Redox Secures $33 Million in Series C Funding to Transform Healthcare Data Exchange
Redox announced that it has received $33 million in Series C funding from Battery Ventures, a globally renowned investment firm. Other existing investors remain to be Intermountain Ventures, RRE Ventures, and .406 Ventures. Redox is revolutionizing the method of clinical data exchange between Healthcare providers and software vendors. The company’s Interoperability platform is relied upon by several healthcare systems and applications to deliver on the promise of digital health.
Chelsea Stoner, General Partner, Battery Ventures will be joining Redox’s Board of Directors. The funding is largely due to Redox’s phenomenal growth in enabling faster, secured and reliable sharing of critical healthcare data between healthcare providers and vendors.
Redox is solving a major roadblock in healthcare innovation, that of clinical data exchange between hospitals and the software solutions they use.
Currently, patient care is getting hindered due to –
- Inconsistent data formats
- Redundant connections
This slows down or altogether prevents the to and fro flow of patient healthcare information. Redox’s solution specializes in easing communication between exchanging agents transforming data to be more actionable and meaningful. Redox simplifies information exchange by building solutions out of a standardized Application Programming Interface. The company’s solution is vendor-agnostic, meaning, EHR systems of any organization can conveniently exchange messages and clinical information.
“Redox’s success is built on the success of our customers, the most innovative software solutions and healthcare organizations in the market today,” said co-founder and CEO Luke Bonney. “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.”
“Redox is a driving force in solving healthcare’s interoperability challenge,” said Stoner. “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.”
Redox is helping caregivers achieve a streamlined workflow along with helping improve patient care and customer experience. Clinicians have an array of options to use redox’s platform and the technology is not developed as a one-size-fits-all concept.