Between expected seed fundings, product launches and initial and increased customer traction, 2022 is poised to be a big year for many early-stage Wisconsin-based startups.
The following companies were selected based on Wisconsin Inno reporting and suggestions from startup experts across the state. The final list was hard to narrow down, a testament to the growth of the state's startup ecosystem in recent years.
On top of the companies listed below, many of our startups to watch in 2021 and startups to watch in 2020 are still ones to keep an eye on this year, too. The entrepreneurs we've featured in our regular startup profile series, The Pitch are also notable founders to follow.
Additionally, these companies could likely benefit from capital investments, pilot partnerships with larger corporations and mentorship. Some Wisconsin startups are leaving the state in favor of more founder-friendly ecosystems, and they've said support from the wider business community and local governments could help.
Without further ado, meet this year's class of Wisconsin startups to watch.
Appcelerator
Madison
What it does: Co-founded by Innocent Okechukwu and Chelsea Perry, Appcelerator Prep is an online mentorship marketplace for diverse talent. Its mission is to increase opportunities for underrepresented workers and help companies broaden their diversity recruitment efforts. Mentors can also earn money through the platform.
Why it's one to watch: The company participated in the latest gBETA Madison cohort and has achieved nearly $300,000 in gross revenue in its first 18 months. It has more than 100 mentor and job seeker users and four corporate partners, including Accenture and Deloitte. It plans to launch the second iteration of its web platform this spring to support thousands of users and add corporate partnerships to expand into more industries.
AppEase
Green Bay
What it does: Founded by Nicole Tilot, AppEase is developing technology to automatically transfer medical data between providers and insurance companies in order to reduce costs and increase the speed of insurance underwriting and claims processing. It has a minimum viable product.
Why it's one to watch: In 2021, Tilot participated in the Healthcare Innovation Pitch Competition during MKE Tech Week, has placed in other local pitch competitions and was in the first class of The Blueprint Green Bay accelerator program. This year, AppEase plans to run paid pilots with insurance companies and health care providers. It's also seeking a technical co-founder and is raising a pre-seed round.
CrossKudi
Milwaukee
What it does: Founded by Bobola Odebiyi, CrossKudi is building a fee-free international money transfer app powered by blockchain technology that would also enable individuals to participate in the global economy.
Why it's one to watch: CrossKudi participated in the fall 2021 cohort of the Northwestern Mutual Black Founder Accelerator, which came with a $100,000 investment from Wisconsin-based startup accelerator and equity investor gener8tor Management LLC. It's currently raising additional capital and plans to launch a minimum viable product in 2022 after building out a compliance program and securing state licenses.
Huupe
Milwaukee / Irvine, California
What it does: Co-founded by CEO Paul Anton and chief operating officer Lyth Saeed, Huupe is aiming to be the Peloton of basketball with its smart hoop. With a weatherproof, high-definition screen for a backboard, the hoop is designed to enable users to play against each other from their driveways, track their performance and get personalized training.
Why it's one to watch: Huupe raised more than $1 million in pre-seed and seed funding, including from former NBA player Trevor Booker through his firm JB Fitzgerald Venture Capital and from NBA player Thaddeus Young through his firm Reform Ventures, as well as from Wisconsin angel investors. The company has a prototype and a manufacturer and plans to begin accepting pre-orders in February.
Internship on Demand
Madison
What it does: Co-founded by Keegan Moldenhauer and Milwaukee Tool design engineer Ryan McKernan, Internship on Demand was originally started to help students who lost their summer internships due to the Covid-19 pandemic. It creates custom virtual pre-internship and internship programs, with a focus on boosting talent training and employee retention for companies.
Why it's one to watch: Internship on Demand placed second in the Wisconsin Technology Council's Elevator Pitch Olympics in November. It completed its first pilot program with Spectrum Brands last year and is currently piloting with Bemis Manufacturing Co., bringing in revenue for the early-stage startup. It's currently raising a "friends and family" financing round and expects to raise a seed round this summer in order to build out its technology platform.
Investii
Milwaukee
What it does: Founded by Nishant Deshpande and Bryan Stave, Investii is building a personal finance platform designed to help people save money and boost their creditworthiness. Users connect their financial accounts to receive automated savings recommendations based on their selected risk tolerance and earn rewards for saving.
Why it's one to watch: The startup launched its desktop version in November, growing to around 300 users within 45 days. Many early users came from a financial empowerment tour this fall, where Stave spoke to college students around the country. Investii is raising capital and has attracted commitments from angel investors including an executive at Brookfield-based REV Group. It plans to launch its app this spring and is targeting 50,000 users by the end of 2022.
Like|Minded
Milwaukee
What it does: Founded by NEWaukee co-founder Jeremy Fojut, Like|Minded is building a business-to-business software platform that aims to help companies increase workplace connection to boost employee retention and engagement. It also allows companies to leverage data to gain insights about their communities.
Why it's one to watch: The company is generating revenue from paid pilots with companies and organizations including North Shore Bank, Sargento Foods Inc. and Marquette University. It plans to onboard more new clients this year, including local Fortune 500 companies and other major local employers.
Retham Technologies
Wauwatosa
What it does: Co-founded by Anand Padmanabhan and currently led by interim CEO Daniel Sem, a Wisconsin Inno 2021 Fire Award winner, Retham Technologies LLC is developing an innovative test for blood clotting diseases, including one that has been noted in some patients who have received certain Covid-19 vaccines.
Why it's one to watch: With a breakthrough discovery made last year related to stabilizing blood platelets for long-term storage, Retham Technologies is positioned to execute its plan of making shelf-stable blood testing kits and distributing them to hospitals across the country. The company plans to hire a permanent, full-time CEO and raise Series A funding.
Speakfully
Eau Claire
What it does: Co-founded by Jana Morrin, Nandini Easwar and Zach Halmstad, Speakfully is an anonymous workplace reporting platform. Morrin started the company after experiencing workplace harassment firsthand. The software includes anonymous messaging, case management and data insights for employers.
Why it's one to watch: Speakfully is generating early revenue from customers and is seeing continuous user and revenue growth. It's raising capital to accelerate growth through expanded sales and marketing, Morrin said in a November presentation at a Wisconsin Technology Council event. Halmstad previously co-founded the Apple enterprise management software company Jamf Holding Corp. (Nasdaq: JAMF), which went public in July 2020.
Vault
Milwaukee
What it does: Co-founded by Caleb Dykema — a 2021 Wisconsin Inno Under 25 winner — Zach Nichols and Jake Margolis, Vault Sports LLC is building a sport bet tracking app that syncs with sports betting platforms like DraftKings Inc. (Nasdaq: DKNG) and FanDuel to automatically track users' sports bets. Online sports betting isn't currently legal in Wisconsin but it's legal in a fast-growing list of other U.S. states, Dykema said.
Why it's one to watch: Vault launched its beta version at the end of last year and is planning to fully launch in the next few months. Its goal is to reach 5,000 to 10,000 active users in 2022 and establish partnerships with additional sports betting platforms, known as sportsbooks. It plans to monetize through affiliate partnerships with those platforms.
