Women-led VC firm raises $55M for AI healthcare innovation

Black Opal Ventures, a women-led venture capital firm founded by MIT alumni Dr. Tara Bishop and Eileen Tanghal, has secured funding from major institutions including Eli Lilly, Bank of America, and JPMorgan to invest at the intersection of frontier technology and healthcare innovation. The firm’s success comes at a time when female-founded companies received just 2.1% of U.S. venture capital in 2024, demonstrating how specialized expertise and strategic positioning can break through traditional funding barriers.

The big picture: Black Opal represents a rare combination in venture capital—women leaders with deep domain expertise targeting the convergence of cutting-edge technologies like AI, robotics, and bioengineering with persistent healthcare challenges.

Why this matters: The firm’s approach addresses two critical gaps simultaneously: the severe underrepresentation of women in venture capital decision-making (only 17.3% at firms with $50M+ assets under management) and the need for healthcare innovation through frontier technologies.

What you should know: The founding partnership brings complementary expertise that most women-led funds lack—seasoned venture capital experience paired with frontline healthcare knowledge.
• Tanghal’s background includes corporate VC roles at Applied Materials and Arm, plus senior partner experience at In-Q-Tel, the CIA’s venture arm.
• Bishop spent 25 years in New York’s healthcare system as a clinician, policy researcher, and consultant before helping build a health insurance startup acquired by UnitedHealth.
• Their investment thesis focuses on “industry-transforming companies” that “bring together two worlds.”

How global shocks reshaped their strategy: The Ukraine war and Silicon Valley Bank collapse fundamentally altered Black Opal’s fundraising approach, forcing a strategic pivot that ultimately strengthened their position.
• The war fueled investor risk aversion, pushing capital toward “safe bets” like defense, cybersecurity, and infrastructure.
• SVB’s collapse removed a crucial startup and VC lifeline, exposing systemic vulnerabilities and driving conservative investor practices.
• Despite securing $55 million toward their $75 million target from institutions, the duo pivoted to high-net-worth women when institutions grew skittish.

Key fundraising breakthrough: When Black Opal opened to individual investors outside their immediate network in late 2023, the response from high-net-worth female investors was overwhelming.
• The firm raised an additional $8 million through Ellevest and the Women of the World Endowment platforms.
• They positioned healthcare as both resilient and urgent, framing their strategy as mission-driven and a hedge against macroeconomic uncertainty.

What they’re saying: The founders emphasize the transformative potential of cross-industry innovation in their investment approach.
• “We have a thesis that industry-transforming companies bring together two worlds,” said Bishop. “If you can bring frontier technologies into healthcare and life sciences, that’s where we’ll see transformation.”
• “Whenever you see venture capital and tech, there are very few women,” said Tanghal. “It’s been my passion to bring more women into the venture capital ecosystem.”

The funding reality: Female founders continue to face significant capital challenges despite some growth in 2024.
• Women-founded startups raised $47.3 billion in 2024—a 13.7% increase from the prior year.
• However, their share of total venture funding actually decreased compared to the previous year.
• Mixed-gender founding teams captured 21.6% of U.S. venture capital, while solely female-founded companies received just 2.1%.