Madison startup raises $33 million series C round

Redox aids in health care data exchange

Madison startup Redox Inc. has raised $33 million in a series C funding round, the company announced.

The Redox team. (Photo: Redox)

The lead investor was Boston-based Battery Ventures. Also investing were Boston-based .406 Ventures, New York-based RRE Ventures and Salt Lake City-based Intermountain Ventures. Chelsea Stoner, general partner at Battery, has been appointed to the Redox board.

Founded in 2015, Redox standardizes and aids in integrations of health care data to allow for easier exchange among providers and vendors. The company has more than 450 health care provider clients, including Cleveland Clinic, Fitbit and the University of Pennsylvania, and hundreds of applications use its Redox Interoperability Platform, Redox said.

The size of this funding round is significant for a Wisconsin startup, with two recent reports pegging the state’s first quarter venture capital totals for all companies at $20.1 million and $25 million.

According to SEC filings, Redox has previously raised about $15 million in four funding rounds.

“Redox’s success is built on the success of our customers, the most innovative software solutions and health care organizations in the market today,” said Luke Bonney, co-founder and chief executive officer of Redox, in a press release. “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 health care’s thorniest challenges.”

Bonney could not be reached for further comment.

“Redox is a driving force in solving health care’s interoperability challenge,” Stoner said. “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.”

Madison startup Redox Inc. has raised $33 million in a series C funding round, the company announced.

The Redox team. (Photo: Redox)

The lead investor was Boston-based Battery Ventures. Also investing were Boston-based .406 Ventures, New York-based RRE Ventures and Salt Lake City-based Intermountain Ventures. Chelsea Stoner, general partner at Battery, has been appointed to the Redox board.

Founded in 2015, Redox standardizes and aids in integrations of health care data to allow for easier exchange among providers and vendors. The company has more than 450 health care provider clients, including Cleveland Clinic, Fitbit and the University of Pennsylvania, and hundreds of applications use its Redox Interoperability Platform, Redox said.

The size of this funding round is significant for a Wisconsin startup, with two recent reports pegging the state’s first quarter venture capital totals for all companies at $20.1 million and $25 million.

According to SEC filings, Redox has previously raised about $15 million in four funding rounds.

“Redox’s success is built on the success of our customers, the most innovative software solutions and health care organizations in the market today,” said Luke Bonney, co-founder and chief executive officer of Redox, in a press release. “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 health care’s thorniest challenges.”

Bonney could not be reached for further comment.

“Redox is a driving force in solving health care’s interoperability challenge,” Stoner said. “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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