Madison, Wisconsin-based Redox, which makes APIs to create interoperability between healthcare organizations and developers, has raised $9 million in Series B funding in a round led by RRE Ventures. Existing investors .406 Ventures, HealthX Ventures and Flybridge Capital Partners also contributed to the round. In 2015, the company raised $3.5 million, and this latest financing brings their total funding to around $13 million.
Redox, which was founded by Epic Systems engineers in 2014, launched with the ultimate goal of creating the health data interoperability industry standard. While mobile application developers made up most of its early user base, the company is increasingly working with more health systems directly, acting as a dashboard to connect electronic health records to various applications and tools using an organization’s existing infrastructure.
The company currently works with several large EHR vendors and health technology companies including Cerner, athenahealth, Allscripts and CPSI, and says its network has grown tenfold in the past year. Rather than waiting for data-sharing standards to be implemented, Redox sees its networked approach as the only way to scale full interoperability, and says its network becomes more efficient with each node the company adds.
“We view it as our mission to help the industry break the habit of building point-to-point connections that are expensive, unreliable, and ultimately exacerbate the problem,” Redox CEO and Cofounder Luke Bonney said in a statement. “While we support various healthcare data standardization initiatives, we don’t think our clients should have to wait for these new standards to mature when, today, Redox can unlock the potential that full interoperability brings.”
With the latest funding, the company will work to accelerate their product pathway adding more tools and functionalities for their health system customer base.
RRE Ventures General Partner Raju Rishi, who will join Redox’s board of directors, said his organization is looking forward to helping Redox scale its offerings across the market as both application developers and health stystems look for a more sophisticated and varied toolset.
“Redox has reached a key inflection point in attacking an enormous problem in healthcare,” Rishi said in a statement. “The proliferation of healthcare applications promises better data, better patient care, and better outcomes. Redox is helping application companies and health systems alike unlock that promise.”
