MADISON, Wis.--(BUSINESS WIRE)--Redox, the company that is changing the way healthcare providers and software vendors share data, today announced that the company closed a $33 million Series C funding round led by global investment firm Battery Ventures with participation from existing investors .406 Ventures, RRE Ventures, and Intermountain Ventures.
Click to Tweet: Excited to announce @Redox raised $33 million in Series C funding w/ @BatteryVentures, @406Ventures, and Intermountain Ventures http://bit.ly/battery-redox #interoperability #funding #digitalhealth
As part of the transaction, Battery General Partner Chelsea Stoner, an experienced software investor, will join the Redox board. The funding comes as Redox has shown tremendous customer momentum in its bid to enable faster, more secure, and reliable data sharing between healthcare vendors and providers.
The Redox platform squarely addresses one of the biggest barriers to innovation in healthcare today: the inability to easily use and exchange data among healthcare organizations and the software solutions they use. Currently, inconsistent data formats and redundant connections slow, or completely prevent, the flow of critical health information, hindering patient care. Redox changes this by dramatically simplifying communication, making data actionable and more shareable. With Redox, software developers enable easy access through an intuitive and standardized application programming interface (API). Redox’s vendor-agnostic approach allows messages to be sent or received securely in any format associated with an organization’s electronic health record (EHR).
As a result, Redox’s technology powers a streamlined workflow for caregivers, improving care delivery and the patient experience. Clinicians can use a variety of targeted apps and technology to meet their needs, instead of a one-size-fits-all approach.
“Redox’s success is built on the success of our customers, the most innovative software solutions and healthcare organizations in the market today,” said co-founder and CEO Luke Bonney. “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.”
Today, a rapidly growing list of over 450 healthcare providers and hundreds of cloud-based applications use the Redox Interoperability Platform to easily exchange information with partners. Among the hundreds of high-profile healthcare organizations and technology vendors working with Redox are AdventHealth, Atrium Health, Brigham & 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, UCSF, University of Pennsylvania, and WellStar.
In addition to its numerous customer wins and strategic partnerships, Redox was selected by Gartner as a 2018 Cool Vendor for the company’s innovative, high-impact, and pioneering work. This recognition highlights the company’s unique approach to interoperability through a networked model utilizing a strictly enforced, consistent data model.
“Redox is a driving force in solving healthcare’s interoperability challenge,” said Stoner. “We were blown away by the network effects Redox has already generated and how foundational its platform has become to achieving the promise of digital health. Given its top-notch leadership team and the important problem it is solving, there was no question that Redox was a company we wanted to partner with.”
Redox accelerates the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange data. Healthcare delivery organizations and technology vendors connect once and authorize the data they send and receive across the most extensive interoperable network in healthcare. Redox exists to make healthcare data useful and every patient experience a little bit better. Learn how you can leverage the Redox platform at www.redoxengine.com.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com, and find a full list of Battery’s portfolio companies here.