Original article from the Wisconsin State Journal. By Judy Newman.
Three Madison startups have landed cash, two of them in the health IT (information technology) field.
Meanwhile, Monona-based SHINE has lined up office space in downtown Janesville, close to its future moly-99 plant, and gener8tor has an agreement to work with the University of Minnesota to boost campus-related startups there.
Catalyze, HealthMyne and BDS Mobile are the latest young companies to announce they have added to their coffers.
Catalyze has received $6.5 million from venture capital firms.
Catalyze deals with cloud computing for the health care industry, offering services such as storing records and facilitating communication between health electronic records system providers—like Verona-based Epic Systems Corp. — and other digital health companies.
The new funding will help Catalyze develop products and services to help hospitals, insurance companies and pharmaceutical companies get more data so they can analyze the effectiveness of the health care their customers receive, said Catalyze vice president of marketing Kris Gosser.
“The market is rapidly changing for all these enterprises, and making data more useful and actionable is a big deal,” said Travis Good, Catalyze CEO and chief privacy officer.
Catalyze has about 30 employees, more than half at its offices in the 316 Building, 316 W. Washington Ave.
“We are planning to grow the team,” said Gosser, but said specific numbers have not been determined yet.
Catalyze has received more than $12.5 million from investors. Lewis & Clark Ventures, St. Louis, led the latest funding round, and past investors — Arthur Ventures, Fargo, North Dakota; Baird Capital, Chicago; and Chicago Ventures — took part, as well.
HealthMyne brought in $6.9 million, part of a planned $8 million funding round. The Wisconsin Alumni Research Foundation is the latest participant along with past investors, including Venture Investors and 4490 Ventures, both of Madison.
HealthMyne’s technology collects data from tumor images to help radiologists identify and track cancerous tumors. Already cleared by the U.S. Food and Drug Administration, the company’s products are being piloted at UW-Health, Madison and the Moffitt Cancer Center in Tampa, Florida.
The new funding will let HealthMyne bring its Quantitative Imaging Decision Support platform to the commercial market, Praveen Sinha, co-founder and vice president-business development, said.
It brings total funding for HealthMyne, at 918 Deming Way, to $12.2 million. The company has 25 employees.
BDS Mobile has raised $685,000 from family and friends, led by Badger Tech Investors, raising its total funding to nearly $2 million.
BDS Mobile, formerly called Bad Donkey Social Co., has developed an emoji mobile messaging platform.
SHINE to move offices
to downtown Janesville
SHINE Medical Technologies will shift its headquarters from Monona to downtown Janesville before the end of 2016.
SHINE will take over the top floor of Janesville’s Prospect 101 building, about six miles north of the plant the company is building near the Southern Wisconsin Regional Airport in Janesville.
SHINE will produce molybdenum-99, which decays into technetium-99m, an isotope used in millions of medical procedures in the U.S. each year — mainly stress tests to diagnose heart disease and bone scans to check for cancer.
As of February, when SHINE got the OK from U.S. Nuclear Regulatory Commission to build the factory, the company had 25 employees. It is expected to grow to more than 60 workers in 2017, the company said, and will employ 150 when the plant is running.