# State of Wisconsin Investment Board

> State of Wisconsin Investment Board is a VC fund backing Health Care. See 34 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Madison, United States
- Total investments: 34
- Last investment: Nov 2025
- Lead investor: 12%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/the-state-of-wisconsin-investment-board/
- Website: http://www.swib.state.wi.us

State of Wisconsin Investment Board is a VC fund in Madison focused on Health Care and Biotechnology. SWIB's investments are managed by its own professional staff and by outside money manager firms. SWIB is required to make investment management decisions for the pension funds solely for the benefit of the members of the Wisconsin Retirement System (WRS). As fiduciaries of the pension funds, SWIB staff and Trustees are required to use thediligence, skill and care that a prudent investor would use in managing a large public pension fund.Trustees are responsible for determining SWIB's overall investment management policies. Selection of individual investments is in the hands of staff and external money management firms. Both must make investment decisions based on extensive research, detailed analytics and judgment based on risks and potential returns. The rate of return and risk are evaluated when considering asset classes and the individual investments.

## Contacts

5 contacts available for State of Wisconsin Investment Board. Shizune tracks 3 team members at State of Wisconsin Investment Board. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/state-of-wisconsin-investment-board?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 11 | 32% |
| Biotechnology | 10 | 29% |
| Medical | 4 | 12% |
| Manufacturing | 3 | 9% |
| Medical Device | 3 | 9% |

42 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 8 | 24% |
| Series B | 7 | 21% |
| Funding Round | 6 | 18% |
| Series C | 4 | 12% |
| Series D | 2 | 6% |

9 stages tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Chris Eckerman | Senior Portfolio Manager/Head of Co-Investments | 0 | https://shizune.co/investors/profile/chris-eckerman |
| David Villa | Executive Director & Chief Investment Officer | 0 | https://shizune.co/investors/profile/david-villa |
| Michael J. Jacobs | Agency Business Director | 0 | https://shizune.co/investors/profile/michael-j-jacobs |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Elephas | Disruption in healthcare is accelerated by the need for improved diagnostics, novel pharmaceutical therapies, and the shift to patient-centric solutions. With the mission to tackle the massive oncology dilemma, Elephas is leading the way to change how clinicians treat cancer patients. By harnessing the latest advances in cancer biology, multimodalmicroscopy, and artificial intelligence, the Elephas platform has the ability to empower clinical decision-making and accelerate drug development. | $40M | Venture - Series Unknown | Nov 06, 2025 |  |
| HistoSonics | HistoSonics provides the Edison Platform, which uses advanced imaging and proprietary sensing technology to deliver non-invasive, personalized treatments with precision and control, and uses the science of histotripsy and focused sound energy to generate pressures to liquify and completely destroy targeted tissues at sub-cellular levels. |  | Private Equity | Aug 07, 2025 |  |
| Allen Control Systems | Allen Control Systems develops autonomous defense technologies designed to detect, track, and counter unmanned aerial threats. The company provides the Bullfrog product family, a series of autonomous weapon stations that integrate passive drone detection, fire control software, and target engagement capabilities for protecting vehicles, vessels,formations, and fixed assets. Its solutions combine machine vision, artificial intelligence, and autonomous targeting systems to support counter-drone operations while integrating with existing command-and-control environments. Allen Control Systems also offers passive drone detection technology and synthetic training data generation tools that help improve computer vision models and threat identification systems. The company focuses on creating software and hardware platforms that enhance the precision and effectiveness of legacy defense equipment against evolving aerial threats. | $30M | Series A | Mar 27, 2025 |  |
| Altriarch | Altriarch is an alternative investment platform with a focused approach, investing in targeted market niches with the goal of delivering strong risk-adjusted returns. | $70M |  | Oct 22, 2024 |  |
| HistoSonics | HistoSonics provides the Edison Platform, which uses advanced imaging and proprietary sensing technology to deliver non-invasive, personalized treatments with precision and control, and uses the science of histotripsy and focused sound energy to generate pressures to liquify and completely destroy targeted tissues at sub-cellular levels. | $102M | Series D | Aug 15, 2024 |  |
| Elephas | Disruption in healthcare is accelerated by the need for improved diagnostics, novel pharmaceutical therapies, and the shift to patient-centric solutions. With the mission to tackle the massive oncology dilemma, Elephas is leading the way to change how clinicians treat cancer patients. By harnessing the latest advances in cancer biology, multimodalmicroscopy, and artificial intelligence, the Elephas platform has the ability to empower clinical decision-making and accelerate drug development. | $55M | Series C | Jan 23, 2024 |  |
| Elephas | Disruption in healthcare is accelerated by the need for improved diagnostics, novel pharmaceutical therapies, and the shift to patient-centric solutions. With the mission to tackle the massive oncology dilemma, Elephas is leading the way to change how clinicians treat cancer patients. By harnessing the latest advances in cancer biology, multimodalmicroscopy, and artificial intelligence, the Elephas platform has the ability to empower clinical decision-making and accelerate drug development. | $55M | Series C | Nov 30, 2023 |  |
| HistoSonics | HistoSonics provides the Edison Platform, which uses advanced imaging and proprietary sensing technology to deliver non-invasive, personalized treatments with precision and control, and uses the science of histotripsy and focused sound energy to generate pressures to liquify and completely destroy targeted tissues at sub-cellular levels. | $85M | Convertible Note | Dec 13, 2022 |  |
| HistoSonics | HistoSonics provides the Edison Platform, which uses advanced imaging and proprietary sensing technology to deliver non-invasive, personalized treatments with precision and control, and uses the science of histotripsy and focused sound energy to generate pressures to liquify and completely destroy targeted tissues at sub-cellular levels. | $40M | Series C | Jun 08, 2020 |  |
| FluGen | FluGen is a biopharmaceutical company specializing on the prevention and treatment of seasonal and pandemic influenza worldwide. | $2M | Series A | Apr 11, 2017 |  |

10 of 34 investments shown.

## Co-investors
- [Venture Investors](https://shizune.co/investors/profile/venture-investors) — VC Fund, 19 deals together
- [Wisconsin Alumni Research Foundation](https://shizune.co/investors/profile/wisconsin-alumni-research-foundation) — VC Fund, 9 deals together
- [Baird Capital](https://shizune.co/investors/profile/baird-capital) — VC Fund, 7 deals together
- [4490 Ventures](https://shizune.co/investors/profile/4490-ventures) — VC Fund, 4 deals together
- [Johnson & Johnson Innovation](https://shizune.co/investors/profile/johnson-johnson-innovation-jjdc) — VC Fund, 4 deals together
- [Lumira Ventures](https://shizune.co/investors/profile/lumira-ventures) — VC Fund, 4 deals together

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- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund

## FAQ

### What does State of Wisconsin Investment Board invest in?

State of Wisconsin Investment Board invests primarily in Health Care, Biotechnology and Medical startups, most often at Series A and Series B stage. Most of the 34 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact State of Wisconsin Investment Board?

Public channels for State of Wisconsin Investment Board include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at State of Wisconsin Investment Board?

The team at State of Wisconsin Investment Board includes Chris Eckerman (Senior Portfolio Manager/Head of Co-Investments), David Villa (Executive Director & Chief Investment Officer) and Michael J. Jacobs (Agency Business Director). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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