SOURCE: Redox, Inc
January 24, 2017 09:00 ET
MADISON, WI--(Marketwired - January 24, 2017) - Redox, the leading integration platform for digital healthcare applications, announced today that it has closed a $9 million Series B financing. RRE Ventures led the round with participation from existing investors .406 Ventures, HealthX Ventures, and Flybridge Capital Partners. Redox will use the new capital to accelerate its product roadmap along the way to building the industry standard platform for seamless interoperability between health technology developers and health systems.
Redox launched in 2014 to build a secure network of integrated healthcare applications and health systems through which any organization connected becomes functionally interoperable. The Redox network has grown more than tenfold in the past year and now processes nearly a million clinical messages per day.
"We founded Redox around the idea that a networked approach is the only scalable way to achieve the promise of full interoperability," said Luke Bonney, CEO and co-founder of Redox. "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. Our interoperable network becomes more efficient with each node we add. 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."
"Redox has reached a key inflection point in attacking an enormous problem in healthcare," said Raju Rishi, general partner at RRE Ventures. "The proliferation of healthcare applications promises better data, better patient care, and better outcomes. Redox is helping application companies and health systems alike to realize that promise. We're enormously excited to partner with Redox and look forward to helping the company scale its solutions across the market." With this investment, Raju has joined Redox's board of directors.
As the pendulum swings in industry's regulatory environment, health systems are increasingly looking for new technologies to improve the patient experience and care delivery.
Niko Skievaski, President and Co-founder of Redox added "the free flow of healthcare data is critical to accelerating the discovery and adoption of solutions that improve our health. We couldn't be more excited to be ushering forth this future of technology-enabled healthcare."
"As an investor in the digital health and innovative care delivery companies, we were painfully familiar with the limitations created by a lack of interoperability between systems," said Liam Donohue, managing partner of .406 Ventures. "Redox's solution and vision immediately resonated and is being validated by their expanding network. We are very excited to welcome RRE Ventures onto the Redox team and look forward to working with them and the Redox team to build a very important company."
In addition to application developers, Redox works directly with health systems to integrate with their network of applications, interoperate with affiliated providers and hospitals, and share clinical data with payers.
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. With hundreds of applications integrated, Redox is the leading healthcare interoperability platform with the largest ecosystem of enterprise applications. Redox is headquartered in Madison, Wisconsin - the land of beer, cheese, and health tech. Learn more and join the ecosystem at www.redoxengine.com.
About RRE Ventures
RRE Ventures is a New York-based venture capital firm that makes early stage investments, including seed. In its 23 year history, RRE has backed companies such as 8i, Bark & Co, Business Insider, Buzzfeed, Clearpath Robotics, Concur, Giphy, Makerbot, Managed by Q, Proofpoint, Spaceflight, theSkimm, Venmo, Vine and Wisdom Tree. RRE has raised seven funds with total capital commitments in excess of $1.5 billion. RRE Ventures invests nationally across all sectors, with a current focus on Enterprise Software, Financial Services, Media, Robotics, VR/AR, Space & Satellites, AI/ML, Real Estate Technology, and Healthcare IT. www.rre.com
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. With just over $650M 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 first institutional investment rounds in market-changing Enterprise IT and Healthcare companies led by world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. www.406ventures.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
About Flybridge Capital Partners
Flybridge is an early-stage venture capital firm with offices in Boston and New York City whose mission is to provide early-stage investment capital to outstanding entrepreneurs pursuing large market opportunities and to partner with those entrepreneurs to build valuable companies. With over $625 million under management, the firm is focused on seed and early-stage investing in technology markets. www.flybridge.com