State of Wisconsin Investment Board

The State of Wisconsin Investment Board (SWIB), established in 1951, is a state-owned investment manager based in Madison, Wisconsin. It primarily serves the Wisconsin Retirement System (WRS) and also manages accounts for the State Investment Fund (SIF) and other smaller state trust funds. SWIB invests globally across public equity, fixed income, and alternative investment markets, with a focus on the United States. Its investment portfolio is diversified, including allocations to real estate, private equity, and natural resources. SWIB employs a tactical asset allocation strategy, utilizing both in-house professionals and external money managers to make investment decisions based on extensive research and risk assessment. As a fiduciary, SWIB is required to make investment decisions solely for the benefit of its beneficiaries, adhering to the diligence, skill, and care expected of a prudent investor managing a large public pension fund.

Chris Eckerman

Senior Portfolio Manager and Head of Co-Investments and Senior Investment Officer, Private Equity Direct Investments

Anne-Marie Fink

Chief Investment Officer, Private Markets and Funds Alpha

Todd Mattina Ph.D

Chief Investment Officer and Head Economist, Asset and Risk Allocation

31 past transactions

Allen Control Systems

Series A in 2025
Allen Control Systems is a defense technology company developing counter-drone robotic gun systems to usher in a new era of drone warfare and fundamentally alter battlefield economics.

Altriarch

Funding Round in 2024
Altriarch is an asset management firm established in 2018 and located in Charleston, South Carolina. The company specializes in alternative investments, focusing on specific market niches to provide asset-based credit solutions for lenders and small businesses. Altriarch aims to deliver strong risk-adjusted returns through its targeted investment strategies.

HistoSonics

Series D in 2024
HistoSonics, Inc. is a medical technology company based in Plymouth, Minnesota, specializing in non-invasive tumor ablation systems. The company has developed the Edison Platform, which employs advanced imaging and proprietary sensing technology to deliver precise sonic beam therapy. This innovative platform utilizes histotripsy and focused sound energy to liquefy and destroy targeted tissues at the sub-cellular level, enabling personalized treatments. HistoSonics' technology allows physicians to monitor the treatment in real time, offering a safe alternative to traditional interventional and surgical methods, minimizing undesirable side effects often associated with these approaches. Incorporated in 2009, HistoSonics aims to enhance treatment outcomes through its pioneering non-invasive solutions.

Elephas

Series C in 2024
Elephas is a live tumor imaging diagnostics company focused on enhancing cancer treatment through personalized therapy determination. The company leverages advancements in cancer biology, multimodal microscopy, engineering, and artificial intelligence to analyze human live tumor fragments. This innovative platform aims to improve clinical decision-making for oncologists, enabling them to tailor treatments to individual patients. Additionally, Elephas seeks to accelerate drug development processes, addressing the urgent need for effective cancer therapies in a rapidly evolving healthcare landscape.

HistoSonics

Convertible Note in 2022
HistoSonics, Inc. is a medical technology company based in Plymouth, Minnesota, specializing in non-invasive tumor ablation systems. The company has developed the Edison Platform, which employs advanced imaging and proprietary sensing technology to deliver precise sonic beam therapy. This innovative platform utilizes histotripsy and focused sound energy to liquefy and destroy targeted tissues at the sub-cellular level, enabling personalized treatments. HistoSonics' technology allows physicians to monitor the treatment in real time, offering a safe alternative to traditional interventional and surgical methods, minimizing undesirable side effects often associated with these approaches. Incorporated in 2009, HistoSonics aims to enhance treatment outcomes through its pioneering non-invasive solutions.

HistoSonics

Series C in 2020
HistoSonics, Inc. is a medical technology company based in Plymouth, Minnesota, specializing in non-invasive tumor ablation systems. The company has developed the Edison Platform, which employs advanced imaging and proprietary sensing technology to deliver precise sonic beam therapy. This innovative platform utilizes histotripsy and focused sound energy to liquefy and destroy targeted tissues at the sub-cellular level, enabling personalized treatments. HistoSonics' technology allows physicians to monitor the treatment in real time, offering a safe alternative to traditional interventional and surgical methods, minimizing undesirable side effects often associated with these approaches. Incorporated in 2009, HistoSonics aims to enhance treatment outcomes through its pioneering non-invasive solutions.

FluGen

Series A in 2017
FluGen, Inc. is a biopharmaceutical company focused on the prevention and treatment of influenza and other respiratory pathogens. Founded in 2007 and based in Madison, Wisconsin, FluGen develops vaccines to combat seasonal and pandemic influenza. Its primary product, RedeeFlu, is a nasal spray vaccine designed to protect against influenza, utilizing a live, single replication virus that has a portion of the M2 segment deleted. This innovative approach allows for effective prevention of influenza and supports healthcare professionals in controlling potential pandemics. The company is actively engaged in clinical-stage vaccine development to address both seasonal influenza and emerging respiratory threats.

FluGen

Venture Round in 2016
FluGen, Inc. is a biopharmaceutical company focused on the prevention and treatment of influenza and other respiratory pathogens. Founded in 2007 and based in Madison, Wisconsin, FluGen develops vaccines to combat seasonal and pandemic influenza. Its primary product, RedeeFlu, is a nasal spray vaccine designed to protect against influenza, utilizing a live, single replication virus that has a portion of the M2 segment deleted. This innovative approach allows for effective prevention of influenza and supports healthcare professionals in controlling potential pandemics. The company is actively engaged in clinical-stage vaccine development to address both seasonal influenza and emerging respiratory threats.

EatStreet

Series C in 2015
EatStreet, Inc. is an online and mobile food ordering service that connects customers with local restaurants across the United States. Founded in 2009 and headquartered in Madison, Wisconsin, the company caters primarily to college students and young professionals, offering a straightforward and affordable way to order delivery and takeout. The platform serves as a centralized hub, providing users with access to a comprehensive listing of partnered restaurants in their area, enabling quick and convenient food ordering. For restaurant owners, EatStreet offers a one-stop solution for online ordering and marketing, helping them attract new customers and increase sales. Through its web, mobile, and social products, EatStreet enhances the dining experience for consumers while supporting local businesses.

FluGen

Series A in 2015
FluGen, Inc. is a biopharmaceutical company focused on the prevention and treatment of influenza and other respiratory pathogens. Founded in 2007 and based in Madison, Wisconsin, FluGen develops vaccines to combat seasonal and pandemic influenza. Its primary product, RedeeFlu, is a nasal spray vaccine designed to protect against influenza, utilizing a live, single replication virus that has a portion of the M2 segment deleted. This innovative approach allows for effective prevention of influenza and supports healthcare professionals in controlling potential pandemics. The company is actively engaged in clinical-stage vaccine development to address both seasonal influenza and emerging respiratory threats.

NeuWave Medical

Series C in 2015
NeuWave Medical, founded in 2004 and headquartered in Madison, Wisconsin, specializes in the development of energy-based minimally invasive medical devices designed to treat various serious medical conditions. The company's founders, both engineers and physician-scientists, leverage their expertise to identify clinical needs and create effective solutions that prioritize safety and efficacy. NeuWave Medical aims to produce high-quality devices that are preferred by leading physicians and medical centers globally.

Rentable

Venture Round in 2015
Rentable is an internet company founded in 2011 and based in Madison, Wisconsin, that focuses on enhancing the apartment rental search experience. Its web-based platform offers users a variety of tools, including localized flat listings, map-based searches, and shortlisting features, allowing for easy navigation through available properties. Additionally, Rentable provides an affordability calculator to assist users in determining suitable rental options based on their budget. By leveraging modern technology and an intuitive user interface, Rentable aims to streamline the process of finding apartments, making it more efficient and user-friendly for individuals seeking rental accommodations.

Madison Vaccines

Series A in 2015
Madison Vaccines, Inc. is a biopharmaceutical company based in the United States that specializes in developing therapeutic plasmid DNA vaccines targeting prostate cancer and bone metastases. The company is focused on creating two distinct vaccines designed for patients with prostate cancer, along with a diagnostic test aimed at identifying those who would benefit most from these therapies. Madison Vaccines' immune-activating therapies work by stimulating the immune system to eliminate residual tumor cells, thereby preventing the progression to bone metastases and delaying the need for more invasive treatments such as castration therapies. This approach aims to improve patient outcomes and enhance quality of life by facilitating earlier interventions in the cancer treatment process.

Zurex Pharma

Series B in 2014
Zurex Pharma, Inc. is a pharmaceutical and medical technology company based in Middleton, Wisconsin, focused on developing and commercializing antimicrobial products aimed at preventing healthcare-associated infections, particularly in surgical site wounds and catheter-related infections. The company’s product lineup includes ZuraPrep, a pre-surgical skin preparation designed to prevent surgical site infections; ZurAsept, an antimicrobial and antithrombotic solution for catheters that helps reduce catheter-related bloodstream infections; and ZuraGard, which protects against exit site wounds. Founded in 2008, Zurex Pharma operates as a subsidiary of Ash Access Technology, Inc., and is dedicated to addressing the challenges of infection control in healthcare settings.

Datica

Venture Round in 2014
Datica, founded in 2013 and headquartered in Minneapolis, Minnesota, provides a cloud-based healthcare platform designed to facilitate clinical data exchange for highly regulated industries. The platform enables developers to implement cloud-based user management, secure messaging, and data storage without the complexities of server configuration. By supporting common data structures and mandated health services, Datica allows clients, ranging from mid-to-late-stage startups to Fortune 100 companies, to expedite electronic health record (EHR) integration and ensure compliance with cloud regulations. This approach helps organizations manage sensitive information efficiently and securely in the cloud.

Neurovance

Series A in 2014
Neurovance, Inc. is a clinical-stage neuroscience company based in Cambridge, Massachusetts, that specializes in developing therapies for attention deficit hyperactivity disorder (ADHD) in both adults and children. Founded in 2009, the company focuses on centanafadine, a triple reuptake inhibitor that modulates the activity of norepinephrine, dopamine, and serotonin to improve focus and reduce inattention and disorganization in ADHD patients. As of March 31, 2017, Neurovance operates as a subsidiary of Otsuka America, Inc., and has received venture capital funding from various investors, including Novartis Venture Fund and the State of Wisconsin Investment Board.

EatStreet

Series B in 2014
EatStreet, Inc. is an online and mobile food ordering service that connects customers with local restaurants across the United States. Founded in 2009 and headquartered in Madison, Wisconsin, the company caters primarily to college students and young professionals, offering a straightforward and affordable way to order delivery and takeout. The platform serves as a centralized hub, providing users with access to a comprehensive listing of partnered restaurants in their area, enabling quick and convenient food ordering. For restaurant owners, EatStreet offers a one-stop solution for online ordering and marketing, helping them attract new customers and increase sales. Through its web, mobile, and social products, EatStreet enhances the dining experience for consumers while supporting local businesses.

Madison Vaccines

Series A in 2014
Madison Vaccines, Inc. is a biopharmaceutical company based in the United States that specializes in developing therapeutic plasmid DNA vaccines targeting prostate cancer and bone metastases. The company is focused on creating two distinct vaccines designed for patients with prostate cancer, along with a diagnostic test aimed at identifying those who would benefit most from these therapies. Madison Vaccines' immune-activating therapies work by stimulating the immune system to eliminate residual tumor cells, thereby preventing the progression to bone metastases and delaying the need for more invasive treatments such as castration therapies. This approach aims to improve patient outcomes and enhance quality of life by facilitating earlier interventions in the cancer treatment process.

Datica

Series A in 2013
Datica, founded in 2013 and headquartered in Minneapolis, Minnesota, provides a cloud-based healthcare platform designed to facilitate clinical data exchange for highly regulated industries. The platform enables developers to implement cloud-based user management, secure messaging, and data storage without the complexities of server configuration. By supporting common data structures and mandated health services, Datica allows clients, ranging from mid-to-late-stage startups to Fortune 100 companies, to expedite electronic health record (EHR) integration and ensure compliance with cloud regulations. This approach helps organizations manage sensitive information efficiently and securely in the cloud.

Montage

Series B in 2012
Montage is the single solution to engage, interview, and hire better candidates, faster. The company partners with many of the world’s most well-respected brands, including 100 of the Fortune 500, to create the high-tech, high-touch hiring experience the modern candidate expects. As the pioneer of purpose-built video interviewing, its proprietary technology integrates seamlessly with enterprise needs for reliability, scalability, compliance, and security. Montage is committed to market-driven innovation, incorporating applicable science, and data in its solutions to speed the process and improve the predictability of talent acquisition. Its commitment to superior client service and support is unique in the industry. The company helps each and every client at every stage of our partnership because we sincerely want them to succeed – and believe in building relationships for the long term. A privately held company, Montage is headquartered in Wisconsin.

Neurovance

Venture Round in 2012
Neurovance, Inc. is a clinical-stage neuroscience company based in Cambridge, Massachusetts, that specializes in developing therapies for attention deficit hyperactivity disorder (ADHD) in both adults and children. Founded in 2009, the company focuses on centanafadine, a triple reuptake inhibitor that modulates the activity of norepinephrine, dopamine, and serotonin to improve focus and reduce inattention and disorganization in ADHD patients. As of March 31, 2017, Neurovance operates as a subsidiary of Otsuka America, Inc., and has received venture capital funding from various investors, including Novartis Venture Fund and the State of Wisconsin Investment Board.

NeuWave Medical

Series B in 2012
NeuWave Medical, founded in 2004 and headquartered in Madison, Wisconsin, specializes in the development of energy-based minimally invasive medical devices designed to treat various serious medical conditions. The company's founders, both engineers and physician-scientists, leverage their expertise to identify clinical needs and create effective solutions that prioritize safety and efficacy. NeuWave Medical aims to produce high-quality devices that are preferred by leading physicians and medical centers globally.

Euthymics Bioscience

Series A in 2010
Euthymics Bioscience, Inc. is a clinical-stage biopharmaceutical company based in Cambridge, Massachusetts, focused on developing innovative treatments for central nervous system disorders. Established in 2009, the company is dedicated to addressing significant unmet medical needs, particularly in major depressive disorder (MDD) and alcohol use disorder (AUD). Euthymics is advancing its lead product, EB-1010, aimed at improving treatment outcomes for patients with depression who do not respond adequately to standard therapies such as selective serotonin reuptake inhibitors (SSRIs). This treatment seeks to enhance efficacy while minimizing common side effects associated with traditional antidepressants, including weight gain and sexual dysfunction. Additionally, Euthymics is exploring therapeutic options for smoking cessation and impulsivity, targeting withdrawal symptoms and cravings in affected individuals.

Mithridion

Series B in 2009
Mithridion, Inc. is a biopharmaceutical company based in Madison, Wisconsin, that specializes in discovering and developing small molecule drugs aimed at addressing unmet medical needs associated with central nervous system disorders. Founded in 2004, the company focuses primarily on serious chronic neurodegenerative diseases, including Alzheimer's disease and schizophrenia. Its drug portfolio features candidates designed for treating cognitive impairments and blocking disease processes in conditions such as Progressive Supranuclear Palsy. Notable projects include MCD-386CR, which targets neurodegenerative diseases, and MCD-386/glycopyrrolate, aimed at preventing Alzheimer's in genetically defined presymptomatic mutation carriers. Additionally, the company is developing MI-08-016/035 for common neurodegenerative diseases and MI-10-022 to address significant unmet needs in schizophrenia.

Caden Biosciences

Series A in 2006
Caden Biosciences is a life sciences tools and services company focuses on G-protein coupled receptors (GPCRs).

Pinstripe

Series A in 2005
Pinstripe is a top RPO provider with global reach and high customer satisfaction as recognized by HRO Today’s Baker’s Dozen. They serve world-class organizations in financial services, healthcare, pharmaceuticals, technology, advanced manufacturing, biotech, telecommunications and energy.

OpGen

Series B in 2005
OpGen, Inc. is a precision medicine company focused on developing molecular diagnostics and informatics to address infectious diseases. Headquartered in Gaithersburg, Maryland, OpGen offers a range of products designed to provide clinicians with rapid and actionable information regarding life-threatening infections, ultimately aiming to enhance patient outcomes and reduce the spread of multidrug-resistant organisms (MDROs). Its key offerings include the Acuitas AMR Gene Panel, which detects bacterial nucleic acids and genetic markers of antimicrobial resistance, and the QuickFISH and PNA FISH products for pathogen identification in blood cultures. Additionally, OpGen provides the Acuitas Lighthouse informatics system, a cloud-based platform that integrates clinical lab results with patient and hospital data to support the management of antimicrobial-resistant infections. The company collaborates with the New York State Department of Health to develop solutions for detecting and tracking such infections in healthcare settings. Established in 2001, OpGen continues to innovate in addressing the critical challenge of antibiotic resistance through its advanced molecular microbiology solutions.

Zystor

Series A in 2004
ZyStor Therapeutics, Inc. is a privately-held biotechnology company focused on developing enzyme replacement therapies for lysosomal storage diseases. The company specializes in creating innovative replacement technologies that enhance the delivery of therapeutics designed to substitute for missing lysosomal enzymes. These therapies aim to address the needs of patients suffering from genetic disorders characterized by lysosomal storage dysfunction.

Roche NimbleGen

Series D in 2003
Roche NimbleGen specializes in providing a range of products and services for the life science research market, particularly in DNA sequencing and microarray technology. The company offers the SeqCap EZ system, which allows for exome enrichment in a single test tube, along with various design options and reagents to facilitate workflow. Additionally, Roche NimbleGen has developed the SeqCap Epi system for DNA methylation assessment at single-base resolution, and it supplies preparation and adapter kits for library construction. Their proprietary Maskless Array Synthesis technology enables the creation of custom high-density DNA arrays, enhancing the quality and data yield of sequencing efforts. The company also provides a suite of DNA microarray products for applications such as comparative genomic hybridization and gene expression analysis, alongside technical support services. Founded in 1999 and based in Madison, Wisconsin, Roche NimbleGen operates as a subsidiary of Roche Holding AG.

Roche NimbleGen

Series B in 2001
Roche NimbleGen specializes in providing a range of products and services for the life science research market, particularly in DNA sequencing and microarray technology. The company offers the SeqCap EZ system, which allows for exome enrichment in a single test tube, along with various design options and reagents to facilitate workflow. Additionally, Roche NimbleGen has developed the SeqCap Epi system for DNA methylation assessment at single-base resolution, and it supplies preparation and adapter kits for library construction. Their proprietary Maskless Array Synthesis technology enables the creation of custom high-density DNA arrays, enhancing the quality and data yield of sequencing efforts. The company also provides a suite of DNA microarray products for applications such as comparative genomic hybridization and gene expression analysis, alongside technical support services. Founded in 1999 and based in Madison, Wisconsin, Roche NimbleGen operates as a subsidiary of Roche Holding AG.

Cardiac Pathways Corp

Venture Round in 2000
Cardiac Pathways Corp manufactures minimally-invasive systems used by electrophysiologists to diagnose and treat cardiac tachyarrhythmia (abnormally rapid heart rhythms), which if untreated can cause palpitations, fainting, and sudden cardiac arrest. Cardiac Pathways' products consist principally of systems for performing ablation treatment (a nonsurgical, minimally-invasive technique for neutralizing heart tissue responsible for starting or maintaining a tachyarrhythmia) and for diagnostic mapping (locating the source of the tachyarrhythmia within the heart). Cardiac Pathways was issued a U.S. patent related to its Real-time Position Management Tracking System. Founded in 1991, Cardiac Pathways is based in Sunnyvale, California. As of August 6, 2001, it was acquired by Boston Scientific Corporation.
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