As the year comes to a close, we wanted to take a look back at the top Wisconsin tech headlines from 2018. (And of course, we cover the state's biggest tech news each week on our Beat newsletter, which you can sign up for here.)
These were some of the top stories of 2018:
$100M Wisconn Valley Venture Fund Launches in Milwaukee
Four local business giants came together in 2018 to launch a new $100 million venture fund based in Milwaukee. Advocate Aurora Health, Foxconn Technology Group, Johnson Controls and Northwestern Mutual teamed up to launch the Wisconn Valley Venture Fund, which will invest in technology companies in the U.S. and abroad. Each company is contributing $25 million to the fund. The four companies said in a news release that the goal for the fund is “positioning southeastern Wisconsin as a global technology hub.”
Foxconn Breaks Ground in Wisconsin
Following the 2017 announcement that Foxconn would build a plant in southeastern Wisconsin, the Taiwanese electronics manufacturer held a high-profile ceremonial groundbreaking in June, which was attended by President Trump. The project has been heralded as jobs creator and a boost to the state's tech economy, as it will likely keep local tech graduates in state. The project has also been criticized by some who believe Wisconsin is providing Foxconn with unnecessarily high tax incentives. The state is providing Foxconn with a $3 billion state subsidy in return for a $10 billion investment and more than 13,000 jobs.
Foxconn Gives $100M to UW-Madison
In August, Foxconn gave the University of Wisconsin–Madison $100 million to boost engineering and innovation research at the school, a move officials believe could have big implications on the state’s technology industry. The $100 million will be used to fund research at the university, while also creating the framework for a science and technology institute that will collaborate closely with the company’s facilities in southeast Wisconsin. The funds will also help launch the Foxconn Institute for Research in Science and Technology, or FIRST, which will be located on Foxconn’s main campus in Mount Pleasant and provide research for areas such as artificial intelligence, 8K resolution and 5G wireless.
Propeller Health Acquired for $225M
Propeller Health, one of Wisconsin's most high-profile tech startups, was bought by health-tech company ResMed for $225 million. Madison-based Propeller, which makes “smart inhalers” that use sensors to help patients better manage respiratory conditions, launched in 2010 and raised around $70 million in venture funding. As part of the deal, Propeller will operate as a standalone business under ResMed, and it will maintain its Madison headquarters.
OnCourse Learning Acquired for Reported $500M
Brookfield-based OnCourse Learning, a software company that provides workforce and professional online training, was acquired by Germany-based media learning company Bertelsmann for $500 million, according to Reuters. OnCourse generated $77 million in revenue and employed 379 people in 2017.
SwanLeap Makes National Headlines for Fast Growth
On Inc. Magazine’s annual list of the 5,000 fastest-growing private companies in the U.S., Madison-based SwanLeap claimed top honors as the company with the biggest growth. SwanLeap, a logistics technology company that brings artificial intelligence to the supply chain, posted revenues of $99 million in 2017, a 76,000 percent growth from three years prior. SwanLeap also earned the top spot on Deloitte's 2018 North America Technology Fast 500.
StartingBlock Madison, a tech hub and co-working space six years in the making, officially opened in June. Located in a 50,000 sq. ft. space in American Family Insurance’s Spark building on East Washington Avenue, StartingBlock believes it can become the epicenter of Madison’s growing tech scene. StartingBlock provides flexible and reserved office space for both solo entrepreneurs and scaling upstarts. The idea is the space can grow with the founders, offering open desk space as well as larger private offices up to 6,500 square feet for anchor tenants.
Announced in late 2017, TitletownTech is a $10 million joint venture between the Green Bay Packers and Microsoft to launch a tech hub in Green Bay. The space, which expects to be completed in early 2019, will include an innovation lab, venture studio and venture fund to invest in startups in Northeastern Wisconsin.
Wisconsin startup accelerator gener8tor once again ranked as one of the top tech accelerator programs in the U.S. For the third year, gener8tor received a “Gold” ranking from the Seed Accelerator Rankings Project, putting it among the top 16 accelerators in the country. Gener8tor also launched several new initiatives in 2018. It revealed Project North, which aims to connect tech startups with major corporations in hopes of launching partnerships. It launched a new gBeta startup accelerator in Madison aimed at social impact companies and nonprofits. Additionally, it took its operations to the west coast when it launched gBETA Musictech in Los Angeles.
Fiserv Lands Milwaukee Bucks Arena Naming Rights
Financial software company Fiserv made waves in 2018 when it landed the naming rights on the new Milwaukee Bucks arena. The deal looks to boost the profile of publicly traded Fiserv, a Brookfield-based company that generated $5.7 billion in revenue in 2017 and employs about 900 people locally. This year it also acquired Elan Financial Service for $690 million.
