targets and check sizes were
In May 2021, Pier 70 launched its first fund, INpact, a name Hawkins explained as “innovation meets impact.” GeekWire reported that Eli Lilly was among the fund’s investors. The article described the following goals and investment ranges:
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problems| Fund detail | Reported figure or approach |
|---|---|
| Target portfolio | 16 to 22 companies, from early stage through Series B |
| Initial investments | $250,000 to $2 million |
| Follow-on investments | $2 million to $5 million |
| Fundraising goal | $100 million for the first fund; the article did not establish whether the target was reached |
These are targets and amounts reported by GeekWire on Dec. 5, 2022, not verified current investment terms. The figures do not establish what Pier 70 currently invests, whether it is accepting pitches, or whether the fund ultimately reached its stated fundraising goal.
Portfolio examples show how the thesis was applied
DocSpera: surgical coordination
GeekWire reported that Pier 70 and Johnson & Johnson’s venture arm co-led a $10 million Series B round in DocSpera. The company’s platform was described as helping coordinate surgery and manage patient care. The report called it Pier 70’s first investment.
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Acclinate: diversity in clinical trials
The article also reported an investment in Acclinate, a Birmingham-based company that helps biopharma firms and research organizations increase diversity in clinical trials. Both DocSpera and Acclinate had Black founders and diverse management teams, according to GeekWire. The examples illustrate the firm’s impact emphasis, but do not change its stated position that diverse leadership was not a prerequisite for investment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What founders and readers should verify before relying on the 2022 account
The details above describe the firm’s plans and examples as reported by GeekWire on Dec. 5, 2022. That report does not establish Pier 70 Ventures’ current operating status, locations, fund size, investment criteria, or later portfolio activity. Founders considering a pitch should verify current status and terms directly before treating the historical stage range or check sizes as available today.
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Source: GeekWire, Dec. 5, 2022.
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