Israeli venture capital firm Alma Ventures has completed an initial closing for a fund targeting $40 million to invest in mental health, cognitive health, and longevity technologies. Founded by Esther Barak Landes and Adi Ostry Matalon, the fund will involve Sheba Medical Center through its ARC digital innovation platform. The development was reported on October 19, 2026, highlighting an investment strategy combining venture capital with clinical expertise.
An Investment Strategy Built Around Clinical Needs
Alma is positioning mental health, cognitive function, and aging as connected priorities for company development. Its website describes an approach focused on Israeli-linked, science-first ventures with the potential to expand internationally. The strategy emphasizes clinical validation, regulatory planning, reimbursement pathways, and access to the United States market.
Investment themes include diagnostic tools, cognitive screening, digital biomarkers, care coordination platforms, and digital or hybrid therapeutics. The firm also identifies neuromodulation and technologies supporting more complex treatments among its areas of interest. These categories cover applications from early detection and prevention to treatment, recovery, and monitoring.
Alma intends to evaluate clinical outcomes alongside financial performance, with measurable results established at the time of investment. Its company-building model aims to help businesses advance beyond research and clinical pilots. The amount secured in the initial closing, the final fundraising timetable, and specific first investments have not been disclosed.
Sheba Medical Center's Role
Sheba Medical Center's participation through ARC connects the fund with an established hospital-centered innovation network. The relationship aims to help move emerging medical technologies into clinical use. Sheba Impact CEO Avner Halperin has identified mental health as an area where demand for care substantially exceeds available services.
One example is Mentaily, an artificial intelligence company associated with Sheba that is developing tools to support mental health diagnosis and treatment. Halperin also highlighted the institution's interest in cognitive conditions, including Alzheimer's disease and traumatic brain injuries. These priorities align with the fund's focus on mental and brain health.
Sheba's innovation ecosystem includes 135 companies employing approximately 4,000 people, according to Halperin. Around half were established by the medical center, while the others joined through partnerships after founding. Its support network includes venture funds, an angel investor group, a medical device incubator, an accelerator, and hospital innovation partnerships abroad.
Founders Bring Investment and Venture-Building Experience
Barak Landes has a background in venture investment, technology incubation, and company development. She helped establish Israel Angels, managed Partam High-Tech, and was involved in exits including Playtika, StoreWize, and Prolor. In 2023, she founded Flora Ventures, an agricultural and food technology fund that raised $50 million.
Ostry Matalon previously led business innovation and big data at Bank Leumi and participated in venture capital initiatives. She also helped establish a resilience technology incubator in Sderot, which she led for one year. Their experience spans investment management, business development, and support for emerging technology companies.
Addressing Demand for Healthcare Innovation
Mental healthcare providers face challenges in expanding services that rely heavily on trained professionals. Technology may extend clinical capacity through assessment, monitoring, and digital support, although adoption depends on evidence and implementation. Aging populations are also increasing interest in cognitive health and solutions intended to support healthier lives.
The initial closing marks Alma Ventures' first publicly reported fundraising milestone toward its $40 million target. With Sheba participating and a strategy encompassing clinical validation and international expansion, the firm aims to connect medical innovation with commercial development. Further fundraising and the selection of companies with credible clinical and commercial potential will be important next steps.