A Minnesota version of innovation pitch show Shark Tank (that’s not on TV), Walleye Tank celebrated its 10th anniversary on Monday at the Walker Art Center in Minneapolis.

Walleye Tank is a health care and life science pitch competition connecting early-stage startups with investors. Some Walleye Tank companies have gone on after the competition to raise $52 million in capital.

On Monday, Authsnap earned the most audience votes in the “Great Lakes giants” division, which features companies with active sales and at least seed-stage funding—many of which previously competed in earlier-stage Walleye Tank categories. Authsnap uses artificial intelligence to automate the process of appealing denied medical insurance claims for hospitals and healthcare providers.

In the “mid-level reelers” category, Octin Health, Inc. received a $2,500 prize and direct advancement to the MN Cup semifinals. Lilypad was named runner-up and also received $2,500.

Tread Beyond won the “junior anglers” division, receiving a $5,500 prize. MelaninMD earned $1,500 as runner-up.

Winners in the mid-level reelers and junior anglers divisions were selected through judge deliberations and will be matched with mentorship opportunities, in addition to receiving cash prizes recognizing innovation, clarity of vision, and execution potential.

The winners receive the money from HealthcareMN, a nonprofit created to fund health care innovation and startups. HeathcareMN raised the $12,000 in prize money it awarded Monday over the past year.

In previous years, the University of Minnesota Medical School contributed roughly $20,000 annually to support two competitions per year. This year, the university notified HealthcareMN it would discontinue funding with only a few months’ notice, HealthcareMN executive director Rashmi Kandwal says.

Walleye Tank has undergone several other changes over the past decade. The inaugural competition took place in Rochester in 2016 before moving to the University of Minnesota Carlson School of Management and, more recently, the Walker Art Center. The event did not take place in 2025 because of a leadership change, so Monday’s competition marked the first since winter 2024.

Who Qualifies for Walleye Tank?

As with Shark Tank, a startup pitches a product or service for two minutes. Then, the judges, who have experience in startup development or fundraising, have three minutes to follow up with questions, such as: Why is it a problem? What is your solution? Why you? Why now? And how is it a business?

This year’s event featured 15 startups across three divisions, representing a range of growth stages and sectors, including AI-driven health care, care delivery innovation, and medical technology.

The “junior anglers” category is for founders who have not yet incorporated or completed a minimum viable product (MVP). “Mid-level reelers” include startups with completed MVPs that are beginning to raise capital but often have little to no revenue.

Twelve judges evaluated the “junior anglers” and “mid-level reelers”, while audience members selected the winner in the “giants” category.

Kandwal says the organization typically receives between 20 and 40 applications each year.

“Walleye Tank was an incredible opportunity to gain exposure within Minnesota’s startup and healthcare ecosystem,” says Gretchen Heinen, founder and CEO of Authsnap, the “giants” winner. “Following the event, I received several meaningful connection requests and promising leads related to funding and strategic resources.”

Looking ahead, Kandwal says HealthcareMN hopes to expand Walleye Tank throughout the Midwest over the next five years to attract more venture capital investment to the region.