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The Venture Codex

HealthX Ventures

551 W Main St Suite 200, Madison, WI, 53703, United States

Overview

HealthX Ventures is a digital healthcare-focused venture capital firm. They invest in innovative companies making healthcare safer, more efficient, and more affordable by delivering easy-to-use, cost-effective, and scalable solutions to the market.

Total investments
32
Lead investments
14
Investments · 12mo
3
Active investors
5

Sector focus

  • Developer APIs
  • Health Care
  • Health Diagnostics
  • Information Technology
  • Medical Device
  • mHealth
  • Nutrition
  • Pharmaceutical
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Investment portfolio

  • KeyCare

    Led · Equity · Mar 2026

    KeyCare is a Chicago-based national virtual care organization built on the Epic electronic health record platform. Its technology integrates directly into existing clinical workflows and data infrastructure, enabling health systems to offer virtual visits that are coordinated with in-person care. By embedding into Epic, KeyCare helps providers maintain continuity of records, scheduling, and billing while giving patients a seamless telehealth experience. The company focuses on improving patient and clinician satisfaction through streamlined virtual encounters and robust data sharing. With new capital, KeyCare plans to deepen its investment in AI-enabled capabilities, enhance its platform features, and scale operational capacity to meet rising demand from health-system partners. To date, the company has raised more than $55 million.

  • Empathy Health Technologies

    Led · Equity · Dec 2025

    Empathy Health Technologies is the company behind Sober Sidekick, a free mobile application that connects individuals battling substance-use disorders with a 24/7 peer community, daily motivation, professional help and on-demand AA meetings. The app encourages users to both give and receive supportive messages and leverages an “empathy algorithm” that analyzes behavioral and language patterns to predict relapse risk, automatically triggering outreach when danger signs surface. Sober Sidekick has been downloaded nearly 1.1 million times, serves more than 145,000 monthly active users and has facilitated over 2 million peer interactions; an independent analysis found that five interactions on the platform correlate with a 68 % lower likelihood of relapse. While anyone can download the app for free, the company also signs value-based contracts with commercial and public payers. Revenue details were not disclosed, but Empathy Health intends to build a continuous-care infrastructure that shifts reimbursement from crisis response to relapse prevention. With its newest capital, the firm plans to deepen payer partnerships, enhance its predictive technology, and expand member-support operations, including data-science capacity and care-navigation infrastructure. Founded by CEO Chris Thompson, who drew on his own recovery experience, the company ultimately aims to redefine success in substance-use care by measuring sustained relapse prevention rather than episodic treatment.

  • Cylerity

    Led · Seed · Oct 2025

    Cylerity applies artificial intelligence and machine-learning models to analyze healthcare insurance claims, predict reimbursement amounts, and instantly advance capital to providers. By shortening the months-long payment cycle to less than a day, the platform eases providers’ cash-flow constraints and lets them focus on patient care rather than collections. Its technology incorporates real-time receivables valuation and anomaly detection to price risk and identify underpayments. The company monetizes by charging a fee on the funds it advances, positioning itself as a financial intermediary rather than a traditional lender. Customer testimonials highlight its role in stabilizing payroll and supply costs during the pandemic. With fresh funding, Cylerity intends to grow its engineering and data-science teams and broaden partnerships with provider networks nationwide. The business is currently backed by several healthcare-focused and regional venture firms and has secured a dedicated debt facility to scale transaction volumes.

  • Allergy Amulet

    Led · Series A · Aug 2024

    Amulet builds portable sensors that provide rapid, on-site molecular detection for food allergens, toxins, and other environmental contaminants through a consumer wearable (Allergy Amulet) and a commercial detection platform (Amulet Scientific). The company plans to scale its team, expand its detection portfolio, and execute a full product launch to serve a growing waitlist. Since its 2020 seed round, Amulet has secured grant funding from the National Institutes of Health and the U.S. Department of Agriculture. Recent strategic hires include Michelle Wu (Head of Product) and Barkley Jenny (VP of Product) to support commercialization and product development. Amulet also recently became a benefit corporation, reflecting its mission-driven approach to improving food safety for individuals and businesses. The technology targets both consumer needs (people managing food allergies and intolerances) and commercial customers (restaurants, suppliers, and manufacturers) to reduce allergen exposure, contamination-related recalls, and associated health impacts. Allergy Amulet builds a consumer food-allergen detection platform centered on a thumb-sized reader (the "Amulet") paired with a disposable sampler. The device pairs molecularly imprinted polymer (MIP) technology with an electrochemical system to detect common allergenic ingredients in seconds. Its sleek, portable design supports everyday carry (keychain, necklace, wristband) and an optional mobile app to store and share results. Allergy Amulet closed additional Seed funding that brought the round to $4.1 million and previously raised an initial Seed led by a joint venture between Microsoft and the Green Bay Packers. The new capital will be used to accelerate manufacturing, expand product offerings to cover more allergens, grow the team, and educate consumers. The company positions the Amulet as an additional tool for individuals, parents, and businesses to better manage food allergies and reduce reliance on strict avoidance and emergency treatment. Allergy Amulet has developed a small, fast consumer food allergen sensor consisting of a USB-sized reader and disposable test strips housing proprietary sensor chips. The patented, portable technology is designed to fit on a keychain, necklace, wristband, or in a pocket and the company’s case also accommodates epinephrine and antihistamines. The company holds one issued U.S. patent with multiple applications and reports a waitlist with thousands of individuals signed up for an early beta release. Allergy Amulet plans to use new funding to manufacture beta units, launch pre-orders, expand product offerings to cover more allergens, grow its team, add additional restaurant and company partners, and educate consumers about food allergen management tools. The company is led by Co-founder and CEO Abigail Barnes and Co-founder and Scientific Advisor Dr. Joseph BelBruno. Pre-sales were slated for Fall 2020 with a broader launch planned for Fall 2021. Allergy Amulet develops a rapid, portable, point-of-consumption food allergen detection device that connects to a patent-pending disposable test strip. The device enables mobile measurements to help individuals avoid ingesting target allergens. It can be configured as a wearable (for example, a necklace) or integrated into everyday products (for example, an EpiPen). Led by CEO Abigail Barnes and based in Madison, WI, the company plans to begin beta testing of its prototype. Allergy Amulet raised $1.1M in seed funding to grow the team and accelerate product development. Investors in the round include Colle Capital, Bulldog Innovation Group, Foley Ventures, Gopher Angels, Mendota Venture Capital and the Wisconsin Medical Society Foundation.

  • Amulet

    Led · Series A · Aug 2024

    Amulet develops portable, on-site molecular detection sensors for identifying food allergens and environmental contaminants. The company offers a consumer-facing product under the Allergy Amulet™ brand, including a signature wearable for testing food on the go, and a commercial detection platform under Amulet Scientific™ for restaurants, suppliers, and manufacturers. Led by CEO and Founder Abigail Barnes and based in Madison, WI, Amulet positions its technology for both individual users and food-industry customers. The company plans to scale its team, expand its detection portfolio, and execute a full product launch to serve a growing waitlist. Its current financial update is a $6M Series A funding round announced in December 2024. No operating metrics (revenue or users) were disclosed in the article.

Team

  • Mark Bakken

    Founder, Managing Director

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  • Brian Lindstrom

    Operating Partner

  • Joel Martin

    Partner

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  • Alexis Johnson

    Executive Assistant / Office Manager

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