From Biophysics Studies to Med Tech Startups
With her company Ecphora Capital, Deborah Hemingway (Ph.D. ’18, biophysics) is reshaping venture capital in Maryland.
With a Ph.D. in biophysics and a drive for innovation, venture capitalist Deborah Hemingway (Ph.D. ’18, biophysics) is blazing new trails in early-stage medical technology investments. As founder and managing partner of Ecphora Capital, Hemingway has built her growing med tech venture firm from the ground up, raising $15 million and backing 11 companies in just two years.
“My path to venture capital certainly wasn’t conventional,” Hemingway said. “But looking back, everything I’ve done—science, startups, investing—has led me here. It has been a very unique yet amazing journey.”
An entrepreneurial mindset
Growing up in Ruston, Louisiana, Hemingway was fascinated by science and business. Inspired by her parents' careers in veterinary medicine and finance, she quickly developed an interest in entrepreneurship. By high school, Hemingway had already launched her first business, a photography and multimedia company that set the foundation for what would become a lifelong passion for entrepreneurship.
“I’ve worked on 53 startups over the years,” Hemingway said. “Not all of them worked out, but each one taught me something valuable and shaped the entrepreneur and investor I’ve become.”
At Ohio University, Hemingway earned undergraduate degrees in business administration and commercial photography, with a minor in French, going abroad three times before embarking on a unique professional journey that included a stint as a fashion photographer in New York after she graduated.
“It was an incredible experience, but I missed the hard sciences,” Hemingway recalled. “That pull eventually brought me back to research, which led me to Maryland.”*
At the University of Maryland, Hemingway went all in on biophysics, applying physics-based tools to study complex biological systems. Her research, which included collaborations with the National Institutes of Health (NIH), gave her firsthand exposure to groundbreaking medical innovation in a zebrafish lab.
Beyond the lab, she immersed herself in UMD Graduate Student Government as a representative, vice president and two-term president. And she pursued her entrepreneurial interests, honing her skills in startup investing in the Dingman-Lamone Center for Entrepreneurship. During that time, she and her husband also started a family—the first three of her four children were born while she was still a grad student laying the groundwork for her future career.
“I realized that my real passion was in building companies that enable science research to come to life outside of the lab, where it moves from being a fascinating problem to a solution that impacts millions and in some cases even billions of people,” Hemingway explained. “That realization shaped the next chapter of my career.”
After earning her Ph.D. in 2018, Hemingway transitioned into venture capital, working with Maryland-based startups and incubators and as an angel investor before founding Ecphora Capital in 2022.
Investing in the future of med tech
As a venture capitalist, Hemingway aims to fill a critical gap in early-stage med tech funding. Her company, Ecphora Capital, specializes in high-profile innovations, with startups that include Longeviti Neuro Solutions, which is developing transparent cranial implants that allow non-invasive imaging after brain surgery, and Mi-Helper, a company that is revolutionizing migraine relief through airflow-based nasal stimulation, providing an alternative to pharmaceuticals.
“My role as an investor is more than just providing funding. It’s about strategic guidance,” Hemingway explained. “I work hands-on with founders to help them navigate regulatory challenges, fundraising and commercialization.”
Hemingway’s interest in med tech is part of a bigger effort that goes beyond individual investments. She’s on a mission to transform Maryland into a leading hub for medical technology.
“Maryland has some of the best research institutions in the world, such as UMD, Johns Hopkins, NIH, and NIST, but historically, startups have left for bigger ecosystems,” she noted. “My goal is to change that. We have everything we need to make Maryland a med tech commercialization powerhouse except investment, and I’m committed to making that happen.”
As Hemingway continues to expand Ecphora Capital’s reach, her focus remains on innovation, resilience and long-term impact, and she is looking ahead to an exciting and challenging future.
“I’ve seen first-hand how challenging the startup world can be,” she said. “But the key to success is persistence learned from setbacks, adapting and pushing forward. That’s what I try to instill that in every company I work with.”
