Funded Biotechnology Startups in Madison
The 12 most recent funded biotechnology companies tracked in Madison, Wisconsin span closes from July 2021 through September 2025.
The 12 most recent funded biotechnology companies tracked in Madison, Wisconsin span closes from July 2021 through September 2025. Round sizes vary considerably: Cellectar Biosciences closed a $103M Series Unknown in September 2023, the largest in this set by a wide margin, while most other companies raised under $200K — including Calimetrix, Stem Pharm, and Intuitive Biosciences, each at $80K. The most recent close belongs to Immuto Scientific, which raised an $8M Seed in September 2025, followed by SpayVac for Wildlife's $1M Seed in July 2025.
Round structure across this group is notably fragmented. Seed and Series Unknown classifications dominate, with two companies — FluGen ($11M, 2021) and Cellular Logistics ($340K, 2022) — funded via grants rather than equity. The concentration of sub-$200K rounds, many labeled Series Unknown, points to a pipeline of early-stage and non-dilutive activity consistent with a university research corridor ecosystem.
Most recent rounds
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Frequently asked
What is the largest recent round among Madison biotechnology companies in this dataset?
Cellectar Biosciences raised $103M in a Series Unknown round closed September 2023, making it the largest single raise in this group by a wide margin. The next closest is BrainXell at $13M (Venture - Series Unknown, September 2021), followed by Immuto Scientific's $8M Seed in September 2025.
Which round stages appear most frequently among these Madison biotech companies?
Series Unknown is the dominant classification, covering at least six companies including Cellectar Biosciences, GoDx, Stem Pharm, Forward BIOLABS, Calimetrix, and Intuitive Biosciences. Seed rounds account for three closes — Immuto Scientific, SpayVac for Wildlife, and Plumb Pharmaceuticals — while FluGen and Cellular Logistics received non-dilutive grant funding.
How many Madison biotech rounds in this dataset closed in 2025?
Five of the 12 rounds closed in 2025: Immuto Scientific ($8M Seed, September 19), SpayVac for Wildlife ($1M Seed, July 1), Calimetrix ($80K Series Unknown, June 17), and two February 23 closes — GoDx ($100K) and Stem Pharm ($80K).
What does the deal size distribution look like across this Madison biotech group?
The distribution is heavily skewed. Eight of the 12 rounds are under $200K, with several clustering at exactly $80K or $100K. Cellectar Biosciences' $103M close is the clear outlier; excluding it, the median raise in this set sits well below $500K, reflecting a predominantly early-stage pipeline.
Are there Madison biotech companies in this dataset that raised non-dilutive funding?
Yes — FluGen received an $11M grant in July 2021 and Cellular Logistics received a $340K grant in October 2022. Both are classified as Grant rounds rather than equity, distinguishing them from the Seed and Series Unknown closes that make up the rest of the dataset.
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