— Mastercraft Ventures is making its first investment after wrapping up fundraising late last year, backing an AI startup that’s expected to have a “big impact” in the banking software industry.
That’s according to Mason Cook, managing director of the Beloit-based venture capital firm. In an interview yesterday, he said the decision to choose Voyager AI for a $500,000 pre-seed investment was shaped by the firm’s focus on investing in Wisconsin-based companies.
“We actually have in Wisconsin a fairly large financial services market, and so Voyager and the founders in particular have been pretty embedded in that market in Wisconsin for a while … They’ve lived and breathed financial technology and banking technology for the better part of two decades,” Cook told WisBusiness.com.
He touted the founders’ “earned insight” in this space, noting they’ve served in executive positions for major companies including Northwestern Mutual, Associated Bank and Thrivent. The Milwaukee company was also chosen for its ability to solve real problems for the banking industry, Cook said, noting AI is one tool for doing so.
He argued large corporations and enterprises currently “aren’t sure how to use AI,” pointing to a trend of just throwing the technology into the mix in hopes of improving things.
“The reality is, you have to solve real problems,” Cook said. “And why Voyager stood out to us is, they’re solving real problems. AI is a smaller part of what they do. Ultimately, they make banking workflows incredibly efficient, and easier and better.”
The company’s software can be used by community banks, credit unions and others to streamline commercial lending workflows, he explained.
In addition to taking a small minority position in the business, Mastercraft Ventures has a seat on its board and is “actively participating” there, Cook said.
“We also lead the funding round, so we’re rolling up our sleeves, we’re setting the terms of that funding … It’s beyond investing, what can we bring to the table beyond capital,” he said, adding “we’re not a passive capital source.”
He’s been meeting regularly with Voyager AI CEO Aaron Colcord, who’s a U.S. Army veteran in addition to his experience in financial data and analytics. He’s based in the greater Milwaukee area, having graduated from UW-Milwaukee’s Lubar College of Business.
Cook expects the company to begin hiring in Wisconsin soon.
“We expect that they’re going to have an impact for the community and for the state, and be spearheading a really cool technology here for Wisconsin, and of course we hope that financial returns come with that,” Cook said.
Mastercraft Ventures late last year announced it had completed fundraising for its inaugural $11.5 million fund, and plans to make two or three investments per year going forward.
“We’re actively looking for new companies … and expect to be announcing a new one here soon,” Cook said.
See the release and see an earlier story on the VC fund.
— Rural Wisconsinites complained the Legislature had enabled “trespass zoning” by utilities that had constructed large-scale renewable energy facilities without local input.
Local opponents of utility wind and solar developments made up much of yesterday’s testimony in favor of SB 3 before the Senate Committee on Utilities, Technology, and Tourism.
That bill would require local sign-off on wind and solar projects ahead of Public Service Commission approval, as local control on such developments is currently limited under state law.
“When you do what you want with your land and it affects me — like I have that wind turbine going on right next to me — that affects me,” said Lori Schwoerer, of Columbus. “That’s trespass zoning.”
Bill proponents argued state law overrode local input, and at times alleged negative health impacts from wind turbines.
According to the U.S. Energy Department, a wide body of scientific evidence shows there is no direct relationship between exposure to wind turbines and human health issues.
Critics of the bill argue it would kneecap renewable energy development by singling out wind and solar projects and leave Wisconsin dependent on fossil fuels and energy imports.
Wisconsin Conservation Voters is among the groups opposed to the bill.
Government Affairs Director Jennifer Giegerich said it would back legislation requiring utilities to maintain topsoil or pay for road repairs related to energy projects as well as disclosure requirements akin to legislation proposed for data centers.
“We can’t just say local communities get a decision in every single aspect of it, but we can give them tools to make sure the people who are coming in are working with communities, nobody’s being surprised and everybody understands there are ways they will benefit,” she said.
Meanwhile, bill authors drew a comparison with data centers, which have been rejected by some of the Wisconsin communities where they’ve been proposed. Sen. Howard Marklein, R-Spring Green, noted local governing bodies in DeForest, Caledonia, Yorkville, Greenleaf and Brown County have turned down proposed “hyperscale” data centers.
“When you look at the contrast between wind and solar, where locals have no control, no input whatsoever over the placement of those wind and solar projects, with data centers there is local control at this point,” Marklein said.
Co-author Rep. Travis Tranel, R-Cuba City, said the state’s current approach to energy development is too controversial, pointing to large wind and solar projects in particular. He called for “total energy reform” in Wisconsin, arguing “we are tearing communities apart, we are putting neighbor against neighbor. We have to do better.”
In all, 25 groups have lobbied on the bill, with four of them in support: the Wisconsin Realtors Association, the Wisconsin Property Taxpayers Inc., the Wisconsin Farm Bureau Federation and MacIver Impact Inc. The 21 groups opposed include utilities like Xcel Energy, along with conservation groups such as the Sierra Club of Wisconsin and unions like the Wisconsin Laborers District Council.
SB 3 has been in the Utilities, Technology and Tourism Committee since January 2025 without any action. The Assembly version of the legislation didn’t get a public hearing in that chamber, which adjourned the regular session Feb. 20.
Watch the hearing video at WisconsinEye.
— UW-Madison and seven other universities have launched a two-year pilot program in San Francisco to help university-funded startups make connections in the Bay Area.
WARF yesterday announced the Third Coast Foundry initiative, noting it’s located in the South Park neighborhood, near “one of the largest venture capital communities in the world and the emerging AI corridor.’’
The 3,500-square-foot space is meant to be a “short-term base” and hub for startups linked to the participating universities, which can be used to hold meetings with investors as well as events like demo days, receptions and seminars.
Greg Keenan, senior director and partner for WARF Ventures and WARF Accelerator, says the effort is meant to provide more than just a physical space
“Through this collaboration with our Midwestern peers, WARF and UW-Madison have a permanent base in San Francisco where the density of investors, talent, and industry partners is unmatched,” he said.
Alongside the Wisconsin Alumni Research Foundation and UW-Madison, other partners in the effort include: Carnegie Mellon University; Northwestern University; The Ohio State University; Purdue University; University of Chicago; University of Illinois Urbana-Champaign; and Washington University in St. Louis.
The space will be managed and operated by the University of Chicago’s Polsky Center, though each university will contribute to programming and other efforts at the site.
See the release.
Top headlines from the Health Care Report…
— Milwaukee-based ambulance service Bell Ambulance Inc. has begun the final phase of notifying people who were impacted by a data breach last year.
For more of the most relevant health care news, reports on groundbreaking research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics and WisBusiness.com.
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AGRIBUSINESS
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ECONOMY
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EDUCATION
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FINANCIAL SERVICES
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HEALTH CARE
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REGULATION
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RETAIL
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SPORTS
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TOURISM
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PRESS RELEASES
