Funded Startups in Madison
In the 50 most recent funded entries for Madison, the largest disclosed round is Fetch Rewards’ $240M on 2022-04-07, which dwarfs the rest of the disclosed…
In the 50 most recent funded entries for Madison, the largest disclosed round is Fetch Rewards’ $240M on 2022-04-07, which dwarfs the rest of the disclosed amounts: only two other disclosed rounds reach $100M+ (Cellectar Biosciences $103M on 2023-09-05 and Olli Health $10M on 2025-11-14 is far below the top tier). The list also shows a consistent clustering in the most recent window, with multiple AI and healthcare-linked rounds appearing between 2025-09-10 and 2025-11-14 (for example Elephas $40M on 2025-11-06, Olli Health $10M on 2025-11-14, and Cylerity $4M on 2025-10-31). Sector-wise, Healthcare and Biotechnology recur most often (each appears in 3+ entries), while stage disclosures are heavily concentrated in “Series Unknown” and “undisclosed” outcomes (5 are “undisclosed,” and many additional rows are explicitly labeled “Series Unknown”). Geography is predominantly Madison, Wisconsin, but the set includes a few records outside Wisconsin (e.g., Sparta Biomedical is listed as Madison, New Jersey; Better Rhodes as Madison, Connecticut), creating small geographic outliers. Dates span 2022-03-09 (RehabPath) through 2025-11-14 (Olli Health), with the newest entry dated 2025-11-14.
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Frequently asked
What stands out in the size distribution of disclosed rounds in Madison?
Fetch Rewards’ $240M on 2022-04-07 is the clear outlier, sitting far above other disclosed highs like Cellectar Biosciences at $103M on 2023-09-05; most other disclosed rounds fall well below that peak (e.g., Immuto Scientific $8M on 2025-09-19 and EnsoData $20M on 2025-06-25).
Are there any tight time clusters in the most recent entries?
Yes. Between 2025-09-10 and 2025-11-14, multiple large healthcare/AI-related rounds appear, including Elephas $40M (2025-11-06), Olli Health $10M (2025-11-14), and Cylerity $4M (2025-10-31). A second notable cluster occurs around 2024-06-04 to 2024-06-10 with multiple ~$80K–$20M sized biotech/AI/data rounds (e.g., AIQ Solutions $380K on 2025-06-04 and EnsoData later, plus other mid-sized entries in that window).
Which stages are most common when looking at disclosed vs non-disclosed amounts?
The list mixes disclosed dollars with non-disclosed outcomes: 5 entries show “undisclosed” amounts (including Intelligible on 2025-07-25 and Huddle Up on 2024-04-10). In addition, many rows use “Series Unknown” (e.g., Olli Health on 2025-11-14 and Elephas on 2025-11-06), so stage comparability is often limited even when amounts are provided.
Do particular sectors appear repeatedly across the Madison entries?
Healthcare-linked themes dominate multiple rows, with Healthcare and Biotechnology each appearing in 3+ entries. Examples include Olli Health (Healthcare, 2025-11-14, $10M), Gregor Diagnostics (Biotechnology/Healthcare, 2025-11-09, $240K), and Cellectar Biosciences (Biotechnology, 2023-09-05, $103M), indicating a persistent life-sciences concentration.
Are there geographic outliers that break the Madison pattern?
Most records are “Madison, Wisconsin” or “Madison, United States,” but a few are listed in other states, such as Sparta Biomedical under “Madison, New Jersey” (2023-09-12, undisclosed) and Better Rhodes under “Madison, Connecticut” (2022-11-21, $650K). These entries are small exceptions relative to the broader Wisconsin-heavy set.
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