Madison-based startup Redox closes huge deal
Redox announced April 17 that it has closed a $33 million Series C funding round in a deal led by global investment firm Battery Ventures. Existing investors .406 Ventures, RRE Ventures, and Intermountain Ventures participated in the round. Crunchbase estimates that Redox has now raised approximately $50 million in venture investment. Redox, founded in…
Redox announced April 17 that it has closed a $33 million Series C funding round in a deal led by global investment firm Battery Ventures.
Existing investors .406 Ventures, RRE Ventures, and Intermountain Ventures participated in the round. Crunchbase estimates that Redox has now raised approximately $50 million in venture investment.
Redox, founded in 2014, has had a surge in growth as the company has built out its full-service integration platform for fast, secure, and reliable exchange of healthcare data between vendors and providers. Over 450 healthcare providers and hundreds of cloud-based applications use the Redox Interoperability Platform, including AdventHealth, Healthgrades, Fitbit, Memorial Sloan Kettering, Microsoft, Stryker, WellStar, and others.
Wisconsin is also home to healthcare software developer Epic Systems Corporation which provides an electronic medical record (EMR) software application, holding medical records for a large percentage of patients in the U.S. According to the 2018 Kalorama Information report on electronic medical records, Cerner is the largest EMR provider in the country – but Epic is #2, at roughly 8.8% of the total market. This fractured industry has a history of rapid innovation and evolution that will benefit Redox as it expands and scales.
Redox is addressing the complexities of healthcare data exchange through its full-service integration platform, enabling streamlined and secure interoperability with electronic health records (EHRs). One of the most significant hurdles facing 21st century medicine is the siloes created by healthcare organizations around data.
While most states have enacted laws that create either an exchange or a requirement to have an exchange for information, many states and organizations still struggle to integrate data from various EMRs and other medical data warehouses.
Redox’s application programming interface (API) is designed to dramatically simplify communication so that data can be shared more easily between users. The platform is vendor-agnostic so that messages can be sent or received securely in any format associated with an organization’s EHR.
Company co-founders are Luke Bonney, Niko Skievaski, and James Lloyd. Bonney, CEO, is a graduate of Cornell University and worked for Epic in various lead roles for 5 years before co-founding Redox. Skievaski, President of Redox has served as a board member of Prime Health, RISE Wisconsin, and 100state. He holds an M.A. in economics and a B.S. in Economics and International Business. Lloyd, CTO of Redox, worked at Epic for 5 years prior to co-founding Redox, and served on the Board of Directors at 100state.
“Redox’s success is built on the success of our customers, the most innovative software solutions and healthcare organizations in the market today,” said Bonney in a press release. “We have a saying at Redox: ‘We are all patients.’ This informs our perspective about what we do as we build the infrastructure our customers rely on every day. We’re grateful to be in a position to help solve one of healthcare’s thorniest challenges.”
Redox continues the strong medical technology showing in Madison. It joins companies like ImageMoverMD, Wellbe, Phoenix, and Northstar Medical Radioisotopes which have all received significant funding this year.
Visit www.redoxengine.com to learn more about this company.
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