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Sanderling Management Company, LLC

Institutional venture firmSEC venture capital fund adviserRaising· San Mateo, CaliforniaSANDERLING.COM

Sanderling has supported over 90 biomedical companies earning consistently high rates of return on its venture investments.

In the firm's own words, from its website.

Reported fund assets
$458M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
None
Investment team
5
Latest vintage
2026
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (40)Team (5)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

1 additional team member, 15 additional co-investors and affiliates, 65 additional investments, funds and LPs, 55 events, 2 verified contacts (1 general firm email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 2 vehicles
    on Form D, 18 months

    $65.9M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →
  2. 4 deals
    with Prairiegold Venture Partners

    Invests most often alongside Prairiegold Venture Partners (4 shared deals) and Mesa Verde Ventures II (4 shared deals).

    pair last observed on record 25 Nov 2013, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →

People to know

View all people

Relationship network

93 connected entities30 observed rounds10 repeat counterparties6 dated rounds shown here, 2009 to 2013

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Sanderling Management Company, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Sanderling Management Company, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

40 companies on record, 0 new in 12 months
Investments on record
40 companies, 30 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Actimisportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Aderisportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Artielleportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Stated thesis versus observed behaviour
67 observed deals
Stated (the firm’s website)
Sectors
biotech, medtech
Stages
early
Geography
not stated
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 100%
lead rate no observed dealsfollow-on rate 64%new companies, 12 months 0

Team

5 current, 4 departed
Decision makers
who to call first, and why; then everyone else by function
  • Robert G. McNeil · Founding Partner (September 4, 1943 – July 23, 2021)
    Why this person: Founder of the firm; Named with investment responsibility
  • Frederick Alexander Middleton · Managing Director
    Why this person: Managing director; Named with investment responsibility
  • Timothy Curtis Mills · Managing Director
    Why this person: Managing director; Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
5 current, 4 departed
3 departed (kept with end dates)
Contacts
1 general firm email, 1 firm phone

1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

24 vehicles, 0 LPs disclosed
Funds and vehicles
24 reported, 7 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
MHS Capital Partners ST, LLCFund2026 form d first saleNewly closedunknownunknown$8.5M
of $8.5M
May 7, 2026
MHS Capital Partners IN, LLCFund2026 form d first saleNewly closedunknownunknown$4.0M
of $4.0M
May 7, 2026
MHS Capital Partners CE, LLCFund2026 form d first saleNewly closedunknownunknown$3.0M
of $3.0M
May 7, 2026
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

18 co-investors
Co-investors
18 counted from shared deals, for the whole firm

Evidence and history

60 dated events, 78 observations from 3 sources
Timeline
60 dated events
  1. seen on or beforeSep 13, 2026
    Stereotaxis: listed (NASDAQ: STXS) on or before 2026-09-13 (no date published), per Sanderling Management Company, LLC's portfolio page
    Listed as public on a portfolio pageExitsFactStereotaxisFirm website
  2. seen on or beforeSep 13, 2026
    Actimis: acquired by Boehringer Ingelheim on or before 2026-09-13 (no date published), per Sanderling Management Company, LLC's portfolio page
    AcquiredExitsFactActimisFirm website
  3. seen on or beforeSep 13, 2026
    UltraBridge UltraBridge, Inc.: acquired by CareCentric on or before 2026-09-13 (no date published), per Sanderling Management Company, LLC's portfolio page
    AcquiredExitsFactUltraBridge UltraBridge, Inc.Firm website
  4. seen on or beforeSep 13, 2026
    GeminX: acquired by Cephalon on or before 2026-09-13 (no date published), per Sanderling Management Company, LLC's portfolio page
    AcquiredExitsFactGeminXFirm website
  5. seen on or beforeSep 13, 2026
    ISTA: listed (NASDAQ: ISTA) on or before 2026-09-13 (no date published), per Sanderling Management Company, LLC's portfolio page
    Listed as public on a portfolio pageExitsFactISTAFirm website
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 8 private fundsShow
Headquarters
San Mateo, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
SANDERLING.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 31, 2026
Private funds reported
8 (8 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$161Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried4 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $478M across 24 vehicles
  2. Sep 15, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $177M across 23 vehicles
  3. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $81M across 16 vehicles
  4. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $81M across 8 vehicles
Evidence
78 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 31, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 31, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 30, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 31, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 31, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 30, 2024FactForm ADV
First Form ADV filing2012-03-30Mar 31, 2026FactForm ADV
First Form ADV filing2012-03-30Mar 30, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2024-03-30Mar 30, 2024FactForm ADV
SEC statusERA - ActiveMar 31, 2026FactForm ADV
SEC status effective2012-03-30Mar 31, 2026FactForm ADV
Venture share of reported funds1Mar 31, 2026FactForm ADV
Venture share of reported funds1Mar 30, 2024FactForm ADV
Business phoneMar 31, 2026FactForm ADV
Business phoneMar 30, 2024FactForm ADV
Contact page urlOct 1, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionOct 1, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
HeadquartersSan Mateo, CAMar 31, 2026FactForm ADV
HeadquartersSan Mateo, CAMar 30, 2024FactForm ADV
Office addressMar 31, 2026FactForm ADV
Office addressMar 30, 2024FactForm ADV
Legal formLimited Liability CompanyMar 31, 2026FactForm ADV
Legal formLimited Liability CompanyMar 30, 2024FactForm ADV
Portfolio pageOct 1, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 13, 2026Factno URL
Private funds reported8Mar 31, 2026FactForm ADV
Private funds reported8Mar 31, 2026FactForm ADV
Private funds reported15Mar 30, 2024FactForm ADV
Private fund gross assets (reported)$161MMar 31, 2026FactForm ADV
Private fund gross assets (reported)$161MMar 31, 2026FactForm ADV
Private fund gross assets (reported)$177MMar 30, 2024FactForm ADV
Schedule a diffsadiff-1Mar 31, 2026FactForm ADV
Stated sectorsBiotech, medtech
“sector words on the home page”
Oct 1, 2026Factno URL
Stated sectorsBiotech, medtech
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsBiotech, medtech
“sector words on the home page”
Sep 13, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Oct 1, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Sep 13, 2026Factno URL
Team pageOct 1, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported8Mar 31, 2026FactForm ADV
Venture funds reported8Mar 31, 2026FactForm ADV
Venture funds reported15Mar 30, 2024FactForm ADV
WebsiteMar 31, 2026FactForm ADV
WebsiteMar 30, 2024FactForm ADV
Site titleOct 1, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShow
Importance
58
elevated
Active deployment
60
high
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $478M across 24 vehicles

The inputs behind each score
importance
gav: $1 · funds: 1 · people: 0.28 · investments: 0.68 · co investors: 0.51
active deployment
investments 12m: 0 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
emerging manager
fund count: 31 · reported gav: $458M · first adv filing: 2012-03-30 · years since first filing: 14.5

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2012-03-30source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.