5 Questions with HealthX Ventures’ Kristi Ebong

This fall, NVNG had the chance to spend time with Kristi Ebong, partner at HealthX Ventures, a Wisconsin-based fund focused on digital healthcare with an emphasis on tech enabled services, infrastructure and platforms, telehealth, and AI in healthcare.

Q: Can you tell us about HealthX’s origin story and superpowers?

KE: HealthX originated from the archetype of the serial entrepreneur. That entrepreneur in this case is Mark Bakken, technologist with a background in computer science. Over his career, he founded and exited three companies, with his last venture growing into what is now the largest consulting firm of former Epic Systems talent globally—Nordic Consulting, which employs 4,000 people all deeply versed in one of the largest tech stacks in healthcare. Mark took his experiences—the wins and the challenges—and channeled them into building an early-stage venture firm. Along the way, he also made around 80 angel investments, giving him a firsthand understanding of what makes a company succeed or stumble. He saw how bringing operational and founder expertise to the table could be transformative for early-stage teams. When he raised HealthX’s first fund, it started with a smaller, more regional focus but was always dedicated to digital health. That initial fund laid the groundwork for what HealthX is today: three funds, over 40 portfolio companies, multiple unicorns, and a team of 8–10 seasoned early-stage operators, each with unique expertise in critical areas for scaling companies. None of HealthX’s companies have ever had a down round; all have gone on to raise at least $10 million or more. This success stems from the team’s superpowers in areas like finance, operations, growth (sales, marketing, and go-to-market strategy), and business development.

Q: Why are HealthX and NVNG a good fit?

KE: HealthX and NVNG make a great team because they both bring decades of experience to the table, and that expertise is deeply connected to the community. The intentionality and thoughtfulness in their approach are incredibly powerful. Both organizations are committed to a principled model—reflected in how they’ve built their teams and chosen the spaces they’re investing in. It’s exciting to see that alignment and shared vision for impact in the industry.

Q: What is your take on the Midwest venture ecosystem and how HealthX fits in?

KE: I think we’re at an inflection point in our industry where innovation is becoming as powerful as some of the established legacy players, like those in the Fortune 1000. This shift is necessary as companies and people everywhere are adopting new technology amid the fourth industrial revolution. When we look at the Midwest’s origins and the incredible work ethic
brought by the immigrant communities that settled here—and still drive its spirit today—it’s clear that this region is well-suited for a venture ecosystem. In my view, we’re only in the early stages of realizing the Midwest’s potential, with an increasing appetite for risk. This openness to innovation, especially with AI and the fourth industrial revolution, is positioning the region to future-proof industries for the next wave of economic evolution.

Q: What are you most proud of in your work at HealthX? 

KE: I’m incredibly proud of our team. Their backgrounds may be unconventional for an early-stage fund, as we’re not exclusively from high finance, and I believe that makes all the difference. Being sector-specific and focused solely on healthcare technology means you can’t build in our space without a deep understanding of the operating and regulatory nuances. Our team’s unique expertise allows us to navigate these complexities effectively.

Q: What are you excited about as you consider the state of healthcare today and where we are heading? 

KE: I’m most excited about bringing people into the fold who may have been previously excluded by the innovation ecosystem or underserved by healthcare and life sciences. The opportunities emerging with new technologies create an incredible space for talent from non-traditional backgrounds to make a real impact. I see this as a powerful opportunity, one that, if we’re mindful of it, can lead to remarkable outcomes.