About
Founded in 2007 by the Memphis Bioworks Foundation, Innova Memphis is a venture capital firm headquartered at 20 Dudley Street, Suite 620, in Memphis, Tennessee. The firm operates as a pre-seed, seed, and early-stage investor focused on identifying and funding high-growth companies across biosciences, healthcare technology, agricultural technology, and enterprise software sectors, with particular emphasis on leveraging Memphis's established strengths in healthcare and distribution logistics. Led by President and Founder Ken Woody, whose operations and sales background informs strategic guidance to portfolio companies, Innova has deployed over $57 million across 119 portfolio companies while attracting an additional $125 million in outside capital, generating total annual economic impact exceeding $90 million and supporting hundreds of direct jobs across Tennessee and beyond. The firm's investment activity reflects a clear stage preference: 54 seed-stage investments averaging $529,000 per round, 13 Series A investments averaging $3.66 million, and 2 Series B investments averaging $6.75 million. Portfolio exits include the 2023 sale of Arkis Biosciences to Integra LifeSciences, demonstrating the firm's ability to deliver meaningful liquidity events. Innova operates multiple funds, most recently closing Innova Fund III at $20 million and managing specialized vehicles such as the Innova AG Innovation Fund IV focused on agricultural innovation. The firm's syndication approach involves collaboration with Angel Capital Group, Lighthouse Fund, and regional and national angel investors. Innova provides early-stage companies with capital, strategic operational guidance, and access to its network of investors and industry expertise, while return-focused investors gain exposure to vetted early-stage opportunities in high-growth sectors aligned with regional economic advantages. The organization actively seeks new investment proposals and accepts both founding teams and limited partners into its ecosystem.