Redox CEO Luke Bonney said the company saw more than 300 percent growth in its customer base over 2018 which led to the search of an investment partner to accelerate that momentum and help fund further product development.
Madison, Wisconsin-based Redox has raised a $33 million Series C round led by Battery Ventures as it looks to continue its strong 2018 growth trajectory.
Essentially, the company builds technology meant to ease the sharing of clinical data between care delivery organizations and healthcare applications. Redox’s platform allows developers to connect and share data with providers through a secure cloud-based API system.
The company counts more than 450 healthcare providers and hundreds of digital health companies as customers, ranging from large integrated health systems and academic medical centers like Geisinger and Cleveland Clinic to fast-growing startups like Glooko and American Well.
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Redox was founded in back in 2014 by a team made up of former Epic Systems employees. Its new funding haul brings the company’s total equity and debt funding to nearly $50 million. Other participants in the Series C round included existing investors .406 Ventures, RRE Ventures and Intermountain Ventures.
Redox CEO and co-founder Luke Bonney said the company saw more than 300 percent growth in its customer base over 2018, which led to the search of an investment partner to accelerate that momentum and help fund further product development.
“When we look at opportunities to grow our product, it’s all about how Redox can enable our customers to get live at more places faster,”Bonney said.
One major focus, according to Bonney, is to build more infrastructure services to improve customer operations and streamline workflows.
“If you think about the data that is currently locked up in our health systems, that’s first and foremost and infrastructure problem. When we think about the next things to do, we think of things like cleaning that data, scrubbing and organizing it in a way to continue to learn from it and drive value,” Bonney said.
He added that 80-person company is looking to build out its product and sales teams, with headcount expected to double in the next 12 to 16 months. As the product team builds out more features and services, Bonney said the company’s sales staff will also be focused on deepening business relationships with existing customers.
Earlier this year, Redox was announced as a data integration partner enabling Microsoft Teams to exchange data with EHRs. This allows care teams to better communicate and collaborate on a patient’s treatment informed by relevant clinical information.
Bonney said the company’s partnership with Microsoft validates the company’s approach of making it easier to link in with clinical systems regardless of the size of the organization.
Alongside the firm’s investment, Battery Ventures General Partner Chelsea Stoner will also be joining the Redox board.
“Redox is a driving force in solving healthcare’s interoperability challenge,” Stoner said in a statement. “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.”
Date: April 22, 2019