Redox raises $33m to build health data sharing business
Health data firm Redox has raised $33 million as it builds its business allowing data sharing between healthcare vendors and providers – a major issue in the disparate US healthcare market and its patchwork of mainly private healthcare firms.
The Wisconsin-based firm attracted the investment in a Series C funding round led by investment firm Battery Ventures, with existing investors .406 Ventures, RRE Ventures, and Intermountain Ventures also providing backing.
Redox’s technology aims to address a major barrier in healthcare, in particular the disparate US system, which is the inability to easily use and exchange data among healthcare providers and their different software.
Differing data formats and inability to connect slow or completely prevent flow of critical health information, hindering patient care.
Redox overcomes this by using a standard application programming interface (API) to improve access to the data.
Clinicians can therefore use a variety of apps and technology to meet their needs instead of a one-size-fits-all approach.
Healthcare provides can connect once to the system and authorise the data they send and receive across it.
The technology is already used by around 450 healthcare providers, backed by hundreds of cloud-based apps.
Organisations already on board include Advent Heallth, Brigham & Women’s hospital, the University of Pennsylvania, and WellStar.
As part of the transaction, Battery general partner Chelsea Stoner, an experienced software investor, will join the Redox board.
The goal now is to build Redox’s business and increase the company’s client list.
Co-founder and CEO Luke Bonney said: “We’re grateful to be in a position to help solve one of healthcare’s thorniest challenges.”
Stoner added: “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. Given its top-notch leadership team and the important problem it is solving, there was no question that Redox was a company we wanted to partner with.”
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