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The Venture Codex

WARF Ventures

614 Walnut St., 13th Floor, Madison, WI, 53726, United States

Overview

WARF) is the private, nonprofit patent and licensing organization for the University of Wisconsin–Madison, one of the world’s great research universities. WARF was founded in 1925 and is a pioneer and innovator among university-based technology transfer offices. WARF’s mission is to support, aid and encourage UW–Madison research by protecting its discoveries and licensing them to commercial partners for beneficial use in the real world. It is best known for commercializing groundbreaking vitamin D therapies, the revolutionary anticoagulant Coumadin®, innovative medical imaging and cancer radiation systems, and its patents for human embryonic stem cells.

Total investments
23
Lead investments
3
Investments · 12mo
4
Active investors
4

Sector focus

  • Non Profit
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Investment portfolio

  • Qolab

    Participated · Series B · Jul 2026

    Qolab develops a superconducting quantum computing platform aimed at utility-scale, fault-tolerant systems. The company combines physics and engineering expertise with strategic semiconductor partnerships to address manufacturing and scaling challenges. Qolab collaborates with Lawrence Berkeley National Laboratory through the Quantum Systems Accelerator and with researchers at UC Santa Barbara. The company is led by co-founder and CEO Alan Ho and co-founder and CTO Dr. John Martinis, who was awarded the 2025 Nobel Prize in Physics. Qolab is headquartered in Santa Barbara, California. Financially, Qolab recently completed a financing that brought total new funding and convertible conversions to $54.2 million to accelerate development and partnerships.

  • Flux XII

    Participated · Seed · Nov 2025

    Flux XII is a Madison-based energy storage company commercializing high-performance, tunable organic chemistries for aqueous flow batteries. Its technology platform integrates low-cost, abundant feedstocks into electrolytes and membranes that can be manufactured through simple industrial processes and deployed at megawatt scale by commercial hardware suppliers. The company claims its approach can cut the capital expenditures of flow battery systems by 50 % at the 100 MW scale, enabling economical long-duration storage to support data centers, electric vehicles and broader grid electrification. With the fresh seed capital, Flux XII has already scaled electrolyte and membrane production in industrial facilities and is testing multiple kilowatt-scale prototypes. In 2026 it plans to validate a minimum viable product module and design a containerized battery energy storage system, followed by pilot deployments with a utility-led consortium in 2027. Financially, the firm secured a $3.95 million seed round and had previously attracted non-dilutive and early backing from Activate Fellowship, Third Derivative, Gigascale Capital, The Collaborative Fund, Safar Partners and LiquidMetal Ventures. No revenue or user figures were disclosed, but investor interest underscores confidence in the company’s materials-integration strategy and cost-reduction potential.

  • Immuto Scientific

    Participated · Seed · Sep 2025

    Immuto Scientific is developing an AI-powered structural surfaceomics platform that integrates high-resolution proteomics, live-cell protein structural assessment, and advanced analytics to uncover novel, disease-specific surface protein conformations. By mapping these previously invisible epitopes, the company aims to generate highly selective drug targets, initially focusing on oncology but with plans to expand into immunology and inflammation. Immuto’s approach promises improved therapeutic indices by minimizing overlap with healthy tissue, thereby reducing toxicity. The platform has already identified targets across multiple tumor types, and the company is advancing its lead oncology program through in-vivo studies with the goal of entering IND-enabling work. In addition to building its internal pipeline, Immuto collaborates with pharmaceutical partners; its first partnership with Daiichi Sankyo will co-discover solid-tumor targets and develop antibodies against them. Backed by recent financing, the company will scale its discovery efforts and deepen its data-driven engine to fuel future therapeutics. No revenue or user metrics were disclosed in the articles.

  • Madison Scientific

    Led · Seed · Sep 2025

    MadSci (Madison Scientific) is developing the SmartShunt Hydrocephalus Management System, designed to integrate diagnostic and therapeutic functions for personalized hydrocephalus care. The SmartShunt System is a novel platform under development and is not yet authorized for use or available for sale in any country. Proceeds from the financing will accelerate product development, expand preclinical experience, and support team growth. Hydrocephalus affects at least one million children and adults in the U.S., and current treatments face high failure rates and diagnostic uncertainty, creating a significant unmet clinical need. Company leadership and investors cited strong confidence in MadSci’s technology and strategy to deliver improved solutions for patients and families. Madison Scientific is an early‑stage medical device company developing smart electro‑mechanical devices to improve treatment and long‑term care for patients with hydrocephalus and other neurologic conditions. Its lead product, the SmartShunt System, is designed to integrate diagnostic and therapeutic functions, and features a proprietary valve, an intracranial pressure (ICP) sensor, and advanced algorithms to optimize shunt drainage. The system aims to leverage ICP readings to reduce life‑threatening shunt failures and to enable on‑demand, personalized patient management. The SmartShunt is under development and is not yet authorized for use or available for sale in any country. Madison Scientific highlights the large addressable need — hydrocephalus affects roughly one million children and adults in the U.S. — and cites high failure rates for traditional shunts (nearly 40% within the first year).

  • Infleqtion

    Participated · Series C · Jun 2025

    Infleqtion builds a diversified portfolio of quantum technologies, including neutral-atom quantum computers, quantum optical clocks, RF receivers, inertial sensors, and the Superstaq quantum software platform. Its hardware and software are already in use by customers such as the U.S. Department of War, NASA, the U.K. government, and partners like NVIDIA. The company is expanding its government and commercial engagements, exemplified by multiple ARPA-E contracts aimed at tackling energy-related challenges. Under the new QC3 award, Infleqtion will employ its neutral-atom platform and a proprietary algorithm to search for novel high-temperature superconductors that could enable lossless power transmission. Parallel work under the ENCODE program applies quantum-enhanced methods to optimize the energy grid. Together, these projects position Infleqtion at the forefront of quantum applications in chemistry, materials science, and energy infrastructure. Although the article does not disclose revenue or user counts, the repeated selection for federal contracts highlights growing commercial traction and non-dilutive funding to support R&D.

Team