Madison startups to watch in 2016

By Laurel White, The Capital Times

EatStreet_webMadison startups had a great 2015, from pulling down a $15 million financing round to visiting the White House.

According to a report issued by Capital Entrepreneurs, a Madison-based industry group, local startups raised about $66 million 2015, with 15 companies bringing in more than $1 million. The young companies also created 215 full-time jobs, the report said.

Those numbers echo a recent University of Wisconsin Extension study, which said businesses less than five years old create nearly 50 percent of the jobs in the state.

With an eye on potential growth, here are some local startups to keep an eye on in 2016:

Healthfinch

Healthfinch develops software to automate somewhat menial health care tasks, like setting up routine prescription refills. Earlier this month, the 5-year-old company announced a $7.5 million financing round, led by a Chicago-based investment firm. That brings the company’s total financing haul to more than $10 million.

Healthfinch currently has about 30 employees, but told the Wisconsin State Journal they plan to nearly double that by the end of 2016.

Redox

Redox, a company that helps app developers get access to electronic health records (EHRs) and health systems manage their connections to the cloud, had a big 2015. They announced a $3.5 million fundraising deal and won a prestigious national startup pitching competition.

The company had 10 employees in October 2015 and was working on plans to hire additional employees to expand its software development, customer service and business development departments, according to a report from Xconomy.

bluDiagnostics

bluDiagnostics, the winner of the 2015 Governor’s Business Plan contest, provides a device and application to help women track their fertility. The company also took the top prize at Pressure Chamber, a pitching competition hosted by the Greater Madison Chamber of Commerce at the 2015 Forward Festival.

The small company recently announced the completion of a $600,000 seed fund round, which will help bring their product to market,according to Wisconsin State Journal reportRead more …

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