Our Mission

We invest in entrepreneurs targeting platforms that influence large or underserved diseases, technologies that accelerate and expand scientific discovery, and solutions that impact the cost, site and delivery of care.

Our focus is on opportunities that are beyond proof of concept and poised for more significant development and growth in the Medical Device, Life Science Tool, Diagnostic and Digital Health sectors.

Years of Healthcare Technology Experience
Fund Capital from Operators
Businesses Evaluated

Why Gilmartin Capital?

The investing landscape is long on capital and short on insight. Our value extends beyond capital. We possess extensive domain expertise in areas such as strategy, market assessment, and capital markets advisory.

Our passion is to avail our experience and network to help you solve problems, drive scientific discovery, help patients and grow.

For over two decades, we have amassed a propriety expert network consisting of key opinion leaders across multiple therapeutic verticals and technical specialties, and best-in-class operators in various operational, scientific, and financial areas. In fact, the majority of our fund capital comes from operators like you. The founding partners have decades of experience analyzing and advising healthcare technology companies. We do the math! We want to help you advance your vision.

The Team

David Lewis | Managing Partner

David has 25 years of healthcare experience evaluating Medical Device, Life Science Tool, Diagnostic and Digital Health companies and advising boards on strategic and financial direction. Prior to founding Gilmartin Capital, David was a Managing Director at Morgan Stanley and Head of Morgan Stanley’s medical technology equity research practice for the last 15-years. He was a top ranked analyst at Morgan Stanley and in the Institutional Investor (II) Medical Supplies & Devices annual poll. Before joining Morgan Stanley, David was a partner and top ranked medical technology analyst at Thomas Weisel Partners and a founding member of the healthcare practice. David received a BA in healthcare policy with honors from the University of Pennsylvania.

David serves as an advisor to Equalize Health, a non-profit that is developing medical devices for underserved populations. He lives outside of San Francisco with his wife Lynn, daughter Olivia, son Jack, and dog Tucker. David is a struggling guitar player, recovering a cappella singer, and he loves the mountains in any season.

Jonathan Demchick | Co-Founder & Principal

Jon has 14 years of healthcare experience ranging from investing and evaluating medical technology companies to advising hospital systems on process improvement. Prior to co-founding Gilmartin Capital, Jon was an Investment Analyst at Millennium Management focusing on the medical technology sector. Before joining Millennium Management, Jon was an Executive Director at Morgan Stanley in the medical technology equity research practice. He was a member of a top ranked Medical Supplies & Device research team and was named a Rising Star in the Institutional Investor (II) annual poll. Before joining Morgan Stanley, Jon was a consultant at FTI Consulting in the healthcare practice. Jon received a BS in economics at the University of Pennsylvania’s Wharton School of Business.

Stephen Karol Gilmartin Capitol Associate
Stephen Karol Gilmartin Capitol Associate

Stephen Karol | Associate

Stephen joins Gilmartin Capital as an Associate focused on opportunities in the Medical Device, Life Science Tool, Diagnostic, and Digital Health sectors. Previously, Stephen worked in management consulting at Bain & Company, focusing on commercial due diligence across the healthcare sector in Bain’s Private Equity Group, including Healthcare IT, Digital Health, Home Staffing Services, and Consumer Health Products.

Stephen received a B.A. from Dartmouth College, where he concentrated in Political Science and Native American Studies. As a Tuscarora Iroquois, Stephen is passionate about innovative healthcare businesses that reduce healthcare disparities, especially for Native and other underserved populations.

The Innovators

We are proud to support these disruptive medical technology innovators


Let’s Partner

Contact Gilmartin Capital Today