Mirroring the national trend of venture capital deal-flow softening after a record year in 2021, Wisconsin companies had a strong first quarter in terms of venture capital financings but raised fewer VC dollars than in the same quarter last year.

Wisconsin companies raised $59 million across 25 venture capital deals in the first quarter, compared with $293 million across the same number of deals in same period in 2021 and $37 million across 30 deals in the first quarter of 2020, according to data from PitchBook Data Inc. and the National Venture Capital Association (NVCA).

Delafield-based artificial intelligence data company Synthetaic closed the largest VC deal in the state last quarter, raising $13 million. It was followed by Milwaukee software consulting firm Penrod Inc., which raised $8 million and Green Bay’s online chemical marketplace firm ChemDirect, which raised $6.59 million.

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