Madison-based software company Redox, which developed a secure network for exchanging health care data, has closed on a $45 million Series D round of funding to grow its business, according to a company news release.
The new investment dollars bring the company's total funding to $95 million since launching in 2014. In 2019, the company announced it has raised $33 million in a round of funding from investors.
This funding round was led by Chicago private equity firm Adams Street Partners, with participation from Avenir, a New York-based investment firm, and follow-on capital from existing investors Battery Ventures and .406 Ventures, both of which are located in Boston, and New York's RRE Ventures.
The company will apply the funding to product innovation, hiring and growth.
“2020 will be seen as an inflection point in digital health, as necessity brought five years of innovation forward into a single year,” said Luke Bonney, co-founder and CEO of Redox, 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 healthcare data useful. We want patients to feel empowered in their healthcare 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 organizations use Redox for a multitude of digital health care applications, mainly to exchange and integrate 12 million patient records per day across 55 electronic health record vendors.
“Three important characteristics differentiate Redox’s groundbreaking model,” said Tom Bremner, partner at Adams Street. "A focus on developer experience, a single, consistent data model, and a nationwide network."
