MADISON, Wis.--(BUSINESS WIRE)--Redox, the company making healthcare data useful, today announced it has raised $45 million in Series D funding. The round 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.
The Redox platform has become foundational in achieving the promise of digital health. More than 1,400 healthcare delivery organizations, including 95% of U.S. News & World Report's Top Hospitals and 350 digital health companies, use Redox to exchange and regularly integrate more than 12 million patient records per day across more than 50 electronic health record (EHR) systems.
Redox’s funding to date tops $95 million. The company will apply the current investments to accelerate product innovation, hire new talent, and meet widespread demand for its health data integration platform.
“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 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.”
Company, Partnership, and Product Momentum
Events of the past year and the ongoing digitization of healthcare have powered Redox’s tremendous momentum. The company is continually evolving its offerings so that digital health companies and healthcare systems can seamlessly keep up with market and legislative changes. Highlights include:
- Redox hired Lee Raymundo as CFO. With expertise in SaaS and growth startups, Lee also spent time helping to build infrastructure at several other technology companies.
- Major technology companies AWS and Salesforce have recognized Redox as a key factor in their quest to spur innovation and maximize the value of clinical data to power consumer-based workflows. With the Redox EHR Integration in the AWS Marketplace and on the Salesforce AppExchange, healthcare providers and health tech companies can access the largest package of prebuilt EHR integrations and achieve value from applications more quickly and easily.
- The added pressure of nationwide testing allowed Redox to exercise new efficiencies. Redox Rapid Deployment launched for telehealth companies to integrate with healthcare organizations within two weeks, a process that typically takes 16-18 weeks.
- Also in response to COVID, Redox got creative and worked with Electronic Lab Reporting (ELR) to facilitate the automated transmission of lab findings that meet requirements for reporting cases of disease. Redox transfers COVID ELR data to 90% of state public health departments. And with FDA-authorized testing company Curative, Redox is the integration engine for ~10% of all COVID tests processed nationwide.
- As a Carequality Implementer, Redox added access to more than 500,000 Carequality-enabled physicians to its already extensive network. Carequality offers the framework for a truly collaborative effort for data exchange among all healthcare stakeholders, including physicians, pharmacies, vendors, and payers.
Tomorrow, February 25, on the heels of today’s funding news, the company will be hosting its virtual quarterly product event, where Bonney will announce major enhancements to its standardized, vendor-agnostic API as an answer to coming legislative initiatives.
Redox accelerates the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange healthcare data. With just one connection, data can be transmitted across a growing network of over 1,400 healthcare delivery organizations and 350 independent software vendors. Members of the Redox Network exchange more than 12 million patient records per day, leveraging a single data standard compatible with more than 55 electronic health record systems. Redox exists to make healthcare data useful and every patient's experience a little bit better. Learn how you can leverage the Redox Platform at www.redoxengine.com. Visit us on Twitter and LinkedIn.
About Adams Street Partners
Adams Street Partners is one of the largest and most established private markets investment management firms in the world. Adams Street commenced its investment program in 1972, and today manages $44 billion of assets across five strategies – primary and secondary private fund investments, co-investments, private credit investments, and direct growth equity investments. Adams Street employs more than 210 people in Chicago, Beijing, Boston, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo. Visit www.adamsstreetpartners.com.