BioForward report shows investment for biohealth startups

BioForward Wisconsin released its 2024–Q1 2025 Biohealth Investor Portfolio Report at the 2025 Wisconsin Biohealth Summit on Oct. 14–15. The report highlights a surge of investment, commercialization wins and infrastructure growth across the state’s biohealth sector. In total, Wisconsin companies raised $288 million across 57 deals, and more than $80 million of new public and private investment flowed into the state through the personalized medicine Tech Hub.

For Wisconsin founders, the findings underscore a sector gaining speed and attracting interest from investors, strategic partners and major corporations.

$288 million raised by Wisconsin biohealth companies

Fifty-seven Wisconsin-based life science and biohealth companies completed venture-style investments during 2024 and the first quarter of 2025, raising a combined $288 million. Devices and diagnostics led activity with 38 percent of deals, followed by software and solutions at 37 percent.

Six companies raised rounds above $10 million:

• Centaur Health (Asto CT and Leo Cancer Care) of Madison, $80 million Series C
• Elephas of Madison, $55 million Series C
• Rivermark Medical of Milwaukee, $30 million Series C
• Sift Healthcare of Milwaukee, $20 million Series B
• Hummingbird Healthcare of Madison, $20 million Series B and $9.87 million Series A1
• Imbed Biosciences of Middleton, $10 million Series B+ convertible note

Another 18 companies raised between $1 million and $9.9 million, and early-stage activity remained strong with 32 seed and pre-seed investments. The distribution reflects sustained momentum for companies working in areas such as oncology imaging, digital health, diagnostics and AI-enabled clinical tools.

Tech Hub brings in more than $80 million for personalized medicine

The report highlights Wisconsin’s designation as one of only 12 federally funded Tech Hubs in the United States. The award delivered a $49 million federal investment, matched by $27 million in industry commitments and $7.5 million in state funding aimed at strengthening the state’s personalized medicine capabilities. The effort is projected to generate $9 billion in economic impact over the next decade. For entrepreneurs, the initiative expands access to lab space, commercialization programs and biomanufacturing resources.

Forward BIOLABS expands into Milwaukee

Forward BIOLABS, the statewide coworking lab program that supports early-stage scientific companies, announced a major expansion that includes a new hub at the UWM Innovation Accelerator. The Milwaukee location will be co-located with BioForward Wisconsin and Tech Hub partners.

The organization is also adding chemistry lab space in Madison and launching the Innovation to Commercialization Pipeline, a program designed to help startups de-risk early science and accelerate their path to market.

The expansion meets a critical need for founders seeking affordable, fully equipped lab space.

Major exits reinforce sector momentum

Several Wisconsin companies were part of notable acquisition activity in 2024 and early 2025:

• Mirus Bio of Madison was acquired by Merck KGaA for $600 million.
• Nimble Therapeutics of Madison was acquired by AbbVie for $330 million.
• Nexus Pharmaceuticals’ injectable drug facility in Pleasant Prairie was acquired by Eli Lilly for $924 million.

The transactions highlight investor interest in Wisconsin-born technologies and underscore the state’s ability to grow companies toward meaningful exits.

A strengthening foundation for statewide growth

The BioForward report points to a biohealth ecosystem that is building depth, capacity and national visibility. Investment levels are rising, infrastructure is expanding and more companies are advancing from discovery to market. For early-stage and growth-stage firms, the findings illustrate a sector with steady momentum and increasing support. The continued alignment of research institutions, industry and investors positions Wisconsin’s biohealth community for further progress in the years ahead.