Advocate Aurora Health, Foxconn, Johnson Controls, Northwestern Mutual partner to advance innovative technology through $100 million venture capital fund
MILWAUKEE – Governor Scott Walker today joined company leaders from Advocate Aurora Health, Foxconn, Johnson Controls, and Northwestern Mutual to announce a new $100 million venture capital fund to target innovations in health care, technology, manufacturing, and financial services. The Wisconn Valley Venture Fund will create innovation and strategic business development throughout Wisconsin, with each organization contributing $25 million to the fund. Today’s news comes on the heels of Foxconn’s $100 million gift to the University of Wisconsin – Madison to establish a research partnership.
“This is yet another example of the Foxconn Bonus, and this is only the beginning,” Governor Walker said. “The fund represents a collaboration of four outstanding companies in Wisconsin that are committed to helping our state become a global technology hub. Thank you to Advocate Aurora Health, Foxconn, Johnson Controls, and Northwestern Mutual for stepping up to drive innovation and for making an investment in the future of our state.”
Foxconn’s investment in Wisconsin acted as a catalyst for these four companies to come together to create the Wisconn Valley Venture Fund which will be used to invest in early-stage companies who will create innovate solutions and ideas within health care, technology, manufacturing and financial services. In addition, this fund will be a launch pad for attracting and retaining businesses and top talent in Wisconsin while simultaneously helping Wisconsin become a new global hub for technology.
Each of the four companies will have representation on the fund’s investment committee. The committee will be charged with selecting a fund manager who will lead the day-to-day investments for the fund. Further details about the fund are expected after the manager of the fund has been selected.