Wisconsin Launches $100 Million Investment Fund for Startups, Cardamom Health Among First Recipients

The leader of a health startup in Madison, Vivek Swaminathan, is set to receive funding from the newly launched Wisconsin Investment Fund. Swaminathan’s company, Cardamom Health, specializes in data analytics and improving healthcare outcomes. With the help of this funding, Swaminathan plans to expand his team and bring in experts from various fields, including those who may not have had access to healthcare IT opportunities before.

The Wisconsin Investment Fund, a public-private initiative, will kick off with $50 million from the federal government and an additional $50 million from venture capital firms. Governor Tony Evers expressed excitement about this investment, calling it the biggest in the state’s history. The fund aims to support startups in various sectors, with a focus on biohealth.

Five venture capital firms have been selected to administer the initial round of fund investments, with a sixth firm to be announced soon. These firms will match each dollar of public funds with private money, doubling the state’s investment. The Wisconsin Economic Development Corporation anticipates a significant impact from this fund, with a goal of creating at least a $500 million impact in the first few years.

The fund’s private partners were chosen through a competitive process, with a focus on supporting diverse businesses and underserved areas of investment. The selected firms include HealthX Ventures, Venture Investors Health Fund, Serra Ventures, NVND Investment Advisors, and the Idea Fund of La Crosse.

Overall, the Wisconsin Investment Fund aims to support entrepreneurs, drive innovation, and ensure the state remains competitive in various industries. With a strong focus on biohealth and technology, this fund is expected to have a lasting impact on Wisconsin’s economy and startup ecosystem.