The firm also announces first five portfolio investments

Read the JSOnline story here.

Read the release via WisBusiness here.

Read the Xconomy story here.

HealthX Ventures, a Wisconsin-based venture capital fund focused on investing in software businesses that solve cost, quality and access issues in the healthcare industry, announced Sunday the final closing of its first fund (“HealthX Ventures Fund I, L.P.”). The fund, which was oversubscribed, achieved more than $20 million in capital commitments from leading limited partners across the U.S.

“We appreciate and are thankful for the support of our investors who see the potential that innovation can have in the healthcare industry,” said Mark Bakken, the firm’s founder and managing partner. “There are enormous opportunities for using technology to improve how healthcare is delivered and paid for. 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.”

HealthX Ventures has so far made five investments from the fund:

  • Redox, a Madison-based company, helps software applications easily and securely interoperate with electronic health records (EHRs) by connecting to existing health system infrastructure (
  • EnsoData, another Madison company, provides machine learning enabled software-as-a-service to create actionable, clinical insights from the ever-growing amount of data being collected by medical devices and clinicians (
  • Moving Analytics, a San Francisco-based company focused on digital solutions for patient rehab programs (
  • HealthiPASS, a Chicago company, offers an innovative patient check-in and patient payments solution, delivering transparency in an opaque billing environment (
  • Epharmix, a St. Louis company, helps clinicians care for and monitor the sickest 20 percent of their patient population through disease-specific interventions (

HealthX Ventures, based near other fast-growing health technology companies and the University of Wisconsin-Madison, has expanded its investment team to five members, all of whom have unique investment and healthcare experience.

“Physicians, nurses, therapists, and other clinicians are experiencing enormous new pressures ranging from payment reform, changing regulations, and consumerism of healthcare,” said Dr. Frank Byrne, HealthX Ventures Senior Executive Advisor and former head of two hospitals. “The industry is more and more accepting of technology tools that make the day-to-day lives of caregivers better, make their work more fulfilling, and improve their ability to meet the needs of the people they are dedicated to serving.”

HealthX Ventures is actively investing out of the fund. The firm targets companies that are early in their life cycle and typically participates in the first rounds of funding. Entrepreneurs can expect active support from the HealthX Ventures team, including assistance in product development, go-to market strategy and connections across the healthcare industry.
Bakken, a serial entrepreneur who previously founded Nordic, the world’s largest Epic consulting firm, said a support structure, including capital partners, is important to the growth and success of companies in health technology.

“We’re seeing hundreds of investment opportunities and hearing from providers of their pressing need for solutions to address their ongoing care challenges,” Bakken said. “HealthX Ventures can help connect those networks and hopes to bring value to the future of healthcare.”

About HealthX Ventures
HealthX Ventures ( is a digital healthcare-focused venture capital fund based in Madison, Wisconsin. HealthX Ventures supports early/seed stage, high-growth companies in all areas of digital health, including companies who are making healthcare safer, more efficient and more affordable. The firm is investing out of its flagship fund, and is led by experienced entrepreneurs, investors, and industry experts who have grown companies and led change across the healthcare system.