2023 was slow for VC in Wisconsin. Which startups raised the most?

Following national trends, venture capital activity slowed in Wisconsin in 2023 as startups raised less VC funding.

Wisconsin startups raised $261.4 million across 93 deals in 2023, according to the latest quarterly report from PitchBook Data Inc. and the National Venture Capital Association. That's down from $587.63 million across 109 deals in 2022, according to the latest report, which adjusted its previously reported 2022 figures.

VC funding to Wisconsin startups peaked in 2021, when companies raised $599.68 million across 113 deals, the data shows.

Nationally, startups raised $170.6 billion across 15,766 deals in 2023, down from $242.2 billion across 17,592 deals in 2022 and $348 billion across 19,025 deals in 2021, which was a record year.

"While the continued drop in activity does not lend itself to optimism, it would be a mistake to declare the market in crisis," NVCA president and CEO Bobby Franklin wrote in the report. "Rather, the market has changed. From interest rates to foreign conflict, the world looks very different than it did two years ago."

Increased political risk, particularly abroad, is the biggest challenge for the VC industry, Franklin wrote. Other challenges include high interest rates, vulnerable supply chains and "misguided regulation," he said.

Despite the slowdown, here's a look at the Wisconsin startups that raised the most VC funding in 2023, with links to our previous reporting of some of the deals.

1. Bend Health

2. Type One Energy

3. Blast

4. Forj

5. Understory

6. Advanced Ionics

7. SpotHopper

8. C-Motive

9. Realta Fusion

10. Sift Healthcare

11. Imbed Biosciences

12. Pyran

13. Regenerative Medical Solutions

14. Frontdesk

Note: Frontdesk closed its short-term rental management business and filed for a bankruptcy alternative earlier this month.

15. The Grand

16. Voximetry

17. Gregor Diagnostics

18. Zurex Pharma

19. Polco

20. 7Rivers