Madison health tech company raises $45 million

Mar 15, 2021 1:31 pm

Redox team-Madison-2019-04-18-Contributed — The Redox team.

Last updated Mar 15, 2021 1:31 pm

Madison-based software company Redox, Inc. closed on a $45 million Series D round of funding to grow its business, according to a U.S. Securities and Exchange Commission filing. Redox developed a secure platform for companies to exchange health care data. In 2019, the startup raised $33 million from investors and has raised more than $95

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Madison-based software company Redox, Inc. closed on a $45 million Series D round of funding to grow its business, according to a U.S. Securities and Exchange Commission filing. Redox developed a secure platform for companies to exchange health care data. In 2019, the startup raised $33 million from investors and has raised more than $95 million since it was founded in 2014. Chicago private equity firm Adams Street Partners led this round of funding with participation from New York-based investment firm Avenir, and follow-on capital from existing investors including Battery Ventures, .406 Ventures and RRE Ventures. The $45 million funding round was raised by 12 investors, according to the SEC. Redox will use the new investment capital to accelerate product innovation, hire new talent and to meet demand for its health data integration platform, according to a press release. “2020 will be seen as an inflection point in digital health, as necessity brought five years of innovation forward into a single year,” Redox co-founder and CEO Luke Bonney said in a statement. “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 health care data useful. We want patients to feel empowered in their health care 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.” More than 1,400 health care delivery organizations and 350 independent software vendors use the startup's network for data transfer and other digital health care needs. Redox network members transfer about 12 million patient records a day, according to a press release. “Three important characteristics differentiate Redox’s groundbreaking model - a focus on developer experience, a single, consistent data model, and a nation-wide network,” Tom Bremner, partner at Adam Street Partners, said in a statement. “...Nobody has Redox’s traction or brand in the digital health space.” Read the March 8 issue of BizTimes Milwaukee here:

Madison health tech company raises $45 million

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