HealthX Ventures Research
Investment Thesis
HealthX Ventures is a digital-health-focused seed-stage venture firm based in Madison, Wisconsin, close to Epic Systems' headquarters. It backs entrepreneurs building easy-to-use, cost-effective, scalable solutions that make healthcare more accessible, more efficient and more affordable. Its Focus page cites the Institute of Medicine estimate that $750 billion is wasted in US healthcare every year and says it wants to work with teams intent on shrinking that number. It targets digital health solutions that can scale quickly and solve a big problem in an industry actively seeking solutions.
Stage Focus
The firm describes itself as a seed-stage fund that partners with entrepreneurs early, as they start growing the venture. It participates in priced equity rounds. Its stated early milestone is helping companies reach about $100,000 in monthly recurring revenue through customer introductions and revenue modeling. Third-party aggregators describe its activity as predominantly seed.
Check Size
The website does not state a check size. A 2016 Healthcare IT News report said the firm raised a $20 million fund to invest in early-stage startups, which implies small seed checks. No check size range is set in the profile because none is verified.
Lead Tendency
The Focus page says HealthX generally takes the lead in a portfolio company's funding round and helps founders build syndicates with other interested investors. It usually holds a board seat.
Recent Activity
- Vinyl Health (ambient clinical AI) appears on the portfolio page and PitchBook lists a latest investment dated 20 October 2026.
- KeyCare, an Epic-based virtual care platform, raised $20.9M in March 2026 (Axios).
- Empathy Health (Sober Sidekick) raised $7.6M in December 2025 (Axios).
- Cylerity increased its credit line to $24M in October 2025 (Axios).
- Peerbridge Health announced a $7M round in September 2025 and received FDA clearance for Cor MDx in September 2026.
- Geno.Me, an exited portfolio company, was acquired by a Boston company in March 2026.
- Recognition: TIME's America's Top Venture Capital Firms of 2026 (August 2026) and Inc's Founder-Friendly Investors 2025.
The firm is actively investing; fund size and vintage beyond the 2016 $20M fund are not stated on its site.
Portfolio Highlights
The portfolio page lists about 36 current companies. Notable names include Medable (decentralized clinical trials), Redox (EHR interoperability), CancerIQ (cancer risk and prevention platform, named to TIME's 2025 and 2026 HealthTech lists), Orbita (healthcare conversational AI), InsightRX (precision dosing, over 1,000 hospital deployments), EnsoData (sleep diagnostics AI), Outcomes4Me, KeyCare, Root, Minset (agentic AI for revenue cycle), Peerbridge Health (AI ambulatory ECG) and Dyania Health (clinical trial matching). An exits section shows twelve logos, but the captions are not legible, so no exit names were taken from the logos. News coverage confirms Geno.Me was acquired.
Team
- Mark Bakken, Managing Partner
- Samantha McGrandy, Chief Financial Officer
- Darcey Nett, Partner
- Brian Lindstrom, Partner
- Laura Hilty, Principal
- Shannon Flaherty, VP, Operations & Compliance
- Alexis Johnson, Chief of Staff
- Kayla Liederbach, Fractional Head of Marketing
- Emma Merrick, Associate
The site describes the team as seasoned entrepreneurs and investors who provide operational support, deep industry knowledge and executive networking. Mark Bakken was named to the In Business Madison Power 100 list in 2025.
Decision Process
Not stated publicly. The structure (managing partner, two partners, a principal and an associate) suggests a partnership decision process. This is an inference, not a stated fact.
Founder Preferences
A strong founding team with varied skills covering technical expertise, sales and operational experience in senior leadership, plus some healthcare experience in senior management. The firm will help identify other key hires. It helps with introductions to health system customers, team building and operations advice. It has an established network of providers, payers, employers and life science dealmakers.
Geographic Focus
Based in Madison, WI, with portfolio companies across the US (Wisconsin, New York, Brooklyn, and others). The website states no geographic restriction.
Gaps
No stated check size, AUM, current fund size, decision timeline, or warm-intro requirement. Portfolio domains were not on the page and are left null.