Wisconsin-based HealthTech startup Redox raises $45M in Series D to drive the adoption of technology in healthcare
Redox is a Madison, Wisconsin-based digital health technology startup that is accelerating the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange healthcare data.
Redox’s platform is used by more than 1,400 healthcare delivery organizations, including 95% of U.S. News & World Report’s Top Hospitals and 350 digital health companies to exchange and regularly integrate more than 12 million patient records per day across more than 50 electronic health record (EHR) systems.
Today, Redox announced it has raised a $45M Series D venture round to accelerate product innovation, hire new talent, and meet the widespread demand for its health data integration platform. The round, which brings the company’s total funding to more than $95 million, was led by global private equity firm Adams Street Partners, with participation from Avenir and existing investors Battery Ventures, .406 Ventures, and RRE Ventures.
This funding was preceded by a consistent pattern of acceleration. With integrations booming by 300% and the company surpassing 1,000 live connections on the Redox network in October 2020, Redox continues on an exponential trajectory.
Founded in 2014 by James Lloyd, Luke Bonney, and Niko Skievaski, Redox is continually evolving its offerings so that digital health companies and healthcare systems can seamlessly keep up with the market and legislative changes.
“Three important characteristics differentiate Redox’s groundbreaking model – a focus on developer experience, a single, consistent data model, and a nation-wide network,” said Tom Bremner, partner at Adams Street. Further, he says of Redox’s competition that “there are others, but they are mostly point-to-point. Nobody has Redox’s traction or brand in the digital health space. Adams Street is pleased to be working with such an exceptional team, as they lead an equally talented group of individuals in breaking through seemingly impossible barriers in healthcare.”
The advent of the pandemic challenged the company, like many others in health tech, to make bold decisions about its institutional focus. The jolting changes caused Redox to become more efficient while targeting specific high-growth verticals.
“2020 will be seen as an inflection point in digital health, as a necessity brought five years of innovation forward into a single year,” said Luke Bonney, co-founder, and CEO of Redox. “But we couldn’t have reached this point in our collective growth without the consistent dedication and creativity of our team, our customers, and our partners. Our mission is simple: to make the world’s healthcare data useful. We want patients to feel empowered in their healthcare experience. We do that by making it easy for the best digital health applications to scale integration seamlessly across our national network of connected providers.”