Despite an uncertain economy, venture capital activity was strong in the first half of the year across the U.S. and in Wisconsin, according to a recent report.
Wisconsin companies raised $86.9 million across 18 deals in the second quarter of 2022, according to data from PitchBook Data Inc. and the National Venture Capital Association (NVCA) published in its quarterly Venture Monitor report.
For comparison, Wisconsin companies raised $56.37 million across 21 deals in the second quarter of 2021, $77.1 million with 21 deals in the same period in 2020, and $94.9 million in 22 second-quarter deals in 2019, the report shows.
In the first quarter of this year, Wisconsin companies raised $298.9 million across 29 deals, according to the second-quarter report. The first-quarter report said Wisconsin companies raised $59 million with 25 deals.
"We do often see some shifts up or down in past quarters with each Venture Monitor iteration as PitchBook’s data is constantly updated as new deals or information on past deals becomes available," PitchBook public relations specialist Amy Warmenhoven wrote in an email.
A $30 million round by Madison health technology startup Moxe was the largest VC deal closed by a Wisconsin company last quarter, according to the report. The second-largest was the $20 million raised by health artificial intelligence startup EnsoData.
With a $4.26 million round, Blue Line Battery sealed the third-largest VC deal among Wisconsin companies last quarter, according to the report. The startup announced a $3.1 million financing round in March and at the time said it had raised a total of $4.6 million to date.
Here were the 10 largest deals in Q2 2022, according to the latest report.
1. Moxe: $30 million
Madison
2. EnsoData: $20 million
Madison
3. Blue Line Battery: $4.26 million
Whitewater
4. Mead & Hunt: $4.2 million
Middleton
5. Advanced Ionics: $4.2 million
Milwaukee
6. Oculogica: $4.05 million
New Richmond
7. Wisconsin Brewing Company: $3.78 million
Verona
8. SMARTcare [Enterprise Systems (Healthcare)]: $3.5 million
Eau Claire
9. Atrility Medical: $3.39 million
Madison
10. ReadySet: $3.25 million
De Pere
