Redox, a Madison-based healthcare software startup, closed a $33 million Series C funding round that will help it hire 75 employees over the next 12 to 18 months.
The funding round, announced Wednesday, was led by Boston-based Battery Ventures, with participation from existing investors, such as .406 Ventures, RRE Ventures and Intermountain Ventures. The latest financing round, one of the largest raised by a Wisconsin startup so far this year, brings Redox’s total funding to $48.5 million, said the company's co-founder and CEO Luke Bonney.
He said the new financing will mainly be used to hire 75 new employees across its customer success, sales and engineering teams.
Redox, founded in 2014, has built a platform that allows healthcare organizations to exchange patient data among each other. The startup says it has more than 450 clients, including the Cleveland Clinic, Memorial Sloan Kettering and OSF Healthcare.
In January, Redox announced it nearly quadrupled its year-over-year annual revenue in 2018 and increased its user network by nearly 500 percent. Bonney said the startup currently employs 80 people across 25 states.
“Redox’s success is built on the success of our customers,” Bonney said. “We have a saying at Redox: ‘We are all patients.’ This informs our perspective about what we do as we build the infrastructure our customers rely on every day. We’re grateful to be in a position to help solve one of healthcare’s thorniest challenges.”
As part of the deal, Battery’s General Partner Chelsea Stoner is joining Redox’s board.
“Redox is a driving force in solving healthcare’s interoperability challenge,” Stoner said in a statement. “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.”
