Funded Startups in Wisconsin
Among the disclosed rounds, SHINE Technologies’ $263M (2026-04-09) is an extreme outlier: it is the only round above $100M, and it dwarfs the next-largest…
Among the disclosed rounds, SHINE Technologies’ $263M (2026-04-09) is an extreme outlier: it is the only round above $100M, and it dwarfs the next-largest disclosed entries such as Elephas’ $40M (2025-11-06) and Cellectar Biosciences’ $35M (2026-05-05). At the smaller end, the disclosed floor is $50K from Guajana Distillery (2026-04-22), underscoring a wide spread between early disclosed raises and the handful of very large financings.
Geographically, Madison is the most concentrated city in the list with 20 companies, including Cellectar Biosciences (2026-05-05, $35M) and Immuto Scientific (2025-09-19, undisclosed amount). Stage naming is dominated by “Series Unknown” (31 of 50 rows), while the largest disclosed threshold appears alongside a tight cluster in 2026: 34 of the 50 rounds fall in 2026, spanning 2025-06-04 through 2026-07-21.
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Frequently asked
Which disclosed round is the clear outlier, and what does it imply about deal sizes in Wisconsin?
SHINE Technologies raised $263M on 2026-04-09, and it is the only disclosed round above $100M; the next-largest disclosed amounts include $40M (Elephas, 2025-11-06) and $35M (Cellectar Biosciences, 2026-05-05). That concentration suggests most disclosed financings sit well below the top-tier entries (e.g., Guajana Distillery’s smallest disclosed $50K on 2026-04-22).
Does the list cluster more by time, by geography, or by both?
Time-wise, 34 of 50 rounds are in 2026 (with the oldest round dated 2025-06-04 and the most recent 2026-07-21), indicating heavier activity in the latest year window. Geographically, Madison appears 20 times, including multiple healthcare and biotech entries such as WiscMed ($3M, 2025-08-08) and Asto CT ($27M, 2026-04-21).
Are there specific cities that stand out as repeated hubs in this dataset?
Yes. Madison accounts for 20 of the 50 rows, Milwaukee for 10, Wauwatosa for 4, and Middleton for 2 (Varizymes and WiscMed are the Middleton entries shown). The repeated pattern is visible across major fund sizes as well, including $27M in Madison (Asto CT, 2026-04-21) and $20M in Milwaukee (Rivermark Medical, 2026-05-13).
What stage labeling dominates, and how does that affect interpreting the largest disclosed amounts?
“Series Unknown” is the largest stage label with 31 of 50 rows, so disclosed sizes are a minority signal relative to undisclosed amounts (32 of 50 disclosed, 18 undisclosed). Even among disclosed rounds, the top-tier is visible across labeled stages, such as Series D at Rivermark Medical ($20M, 2026-05-13) alongside “Series Unknown” at SHINE Technologies ($263M, 2026-04-09).
Which sectors recur most often, and how are the biggest disclosed raises distributed across them?
Sectors appearing more than once include Biotechnology (9), Health Care (8), and Financial Services (6), with Food and Beverage (5) and Consumer Electronics (4) also frequent. The biggest disclosed rounds span multiple sectors: SHINE Technologies is Biotechnology at $263M (2026-04-09), while Elephas is Artificial Intelligence (AI) at $40M (2025-11-06) and Rivermark Medical is Health Care at $20M (2026-05-13).
What do the disclosed amount tiers suggest about how many companies reach large funding levels?
Disclosed rounds reaching high thresholds are rare: there are 0 rounds above $1.0B, 1 round above $100M, 1 round above $50M, and 7 rounds above $10M. By contrast, 22 disclosed rounds reach at least $1.0M, ranging from larger raises like Realta Fusion ($10M, 2026-02-17) down to smaller disclosed entries such as Wisconsin Adaptive Sports Association ($50K is the overall floor; Wisconsin Adaptive Sports Association is $50K but is still a disclosed datapoint on 2026-05-15).
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