Conviction for Change—A Conversation With Maria Toler of SteelSky Ventures

Maria Toler is the founding and managing partner of SteelSky Ventures, based in Atlanta.

Q: Let’s start by learning a bit about your background. How did your career path evolve and what led you to start SteelSky Ventures?

A: I’m an entrepreneur to my core. I launched my first company, Collegeboxes, as a college student, and it was eventually acquired by U-Haul. That experience confirmed that building companies is in my DNA, and it sparked a lasting passion for entrepreneurship. From there, I moved into technology strategy consulting and later held various operational roles in companies ranging from scrappy startups to billion-dollar blue chips. Along the way, I earned my MBA in finance from NYU Stern, which deepened my understanding of capital markets and business strategy.

While working at a VC-backed health care startup, several investors told me I had the ideal background to become a value-added investor, combining operational depth with financial expertise. That encouragement led me to begin angel investing, where I quickly noticed a glaring gap that many companies innovating in women’s health, especially in white space categories, were being completely overlooked.

These weren’t fringe ideas; they were addressing massive, long-ignored health care needs. I saw this not just as a gap, but as an opportunity. Rather than entering VC at a disadvantage as a first-time fund manager, I knew I had a unique edge. I understood the operational challenges, the financial levers, and, most importantly, the unmet needs in women’s health. In an industry where less than 12% of decision-makers are women, I knew I could identify and scale the transformative companies others were missing. SteelSky was born from both frustration and conviction. I didn’t see a fund taking women’s health seriously at scale, so I built one.

Q: So, you start SteelSky Ventures and start funding technology-driven innovations that support women’s health and underserved populations. How do you define the opportunities in these areas—and where is the industry still missing the mark?

A: Women’s health is one of the most overlooked and undervalued sectors in health care. It’s not a niche—it spans every age, life stage and clinical area. Yet historically, the industry has siloed or minimized women’s needs. At SteelSky, we invest in companies that treat women’s health as continuous, integrated care. We’re especially focused on emerging opportunities in AI, menopause and longevity—areas with huge potential but limited funding.

Underserved populations face a similar challenge. They’re often seen as charity cases rather than untapped markets. With the right business model, these segments offer both impact and strong returns. At SteelSky, we focus on companies that are doing exactly that—bringing scalable solutions to markets that have been ignored for far too long.

Q: Let’s talk about some examples. What are a few companies or recent investments in your portfolio that exemplify that mission? Could you provide some details on what they aim to do?

A: There are several worth highlighting. For example, Midi Health is a virtual care platform for women in midlife, delivering expert clinical support for menopause, perimenopause and other midlife health concerns. They’re serving over 11,000 women each week, expanding access to care that was previously unavailable. The platform provides meaningful relief, improves outcomes and addresses one of the most overlooked segments in health care.

There’s Zipline, which uses autonomous drones to deliver medical supplies within minutes, reducing maternal mortality in countries like Rwanda and Ghana. It’s a powerful example of how tech-enabled logistics can directly save lives.

The company Origin focuses on pelvic floor therapy, offering evidence-based care through 20+ in-person clinics and virtual options. Their model helps women avoid unnecessary surgeries by addressing root causes early.

ConcertoCare provides value-based care to medically complex, often overlooked populations, including seniors, Medicaid recipients and the dually eligible. Their interdisciplinary model improves outcomes while lowering costs.

A final example would be Bend Health, which is building a new front door to pediatric mental health care, offering digital-first solutions to reduce wait times and increase access for families nationwide.

Q: Digital health venture funding really had a moment starting in 2020 through about 2022, but then the narrative shifted to a pullback as stakeholders recalibrated their digital investments. How have you navigated the market since the pandemic and how did the past few years influence your funding philosophy?

A: The pandemic accelerated health care transformation, but it also exposed structural weaknesses. What we’re seeing now is a recalibration back to fundamentals. We’ve remained disciplined, investing in companies with strong business models, real clinical outcomes and clear ROI for health systems and payers. The opportunity hasn’t disappeared, it’s matured, and consumers now expect care to meet them where they are. Hybrid models are emerging as the gold standard, and that’s where we’re focused.

Q: We can’t escape it—AI is everywhere. What’s your position on the state of AI funding, and where are you placing your bets?

A: We don’t invest in AI for AI’s sake. Our focus is on how AI is applied to solve real problems in health care—streamlining care, personalizing treatment and closing access gaps. AI has the potential to unlock scale across the health care system. It can automate time-consuming administrative tasks like billing, documentation and prior authorizations, reducing provider burnout and improving efficiency. It can identify high-risk patients earlier through predictive analytics, enabling preventive care rather than reactive treatment. And in areas with provider shortages, AI can serve as a clinical copilot, extending the reach of health care professionals and supporting more consistent, high-quality care.

Q: Digital health solutions have provided many new opportunities, but we continue to hear from health system leaders that they’re drowning in options and point solutions. How do you keep from funding look-alike products that end up fragmenting care instead of stitching it together?

A: We don’t invest in point solutions. We invest in platforms. We look for companies that can scale across use cases and settings, connecting the dots rather than adding complexity. Our goal is to make health care more seamless, not more siloed. We're highly intentional. If a product doesn’t integrate with existing workflows or demonstrate measurable value, it doesn’t make the cut. Our diligence process includes input from clinicians, operators and payers to ensure real-world utility.

Q: At Sg2 we engage daily with clinical and executive leaders from hospitals and health systems that may still be skeptical about the growing influence of venture capital or private equity firms in health care. How do you interact with these stakeholders and ensure alignment of key industry goals (eg, improving care outcomes, managing cost)?

A: Many of our limited partners are health system, payer and pharmaceutical leaders. They do more than fund us. They help shape our perspective through constant dialogue and we uncover real pain points and cocreate solutions that are practical, purposeful and built to work in the real world. This ongoing collaboration fosters trust and mutual respect. We are not looking to disrupt from the outside. We are working alongside the people delivering care every day to build smarter, more effective solutions together.

Q: Let’s end with a few rapid-fire questions. First, what is a daily habit or routine that keeps you going?

A: Each morning, I review my calendar and set an intention for the day, centered on the outcomes I want to achieve. It helps me stay clear on what matters most and brings a sense of calm to the fast pace of venture.

Q: What is a song that you currently have on repeat?

A: “Life Will Be” by Cleo Sol. It’s a beautiful reflection on resilience and growth, and a reminder to stay rooted in peace no matter what’s unfolding around you.

Q: Complete this sentence: “The future of women’s health is ______.”

A: … an evolution in care and innovation that places women at the center, redefining how we deliver, invest in and value every aspect of women’s care.

This blog post is part of an ongoing Q&A series with digital health leaders at organizations across the US. These in-depth interviews aim to provide real-world perspective and insights in this rapidly evolving space. Don’t miss the other blogs in the series, found here.

Sg2 members are encouraged to check out the full library of digital health and AI resources in our online resource kit. Not a member? Email learnmore@sg2.com for information on the expert intelligence, data-driven insights and strategic perspective we offer to health systems nationwide.