The state is seeing a significant shift in venture capitalists investing or specializing in health tech companies. For example, Venture Investors’ latest $75 million fund will focus exclusively on healthcare deals. Other VCs and funds are focusing on the health tech sector, including Golden Angels Investors, 30 Ventures, HealthX Ventures and Winnebago Seed Fund.
Health tech startups throughout Wisconsin have received venture backing. Among them are Redox, a Madison-based company that allows best-in-class software to easily and securely interoperate with electronic healthcare records (EHR) by connecting to existing health system infrastructure. Since being founded in 2014, the company has raised $48 million. Another example is Milwaukee’s Sift Healthcare, which uses artificial intelligence to analyze healthcare billing payments and has raised $4.5 million. Lastly, Swallow Solutions, based in La Crosse, which develops therapeutics devices for diagnosing, treating and tailoring food products for suffers of swallowing disorders, has raised $5.4 million.
The rise in the health tech industry has led to more industry conferences and events here in the state. For example, gener8tor launched its OnRamp Healthcare Conference in 2019, the American College of Healthcare Executives – Wisconsin branch offered a Women in Healthcare Leadership event in 2019 and Startup Milwaukee EMERGE held a HealthTech in Southeast Wisconsin Forum in early 2019. BioForward’s Women Entrepreneurs in HealthTech event took place in November 2020.
The state has even helped health tech companies attend HIMSS, the premiere conference in the healthcare industry. BioForward’s Small Business Scholarship program and funds by the Wisconsin Economic Development Corporation (WEDC) helped seven Wisconsin health information and technology companies with scholarships to attend a recent HIMSS.
The availability of information in the health tech industry has improved, too. In fact, our largest cities, Madison (http://www.healthtechcapitol.com) and Milwaukee (https://www.healthtechmke.org), have websites dedicated to promoting health tech. Both websites list resources, news, company directories and upcoming events.
One other thing to point out is that Wisconsin’s health technology companies are on the frontlines of COVID-19. This year, they have been helping with testing and offering innovative solutions to help individuals and health care providers throughout the state. Some examples:
- Exact Sciences repurposed some of its equipment and reconfigured areas of its laboratory space to help with COVID-19 testing capabilities.
- FluGen is developing and testing a vaccine against the virus called CoroFlu, which is currently being tested in animals at UW-Madison’s Influenza Research Institute and Phase I human trials are expected to start late 2020.
- Vytal Health, a telemedicine company that provides continuous, long-term relationships with patients via digital channels, added in-home testing for COVID-19 and is offering pay-what-you-can appointments.
