DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Treo Ventures, LLC
Treo Ventures, LLC
name or self-description says accelerator
Importance
24
moderate
Active deployment
36
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
13
low
Identity and regulatory footprint
- Headquarters
- Reno, NVadviserinfo.sec.gov
- Office address
- 5470 KIETZKE LANE, SUITE 300, Reno, NV, 89511adviserinfo.sec.gov
- Business phone
- (775) 260-5300adviserinfo.sec.gov
- Website
- http://www.treovp.com
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 24, 2026
- Private funds reported
- 2 (2 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $195Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- (775) 260-5300adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
5 observed deals
Stated (the firm’s website)
- Sectors
- healthcare, medtech
- Stages
- not stated or not yet read
- Geography
- europe, global, silicon valley
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- accelerator
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 25%Biotechnology 25%Manufacturing 25%Other Health Care 25%
lead rate n/afollow-on rate n/anew logos, 12 months 3
Funds and vehicles
2 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Treo Ventures II, L.P. | Fund | 2023 adv first reported | Active deployment | $0 Mar 11, 2024 | 3 | $0 of $150M | Sep 14, 2022 |
| Strategic Healthcare Investment Partners I, L.P. | Fund | 2018 form d first sale | Harvest | $72.0M Mar 11, 2024 | 5 | $125M of $130M | Aug 30, 2019 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
5 current, 0 departed
Mudit K. Jain
General partnerGeneral Partner
Tracy Pappas
General partnerGeneral Partner
Brad Vale
Managing partnerManaging Member · since Aug 1, 2018
Mudit Jain
Managing partnerManaging Member · since Aug 1, 2018
Dave Shanahan
Venture partnerVenture Partner
Investments on record
5 edges, 4 companies, 2 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Neochord Inc | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| NuXcel | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| ShiraTronics, Inc | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Hyalex Orthopaedics, Inc. | board seat | unknown · board | Brad Vale (strongly supported) | unknown | unknown | Oct 2, 2024 | Inference SEC EDGAR Form D data sets (quarterly) |
| ShiraTronics, Inc | board seat | unknown · board | Brad Vale (strongly supported) | unknown | unknown | Sep 30, 2024 | Inference SEC EDGAR Form D data sets (quarterly) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
3 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
4 dated events
- Sep 17, 2026Treo Ventures, LLC: INSTITUTIONAL_VC -> ACCELERATOR (name or self-description says accelerator)Classification changedClassificationInferenceno URL
- Mar 13, 2023Treo Ventures II, L.P. first reported on Form ADV by Treo Ventures, LLC (Venture Capital Fund)Fund first reported on Form ADVFundsFactTreo Ventures II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 6, 2018Strategic Healthcare Investment Partners, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 6, 2018Strategic Healthcare Investment Partners I, L.P. first reported on Form ADV by Strategic Healthcare Investment Partners, LLC (Venture Capital Fund), GAV $3,460,317Fund first reported on Form ADVFundsFactStrategic Healthcare Investment Partners I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 17, 2026Accelerator (confirmed, 95%, cls-1)name or self-description says accelerator
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $72M across 2 vehicles
Evidence
46 observations from 3 sources