The Wisconsin Investment Fund, a public-private venture capital program launched last year, has unveiled its first 12 investments.
The Wisconsin Investment Fund was created with the goal of initially investing $100 million, half public funds and half private funds, in startups across the state.
Five venture capital firms were tapped to help administer the $100 million in funding. They include HealthX Ventures, Venture Investors, Serra Ventures, NVNG Ventures and Idea Fund of La Crosse.
Madison-based HealthX Ventures has invested $2.67 million in four startups so far:
- Madison-based Amulet, Inc.: The company has created two products designed to address challenges around severe food allergies. It received a $750,000 investment.
- Madison-based Cardamom Health, Inc.: Cardamom Health helps optimize health care systems’ data and analytics infrastructure. The company received a $1 million investment.
- Madison-based Optical X, Inc.: This startup makes high-precision imaging tech for early disease detection. Optical X received a $375,000 investment.
- Milwaukee-based Ready Rebound, Inc.: Ready Rebound provides health and wellness solutions and advocacy to first responders and their families. The company received a $550,000 investment.
NVNG Investment Advisors, which is dual headquartered in Milwaukee and Madison, has invested $1.27 million in another four startups:
- Madison-based AIQ Solutions: The company is working to improve treatment outcomes for patients with a wide range of complex diseases. It received a $375,000 investment.
- Milwaukee-based MedServe: MedServe's smart narcotic cabinet and digital management system improves compliance, reduces diversion risk, and streamlines workflows at ambulatory surgery centers and outpatient care facilities. The company received $375,000.
- Middleton-based C-Motive Technologies, Inc.: This startup works to create electric machines that reduce carbon emissions by empowering higher efficiency renewable generators. The company received a $375,000 investment.
- Wales-based Intrnls Inc. (formerly PrintFoam): Intrnls is an additive manufacturing company that uses carbon capture and optimizes concrete usage to produce complex structures. The company received a $145,000 investment.
Madison-based Venture Investors has made another $4 million worth of investments:
- Milwaukee-based Rivermark Medical: The company’s flagship product, the FloStent System, is a minimally invasive device designed to restore urinary function to patients dealing with Benign Prostatic Hyperplasia, the medical term for an enlarged prostate. It received a $3 million investment.
- Milwaukee-based Sanacor, Inc.: The company aims to develop treatment for chronic heart inflammation. It received a $500,000 investment.
- Milwaukee-based Ten Bay Bio, Inc.: Ten Bay Bio currently operates in stealth mode and is focused on developing antibody therapies. The company received a $500,000 investment.
Idea Fund of La Crosse has made one investment so far. The company invested $49,500 into La Crosse-based Eneration, Inc., which focuses on reducing the cost of health care and helping hospitals cut energy costs and emissions.
Illinois-based Serra Ventures, which focuses on AgTech, has not yet made an investment but hopes to make one in the fourth quarter of fiscal 2025.
