Redox Secures $33 Million Series C Funding to Enhance Health Data Interoperability and Patient Information Flow

VCBeat (WeChat ID: vcbeat) has learned that on April 17, Redox, a medical data interoperability company, announced the completion of its $33 million Series C financing round. The round was led by global investment firm Battery Ventures, with participation from .406 Ventures, RRE Ventures, and Intermountain Ventures. As part of the transaction, Chelsea Stoner, a partner at Battery Ventures focused on software investments, joined the Redox board of directors.

It is reported that since its establishment in 2014, Redox has raised a total of $50 million in funding through six rounds of financing. Among these, Redox secured $17 million in financing across 2014, 2015, 2017, and 2018.

This round of financing will be used to further enhance the Redox platform, striving to provide healthcare institutions with a faster, more secure, and more reliable method for data sharing.

Redox is a healthcare IT company headquartered in Madison, Wisconsin. The company’s interoperability platform addresses one of the biggest barriers to innovation in today’s healthcare industry: the inability of healthcare organizations to easily access and exchange medical data. Currently, inconsistent data formats and redundant connection networks among companies hinder the flow of critical health information, affecting the timely delivery of patient care information. The Redox platform significantly simplifies communication processes, making these health data interoperable and easier to share.

Leveraging the Redox platform, company software developers can easily access patients’ electronic health records (EHRs) through intuitive, standardized application programming interfaces (APIs). As a result, Redox’s technology provides caregivers with streamlined workflows, enhancing care delivery and patient experience. Clinicians can tailor various targeted protocols and technologies to meet the needs of individual patients based on relevant patient information, rather than adopting a one-size-fits-all approach.

“Our success is inseparable from the efforts of these medical enterprises and software companies that dare to innovate,” said Luke Bonney, Co-founder and CEO of Redox. “Redox has a motto: ‘Everyone is a patient,’ which underscores our commitment to prioritizing patient needs in designing solutions. Redox is delighted to help address one of the most challenging issues in the healthcare industry.”

More than 450 healthcare organizations and hundreds of technology vendors currently use the Redox interoperability platform to exchange and share information with their partners. These include AdventHealth, Atrium Health, Brigham and Women’s Hospital, Clarify Health, Cleveland Clinic, Geisinger, HCA, Healthgrades, Intermountain Healthcare, Invitae, Fitbit, Memorial Sloan Kettering, Microsoft, Ochsner, OSF HealthCare, PointClickCare, R1, ResMed, Stryker, University of California, San Francisco, University of Pennsylvania, and WellStar.

Battery Ventures is a global venture capital firm founded in 1983, with offices in Boston, Silicon Valley, and Israel. Battery Ventures invests in potential cutting-edge technologies and high-tech businesses in the market, including application software, IT infrastructure technology, consumer internet, mobile communication services, and industrial technology.

.406 Ventures is a venture capital firm that primarily invests in information technology services companies founded by exceptional entrepreneurs. .406 Ventures typically enters at the early founding stage of enterprises, with its main investment targets being cybersecurity firms, IT infrastructure companies, technology-enabled business service providers, and next-generation software companies.

RRE Ventures is a venture capital firm founded in 1994. With over $1.5 billion in assets under management, the firm is dedicated to helping exceptional management teams build industry-leading companies. RRE Ventures focuses on rapidly growing markets in software, internet, communications, financial services, and other sectors.

Intermountain Ventures is the venture capital arm of Intermountain Healthcare, a nonprofit health system, focused on investing in healthcare innovation companies and establishing strategic partnerships with them.

(Compiled by Wang Yue)