Interoperability startup Redox scoops up $9 million to grow its network
Madison, Wis.-based Redox, which has built an integration platform for digital healthcare applications, has raised $9 million in Series B financing.
Redox will use the capital to fast track its plans for building what company founders call an 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, Redox executives said.
“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.
The Redox interoperable network becomes more efficient with each node added, he said.
"Redox has reached a key inflection point in attacking an enormous problem in healthcare," said Raju Rishi, general partner at RRE Ventures, an investor in Redox. With this latest round of funding, Rishi has joined the Redox board of directors.
RRE Ventures led the funding round with participation from existing investors .406 Ventures, HealthX Ventures, and Flybridge Capital Partners.