Wisconsin startups to watch in 2023

Wisconsin's startup ecosystem continues to grow. And while the economy may be uncertain in 2023, it could be a boon for resourceful entrepreneurs who leverage the downtown as an opportunity.

Wisconsin Inno compiled a list of startups to watch this year, based on our reporting and insights from startup stakeholders across the state. While the list isn't exhaustive, it serves to highlight several companies that are poised to make headlines in 2023 as they raise capital from investors, advance their innovative technologies and scale their companies.

Advanced Ionics

This green hydrogen technology company garnered national attention in 2022 when it ranked in the top five at TechCrunch's Startup Battlefield competition. Last year it also raised $4 million from investors, grew to 20 employees and secured three paid demonstration projects for 2023, the company told Wisconsin Inno in late 2022.

After a strong 2022, Advanced Ionics is planning to conduct in-field demonstrations and to grow its team in 2023. The company's patented technology is designed to allow customers including fertilizer manufacturers, glass manufacturers and steel makers to affordably and sustainably produce hydrogen in order to meet their Environmental, Social and Governance (ESG), and decarbonization goals.

Atomix Logistics

Born from a long-standing Milwaukee logistics firm, Atomix Logistics provides shipping fulfillment solutions for e-commerce brands. The company has shipped more than 500,000 orders for 125 brands. Between 2021 and 2022, it grew from two to 25 employees and from $100,000 to $2.6 million in revenue, according to the company.

The company's warehouse space on Milwaukee's near west side grew from 5,000 to 30,000 square feet between 2021 and 2022. In 2023, the company said it plans to double the amount of space as it continues to grow its capacity, customer base and team.

DotCom Therapy

After appointing an experienced new CEO earlier this year, DotCom Therapy is looking to expand its online therapy services through more partnerships with schools and by rolling out programs that allow employers to offer pediatric therapy services to their employees. It's also looking to incorporate artificial intelligence and machine learning into its product to help personalize the experience for patients.

DotCom Therapy is also in the process of raising a Series B financing round after securing a $13 million Series A round in 2021. It intends to use the new funding to build out its team in order to implement new technologies, DotCom Therapy CEO Omar Dawood said.

Elephas Biosciences

Founded by a former Exact Sciences executive, Elephas Biosciences Corp. is building a platform designed to determine whether a given type of cancer therapy will work for a patient before their treatment begins. The company is running clinical trials and in 2023 plans to share initial clinical data and make the platform available to biopharma researchers, the company said in September 2022.

In what was among the largest venture capital deals secured by a Wisconsin company last year, Elephas Biosciences raised $42 million in 2022 to support its commercialization efforts.

Forward Health Group

This Madison company has been around for more than a decade but has seen recent growth in the wake of the pandemic as it signed new customers and launched new products including one that addresses clinician burnout.

The company's software is designed to help health systems and health networks tap medical records and claims data to analyze populations of patients, increase revenue, boost practice efficiency and improve clinical outcomes.

Geno.Me

Geno.Me launched its health data product in the fall of 2022. The company's platform is designed to allow individuals to get paid for sharing their own anonymized medical and genomic records from sites like Ancestry.com and 23andMe, and give researchers at universities, clinics, labs and pharmaceutical companies access to more data to enhance their research.

After raising seed funding in 2021, Geno.Me is in the process of raising its next round of financing, according to a form filed in October 2022 with the U.S. Securities and Exchange Commission. The startup has made several recent hires, including a chief technology officer.

ReadySet Technologies

This virtual reality software company closed a $3.25 million funding round in 2022 and announced a partnership that will open its VR retail tools to Australian clientele.

The company's product is designed to help retailers and consumer packaged goods companies with merchandising planning and testing, employee training, gathering consumer insights, and more. The technology allows users to create 3D virtual reality versions of their stores and gain insights through eye-tracking capabilities that generate data.

Trace

Trace was founded with the goal of providing a platform for transgender, non-binary and gender non-conforming individuals to connect, share their stories and express their true selves. In 2022, it was accepted into the Madison cohort of gener8tor's equity accelerator program and established its headquarters in Madison.

In 2023, Trace said it's focused on continuing to develop its social platform including with audio and live video, growing its user base and testing monetization strategies. The company also said it intends to be a leader in the fight for transgender and non-binary rights, advocating for social justice and working to bridge the gap between the transgender and non-binary community and their allies.