Read the full article from the Wisconsin State Journal here. By Judy Newman.


HealthX Ventures, a new venture capital fund aimed at investing in health technology startups, has finalized its first fund at more than $20 million.

The fund was founded in early 2015 by Mark Bakken, co-founder and former CEO of Nordic Consulting, one of the nation’s largest consulting firms that works with clients ofEpic Systems Corp., the mammoth electronic medical records company based in Verona.

HealthX, with offices at 111 N. Fairchild St., has obtained commitments from about 75 investors, mostly from Wisconsin, but some from as far as the San Francisco area, Dallas and Colorado, said partner Dan Blake. He declined to identify individual investors but said Bakken is a “large investor” in the fund and the other four members of the investment team are participants, as well.

Blake said HealthX expects to put its money in 10 to 12 young companies, in some cases, even before they have paying customers. “We really want to come in early and work closely with the company,” he said.

So far, HealthX has made investments in five startups:

Redox, Madison, whose technology helps software companies interact with electronic health records

EnsoData, Madison, whose software analyzes sleep data and automates diagnosis of sleep apnea

Moving Analytics, San Francisco, with digital solutions for heart patient care and rehabilitation

HealthiPASS, Naperville, Illinois, with a quick patient payment system

Epharmix, St. Louis, with technology to automate patient monitoring and care

“Our fund supports companies solving hard problems that will not only lower the cost of healthcare but also improve the lives of clinicians, patients, and their families,” Bakken, HealthX managing partner, said in a statement.

Blake declined to say how much HealthX has invested in each of the companies, though previous reports indicated EnsoData received $550,000 from the fund.

Blake said HealthX has received a lot of queries from startups around the U.S. “Something we’re pleased by is the number of inbound companies interested in talking to us … They know what’s going on in Madison,” he said.

Blake said HealthX expects to invest the majority of its fund within the next three to four years. About one-fourth of the $20 million has been invested so far, he said.