In 2022, early-stage companies in Wisconsin raised more than $640 million, the second-highest investment total on the books, according to a report by the Wisconsin Technology Council.

The Tech Council indicated that the $640 million came from 107 deals, with the largest coming from Fetch ($240 million), SHINE Medical Technologies and Elephas Biosciences.

“Following the boom-year of 2021, we were not sure how investors would react, especially with the uncertainty being caused by inflation and the Federal Reserve’s response,” Wisconsin Tech Council Investor Networks Director Joe Kremer. “But most trend lines remain on a steady upward climb. It is worth highlighting that half of the raises were less than $1 million, which signals small investors are staying active in the market.”

Among the deals, 32 of them saw participation from a total of 76 out-of-state investors.

Wisconsin early-stage companies raised $640,217,800 in 2022.