Redox raises $3.5M Series A funding
Cloud-based API service allows developers and healthcare systems to easily integrate
MADISON, WI – October 20, 2015 – Redox, an integration platform that allows any software system to easily and securely share data with electronic health records (EHRs), today announced it closed a $3.5 million Series A investment led by .406 Ventures with participation by Flybridge Capital Partners and HealthX Ventures.
“Redox believes that one of the biggest issues holding back innovation in the health-tech space is how to access all of the incredibly valuable data that resides in different EHR systems across the health care landscape.” said Luke Bonney, co-founder, of Redox. “There are endless opportunities to use data from electronic health records to improve patient care and provide efficiency to healthcare providers. It’s our mission at Redox to accelerate the adoption of great technology in healthcare, to get it into the hands of physicians and patients, by removing EHR integration as a key barrier.”
Redox’s platform approach represents a simplifying shift from costly point-to-point integration solutions. For health systems, the Redox platform acts as a single access point for all cloud-based applications, providing access controls and monitoring while eliminating point-to-point integrations. For cloud-based vendors, Redox’s APIs and implementation services allow them to effectively sell to health systems and focus on developing their applications. As a result, implementations are accelerated from months to hours and up-front costs are significantly reduced, de-risking integration projects and enabling health systems to more easily adopt cutting edge innovations.
Madelyn Herzfeld, CEO of CareVive, a Redox client, said, “We use Redox to make integration effective and scalable. Our tech team loves working with their platform while our customer team loves the direct support they provide. Most importantly, this partnership allows our product teams to focus on our core competency.” CareVive provides advanced provider-facing and patient engagement tools to improve the quality of cancer care.
“The proliferation of EHRs has been very valuable in supporting providers’ internal administrative functions. But in order to realize the true promise of digital health information, data must be able to flow seamlessly between EHRs and other applications,” said Liam Donohue, Managing Partner of .406 Ventures. “We believe that Redox has developed the ‘first, best and only’ solution to this problem. The founders, who previously worked together at Epic, lived the issue first-hand and have done an exceptional job building a world-class team and product suite to allow customers and patients to unlock the full potential of their technology.” With this investment, Donohue will join the Redox board of directors which includes Jignesh Patel, a University of Wisconsin-Madison professor who has previously sold several companies, including most recently to Pivotal Labs and Twitter.
“Over 120 applications currently use Redox as an integration partner and are ready for adoption at health systems throughout the United States.” said Niko Skievaski, Redox co-founder. Redox recently opened a “Gallery” that showcases many of its partners, companies that are focusing on some of healthcare’s biggest challenges including care coordination, telehealth, medication adherence, patient engagement, chronic care, and disease management solutions.
About Redox
Redox is the modern API for healthcare. We allow best-in-class software to easily and securely interoperate with EHRs by connecting to existing health system infrastructure. Software applications connect to Redox once and integrate with any health system they sell to through our standardized data models. Founded in 2014 by former-Epic engineers, Redox is the leading healthcare integration platform with the largest ecosystem of enterprise applications. Learn more and join the ecosystem atwww.redoxengine.com.
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2005 and has ~$600M under management. The .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm leads, or co-leads, first institutional investment rounds in market-changing Enterprise IT companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. www.406ventures.com
About Flybridge Capital Partners
Flybridge is an early-stage venture capital firm with offices in Boston and New York City whose mission is to partner with talented entrepreneurs to build exceptional and valuable technology companies. With more than $600 million under management across four funds, Flybridge has invested in more than 80 companies including Brontes Technologies (acquired by 3M), Cartera Commerce, Crashlytics (acquired by Twitter), DataXu, Digital Lumens, Firebase (acquired by Google), JouleX (acquired by Cisco), MongoDB, Open English, Reveal Imaging (acquired by SAIC), Stackdriver (acquired by Google) and ZING (acquired by Dell). www.flybridge.com.
About HealthX Ventures
HealthX Ventures is a digital healthcare-focused venture capital fund based in Madison, Wisconsin. HealthX Ventures supports early/seed stage, high-growth companies in all areas of digital health, including companies who are making healthcare safer, more efficient and more affordable. The firm is investing out of its flagship fund, and is led by experienced entrepreneurs, investors, and industry experts who have grown companies and led change across the healthcare system. www.healthxventures.com