HealthX Ventures
HealthX Ventures is a Madison, WI-based venture capital firm investing pre-seed to Series A in digital health companies selling to providers, payers, employers, and pharma, leveraging proximity to Epic Systems and operator expertise to back 40+ portfolio companies.
- Company typePrivate
- Founded2015
- HeadquartersMadison, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What HealthX Ventures does
HealthX Ventures is a digital healthcare-focused venture capital firm founded in 2015 and headquartered at 551 W. Main St., Suite 200, Madison, Wisconsin. The firm invests in early-stage digital health companies from pre-seed through Series A, targeting entrepreneurs building solutions that sell into providers, payers, employers, and pharma/life sciences buyers. Its portfolio of 40+ companies spans virtual care (KeyCare), EHR integration (Redox), decentralized clinical trials (Medable), AI-powered clinical operations (Dyania Health, Minset, EnsoData, Cylerity), food insecurity (Bento), behavioral health (Sober Sidekick), precision prevention (CancerIQ), and consumer health (Amulet). HealthX positions itself operationally as a value-added investor: the 8-12 person team includes Managing Partner Mark Bakken, Partner Brian Lindstrom, newly promoted Partner Darcey Nett (June 2026), Principal Laura Hilty (ex-Epic Systems), CFO Samantha McGrandy, VP Operations & Compliance Shannon Flaherty, Executive Assistant Alexis Johnson, and Fractional Head of Marketing Kayla Liederbach.
The firm monetizes through the standard VC model: management fees on committed capital under management (typically ~2% annually) and carried interest (typically 20%) on successful portfolio exits. Deal flow is sourced through direct outreach, executive-level relationships, and warm introductions within the digital health ecosystem, supplemented by a digital-first marketing footprint (website, Insights blog, newsletter, Entrepreneur Resources page, Job Board). Differentiators emphasized by the firm include proximity to Epic Systems headquarters, deep operator experience on the investment team, and an established network across the healthcare buyer landscape. The firm has been recognized on Inc.'s Founder-Friendly Investors list in 2021 and 2025 and received a 2024 UW-Madison Entrepreneurial Achievement Award for Mark Bakken. HealthX is structured as HealthX Management, LLC, a privately held Wisconsin LLC with no disclosed parent company or institutional LP structure.
HealthX Ventures firmographics
Firmographics- Name
- HealthX Ventures
- Legal name
- HealthX Management, LLC
- Website
- https://healthxventures.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HealthX Ventures is a Madison, WI-based venture capital firm investing pre-seed to Series A in digital health companies selling to providers, payers, employers, and pharma, leveraging proximity to Epic Systems and operator expertise to back 40+ portfolio companies.
- Ownership category
- akta.pro rank
HealthX Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industry
- Healthcare & Life Sciences Growth Equity (FSANACAB)
Keywords
Where HealthX Ventures is headquartered
LocationHeadquarters
- HQ city
- Madison
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
HealthX Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Management Fees: VC firms typically charge management fees on committed capital under management, typically 2% annually on fund size.
- Carried Interest: Performance-based carried interest (typically 20%) from successful portfolio company exits, representing the bulk of VC fund returns.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
HealthX Ventures product offering
Product offeringCore offering
HealthX Ventures is a digital healthcare-focused venture capital firm that invests in early-stage (pre-seed through Series A) digital health companies. The firm provides equity capital, operational support, deep industry knowledge, and executive-level networking to portfolio companies building solutions for providers, payers, employers, and pharma/life sciences sectors.
Product overview
HealthX Ventures is a digital healthcare-focused venture capital firm that invests in innovative companies making healthcare more accessible, efficient, and affordable. The firm does not offer its own product or service offering; instead, it provides capital, operational support, and industry expertise to portfolio companies operating in areas including virtual care platforms, EHR integration, clinical trial automation, revenue cycle management, food insecurity solutions, sleep diagnostics, cardiac rehabilitation, mental health support, and various other digital health technology segments.
Differentiator
Problem solved
Functional benefit
Products and services
- HealthX Ventures Venture Capital Fund
Companies that use HealthX Ventures
Customer profileNamed customers10 records
Segments2 records
Ideal customer profiles1 record
HealthX Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
HealthX Ventures partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Epic SystemscoreHealthX Ventures is strategically positioned near Epic Systems headquarters in Madison, WI, enabling portfolio companies to leverage Epic integrations and the broader healthcare technology ecosystem. Epic's presence attracts talent and creates networking opportunities.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
HealthX Ventures competitors and assessment
Company assessmentDirect peers
- Define Ventures: Define Ventures is an early-stage venture capital firm exclusively focused on digital health, investing across provider, payer, and consumer health categories. Like HealthX, Define centers its thesis on backing founders building enterprise healthcare technology and serves a comparable founder profile.
- LRVHealth: LRVHealth is a digital health-focused venture capital firm investing at the intersection of healthcare providers, payers, and technology vendors. It co-invested alongside HealthX in KeyCare, making it a directly comparable peer in stage, vertical focus, and syndicate participation.
- Echo Health Ventures: Echo Health Ventures is a strategic venture capital partnership formed by Cambia Health Solutions and Mosaic Health Solutions, investing in early- and growth-stage digital health companies. It is a directly comparable peer in vertical focus and payer-strategic orientation.
- Flare Capital Partners: Flare Capital Partners is a Boston-based venture capital firm focused exclusively on early-stage digital health companies serving providers, payers, and life sciences. It is a directly comparable peer in stage, sector focus, and portfolio construction approach.
- 8VC: 8VC is a multi-stage venture capital firm with a strong digital health and health IT practice. It co-invested with HealthX in KeyCare and shares HealthX’s orientation toward early-stage enterprise healthcare bets, making it a directly comparable peer in deal type and stage.
- Wavemaker Three-Sixty Health: Wavemaker Three-Sixty Health is a Southern California-based early-stage venture capital firm focused exclusively on digital health. It is a directly comparable peer in fund size, stage focus, and vertical specialization in healthcare technology.
Broad incumbents
- Andreessen Horowitz (a16z Bio + Health): a16z operates dedicated Bio/Health funds investing across digital health, biotech, and care delivery from seed to growth. It is a broad incumbent competing for the same digital health entrepreneurs that HealthX targets, though with materially larger fund sizes.
- Optum Ventures: Optum Ventures is the corporate venture arm of UnitedHealth Group focused on early- and growth-stage digital health companies. It is a comparable peer in vertical focus but operates with significantly larger fund capacity and strategic LP backing, positioning it as a broad incumbent in the category.
- Khosla Ventures: Khosla Ventures is a large venture capital firm with a longstanding healthcare practice spanning digital health, diagnostics, and biotech. It competes for early-stage digital health deals alongside HealthX but operates across multiple sectors at much greater scale.
- General Catalyst: General Catalyst is a large multi-stage venture capital firm with a dedicated healthcare practice that invests across digital health, biotech, and care delivery. While substantially larger and broader than HealthX, it competes for many of the same early-stage digital health deals.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
HealthX Ventures social profiles
Digital presenceHealthX Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
HealthX Ventures leadership team
Management profileNumber of profiles
Profiles8 records
HealthX Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HealthX Ventures M&A and investment
M&A and investmentM&A
Investments58 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HealthX Ventures
What does HealthX Ventures do?
HealthX Ventures is a digital healthcare-focused venture capital firm that invests in early-stage (pre-seed through Series A) digital health companies. The firm provides equity capital, operational support, deep industry knowledge, and executive-level networking to portfolio companies building solutions for providers, payers, employers, and pharma/life sciences sectors.
Is HealthX Ventures a public or private company?
HealthX Ventures is a private company. It is classified as management employee owned and is currently operating.
When was HealthX Ventures founded?
HealthX Ventures was founded in 2015. It employs 11 to 50 people.
Where is HealthX Ventures based?
HealthX Ventures is headquartered in Madison, United States, in the North America region.
How does HealthX Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are HealthX Ventures's main competitors?
Direct peers on record are Define Ventures, LRVHealth, Echo Health Ventures, Flare Capital Partners, 8VC and Wavemaker Three-Sixty Health. Broad incumbents are Andreessen Horowitz (a16z Bio + Health), Optum Ventures, Khosla Ventures and General Catalyst.
Does HealthX Ventures have an API?
No public API is recorded for HealthX Ventures.
What industry is HealthX Ventures in?
HealthX Ventures's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSANACAB, Healthcare & Life Sciences Growth Equity. Its NAICS code is 523940 and its SIC code is 6282.