Startup Portfolio

More than 125 companies created since 1993

Business Markets

We’re currently working with approximately 70 active startups whose business markets include:

WARF Startup Portfolio Stats

WARF holds equity in more than 30 of these companies, and more than 50 are located in Wisconsin. Some of these companies have achieved IPO status as publicly traded companies and have been acquired by large, well-established companies, such as Roche, Johnson & Johnson and Hologic.

Successful Exits

NeuWave Medical

Fast, minimally invasive and highly effective soft tissue ablation system

Acquired by Ethicon in 2016

Cellular Dynamics International

Fully functioning human cells in industrial quantities

IPO preceded acquisition 
Acquired by Fujifilm in 2015


Precise cancer treatment system

IPO preceded acquisition 
Acquired by Accuray in 2011

NimbleGen Inc.

DNA microarrays, consumables and instruments

Acquired by Roche in 2007

Mirus Bio

Innovative nucleic acid research reagents

Acquired by Roche in 2008

LifeGen Technologies LLC

Gene expression profiling as it relates to the aging process

Acquired by Nu Skin Enterprises Inc. in 2011

Third Wave Technologies

Molecular diagnostics for DNA and RNA analysis applications

Acquired by Hologic in 2008


LEAP™ microscope for 3-D structure and composition analysis at the nanoscale

Acquired by Ametek in 2010

Soft Switching Technologies

Protection against voltage sags and momentary outages

Acquired by Rockwell Automation in 2012

Stratatech Corporation

Skin regeneration and repair products for therapeutic use

Acquired by Mallinckrodt Pharmaceuticals in 2016

Virent Inc.

Platform that converts soluble biomass-derived sugars into gasoline, diesel and more

Acquired by TESORO in 2016

Lactic Solutions LLC

Developing genetically modified lactic acid bacteria products specifically for the biofuels industry.

Acquired by Lallemand in 2017
Active Startup

Pan Genome Systems

Animal health vaccines and diagnostics

Ab E Discovery

Antibiotic-free strategy to promote natural immune functioning in animal agriculture


Rapid, sensitive tests for the detection of botulinum neurotoxins (BoNT)

Scarab Genomics

Clean Genome® Multiple Deletion Series (MDS) E. coli

Clean Technology


Unconventional yeasts for production of second generation biofuel precursors from existing feedstocks

Glucan Biorenewables

Economical biomass conversion


Organosilicon compounds for energy storage devices, especially electrolytes for lithium-ion batteries


Electrochemical water treatment


Chemical-free water treatment systems

High Tech

SciArt LLC

High-performance design analysis and next-generation topology optimization


Algorithms and accelerators for continuous sensory processing in smartphones

C-Motive Technologies

The world's lightest, most powerful non-rare earth electric motors and non-contact power transfer devices

PhaseTech Spectroscopy

Cutting-edge femtosecond spectroscopy solutions

SonoPlot, Inc.

Microplotter for printing materials for printed electronics and biological spotting

Microfabrication technologies that replace conventional switches and connectors


High volume production microscale additive manufacturing platform


Micro-machined sensors and actuators for semiconductor, nanotechnology and other applications


Piezo stages, nanopositioners and nanopositioning systems for nanoscale research and manufacturing


Reliable, rugged and efficient laser and electro-optical systems for defense and security applications

Medical Devices

Asto CT

Safe, high-quality CT imaging for horses


Digital Intern® that manages complex patients with adaptive algorithms that respond to the patient's physiology

Medical Engineering Innovations

More effective tools for liver surgery and localized cancer treatment by heat

Stimwave Technologies

Minimally invasive wireless therapy for chronic low back and leg pain


Breath-based biomarkers that provide an early, pre-symptomatic warning of a developing severe infection

Swallow Solutions

SwallowSTRONG device that helps patients swallow stronger and safer

Shine Medical Technologies

Safe, clean, affordable production of medical tracers and cancer treatment elements

Tissue Regeneration Systems

Skeletal reconstruction and bone regeneration technology


BrainPort® V100, an oral electronic vision aid for profoundly blind individuals

Medical Imaging


MRI phantoms for quantitative imaging


Tools for real-time MR guided neurotherapy

Research Tools

Salus Discovery

Microfluidic devices for improved sample preparation

Prospero BioSciences

High mass molecule spectrometry detector with 15-fold better resolution

Platypus Technologies

Sensors for industrial hygiene, environmental monitoring and research and cell-based assay systems for life science research


Custom monoclonal antibodies for research, diagnostics and therapeutics

Stem Cells

Brain Xell

Highly enriched neuronal and glial cells

Stem Pharm

Advanced biomaterials for stem cell discovery and therapy


Therapies based on pluripotent stem cells

Regenerative Patch Technologies

New treatments with stem cell innovations


Mesenchymal stem cells (MSCs) for therapeutic use

Stemina Biomarker Discovery

Metabolomic technologies to understand cell biology in both health and disease

ArunA Biomedical

Stem cell research tools


CHESS Health

Ongoing mobile support and relapse prevention for people recovering from alcohol-use disorders

Supportive Therapeutics

Medicines to reduce the serious side effects of cancer treatments

Madison Vaccines Inc.

DNA vaccines intended to treat prostate cancer at crucial stages in the disease

AhR Pharmaceuticals

Therapeutic agent with reduced side effects for cancer and other diseases


Using gene therapy to cure Type I diabetes

Longevity Biotech

Therapeutic compounds that combine the targeting abilities of biologics with the stability of small molecules

NEONC Technologies

Non-invasive cancer therapies


Influenza vaccines


Precision therapies for advanced forms of cancer

Bridge to Life

Flushing and cold-storage solutions for organ transplants of the liver, kidney and pancreas


Novel treatments for diseases of the brain and nervous system

Deltanoid Pharmaceuticals

Treatments for renal disease, osteoporosis, skin disease and more

ProCertus BioPharm Inc.

Pharmaceutical products that protect cancer patients against chemotherapy and radiotherapy