Anthem invests exclusively in the Mid-Atlantic and seeks opportunities in IT/telecom and healthcare/life sciences industries including enterprise software or network management software companies. Medical investments tend to fall into three categories: medical devices, biotechnology or healthcare. Anthem seeks to invest between $2 million and $5 million in a company from the first private equity round through exit. Anthem invests in early to expansion stage opportunities. Anthem's initial investment is usually made in the Series A or Series B institutional venture capital round. Typically, the firm's initial investment ranges from $1 million to $2 million.