In 2023, early-stage companies in Wisconsin raised $490.2 million, which is the third-highest in state history, according to a report by the Wisconsin Technology Council.

According to a release, the funds came from 107 deals, with the largest deals coming from VBA Software, SHINE Technologies, Bend Health and Type One Energy, which accounted for nearly $285 million.

“Wisconsin continues to attract more angel and venture capital, including a rising share of money from outside the state, but more work must be done to recognize the state’s full potential,” Wisconsin Technology Council President Tom Still said in a statement. “The recent deployment of the Wisconsin Investment Fund, which is half private dollars and half federal money will help, but we need to do more to keep pace with our Midwest neighbors.”

Among the deals, 73 out-of-state investors took part in 27 of the 107 rounds.

Wisconsin early-stage companies raised $640.2 million in 2022.

Click here to view the entire report.