MADISON, WI – February 24, 2021 – Redox, the company making healthcare data useful, announces our raise of $45 million in Series D funding, bringing our total funding to $95 million. This round was led by global private equity firm Adams Street Partners, with participation from Avenir and existing investors Battery Ventures, .406 Ventures, and RRE Ventures.
Redox’s recent success has been fueled by a COVID-conscious market that continues to benefit from both the value of the Redox network and the simplicity of our scalable integration solution. Market momentum shows the intense need for healthcare organizations to exchange data more efficiently with digital health vendors. More than 1,400 healthcare delivery organizations and 350 independent software vendors use Redox to exchange and integrate more than 12 million patient records per day across 50+ EHR systems. Redox works in critical markets including telehealth, remote patient monitoring, care coordination, patient engagement, labs, population health, care management, prior authorization, and medical devices.
A highlight in 2020 was surpassing 1,000 live connections on the Redox network. One of the most important steps toward healthcare transformation is being able to integrate multiple IT systems throughout a provider network, thus making data available across the continuum of care to lower costs and improve care outcomes. Once connected to Redox, every node is technically interoperable with every other node in their network. Redox standardizes healthcare data with a vendor-agnostic API and a cloud-based network. This groundbreaking model allows integration projects to finish faster each time the network infrastructure is reused.
Redox was named among 35 healthcare startups poised to take off in 2021. According to Steve Tolle at HLM Venture Partners, “Startups like Redox are lining up to help a growing number of health systems and health plans grapple with their IT. That company stands to benefit from the industry-wide push for better digital tools. There’s new federal rules requiring…better patient access to healthcare data and the smoother exchange of data between institutions. That should create more demand for data services…now there’s actually plenty of organic reasons for healthcare businesses to have “interoperability,” or the ability for systems of record, in this case, to talk to each other.”
“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. “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.”
Commitment to Partnerships and Product Innovation
Partnerships — Big tech companies have recognized Redox as a key factor for their success in the healthcare industry.
- With the Redox EHR Integration in AWS Marketplace, software developers can meet their specific business needs and scale requirements, accelerating deployment and adoption of their applications. Devin Soelberg, Redox VP of Business Development and Strategic Partnerships, says “If you’re a builder at heart, this partnership offers you a managed service partner that deeply understands running healthcare applications at scale on AWS. We want to empower you to continue to build a world-class solution for your providers and patients. Faster. If you’re a buyer at heart, this partnership brings best-in-class integration into your enterprise contract with AWS. Consolidated EULA, financial terms, and renewal dates. As much as we love going through your “simple” procurement process, we have already seen significant time savings as we leverage many of the AWS Terms & Conditions that your organization has already green-lighted. Redox’s core KPI is “speed to value” and this partnership helps you cut several weeks out of the “waiting on legal/procurement/contracting/” hamster wheel.”
- The Salesforce AppExchange solution leverages a new suite of Redox packages designed in collaboration with Salesforce Health Cloud to accomplish a number of integration use cases across Health & Life Sciences specialties. The new package “Redox EHR Integration,” available on Salesforce AppExchange, enables out-of-the-box workflows and predictable, fast implementations. Of the engaging the Salesforce/Mulesoft ecosystem, Director of Strategic Partnerships, Matt Ripkey asserts, “We need health systems and providers to look at best-of-breed digital health and see efficiency, not friction. This partnership is all about maximizing the usability of data. When you have great data coursing through two great platforms, solutions are endless and simple to design and implement. And, as always, when you build with our reusable infrastructure, you make future projects even easier.”
- As a Carequality Implementer, Redox has added access to more than 500,000 Carequality-enabled physicians to its already extensive network. Redox members can use the same patient search query to search all participants in the Carequality framework as they would if they used a direct patient search API provided by an EHR vendor. Says Product Owner, Brendan Keeler, “The real centralized piece of infrastructure, is the directory listing that says ‘here are all the organizations that are trusted, and is proven to be a part of a patient’s care.’ Part of Carequality’s power is its simplicity. It’s not a big, heavy centralized piece of technology. It’s a lightweight framework.”
Product Innovation
- Electronic Lab Reporting (ELR) allows companies providing COVID testing to automate sending results and eliminates manual processes. Redox is the only reusable network for sending COVID results to state health agencies designed to allow organizations to scale nationwide as soon as they can get approval from the state. Through a rapid integration process with state agencies, Redox is sending COVID results to 45 states across the US to get quality data in the hands of policymakers. As Redox product-owner Brendan Keeler stated in his Gearing up for Immunizations post, “The work being done to help in the fight against this pandemic is some of the most exciting and rewarding I’ve been a part of. It’s been exhilarating to help partners like Curative, Helix, Georgetown University, Gauss Surgical, Ginkgo Bioworks, Phosphorus Diagnostics, and Project Beacon connect to state agencies for electronic lab reporting in this first phase of the pandemic. As we shift from testing to prevention, I’m similarly motivated by the ways we are helping and will help – enabling provider organizations, pharmacies, and other administration sites to contribute to comprehensive records; enabling schools and consumer applications to access our public infrastructure safely; helping immunization registries with the influx of participants in their ecosystems.” Since formalizing its partnership with FDA-authorized COVID-19 testing company, Curative, Redox has become the integration engine with public health departments for 10% of COVID-19 testing nationwide.
- Redox launched Redox Rapid Deployment Model for Telehealth designed for telehealth software vendors to get their solutions live and integrated with healthcare organizations within two weeks, a process that typically takes 16-18 weeks. “Telehealth’s capabilities to provide virtual care had been utilized for years, and it is noe taking center stage as the primary method to provide care, rather than being relegated to a subset of defined use cases,” said Elif Eracar, Redox Chief Customer Officer at the introduction of Rapid Deployment as the fastest way to connect Telehealth products to provider EHRs. “The US healthcare systems has invested millions in digital health over the past few decades. We’re at a point where we can really take advantage of digital technology to provide new avenues for patient care, but that technology is only useful if it can be quickly deployed.”
- The company unveiled Data on Demand, which enables software developers to query any electronic health record (EHR) or healthcare data source via the Redox API, and Single Sign-on that allows applications using Redox to make it easier for providers to launch their products from within their EHR in an efficient manner.
Further Points of Success — Additions to the team, awards, community
- Redox expanded our exceptional executive team to include Lee Raymundo as CFO.
- CB Insights named Redox to its second annual Digital Health 150 ranking, which showcases the 150 most promising private digital health companies in the world.
- The Redox Podcast won the 2020 Medigy HITMC Award in the Health IT Podcast of the Year category. Co-founder and President Niko Skievaski hosts insightful conversations about the biggest issues in healthcare with clinicians, executives, and innovators.
- The company also launched a developer-focused podcast, Shift+6, hosted by James Lloyd, co-founder and CTO. It highlights and explores the ways in which trailblazing technologists are bringing new innovation to market.
Want more good Redox news? Of course we got you.
Join us tomorrow, February 25, for the Redox Quarterly, our virtual quarterly product event, where CEO Luke Bonney will announce major enhancements to our standardized, vendor-agnostic API as an answer to coming legislative initiatives.
TLDR;? No problem. In 200 words or less:
We’re glad that Adams Street Partners is now on this journey with us to empower patients by facilitating access to technologies that not only make healthcare more efficient, but also gives patients more control of their healthcare experience. Again, and as always, we are all patients.
When COVID overwhelmed our country, healthcare orgs didn’t have time peruse market solutions. They needed quick answers. That’s where the Redox team kicked into overdrive. We rose to the challenge and implemented solutions faster than ever before. Many competitors saw sales decline, some even went out of business. But Redox doubled-down on our values and our core competencies, and we have reaped the benefits fruitfully. This industry is changing, demanding simplicity at scale. That’s exactly what we bring to the table.
About Redox
Redox accelerates the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange healthcare data. With just one connection, data can be transmitted across a growing network of 1,000 healthcare delivery organizations and 300 independent software vendors. Members of the Redox Network exchange more than 12 million patient records per day, leveraging a single data standard compatible with more than 55 electronic health record systems. Redox exists to make healthcare data useful and every patient’s experience a little bit better. Learn how you can leverage the Redox Platform at www.redoxengine.com. Visit us on Twitter and LinkedIn.
About Adams Street Partners
Adams Street Partners is one of the largest and most established private markets investment management firms in the world. Adams Street commenced its investment program in 1972, and today manages $44 billion of assets across five strategies – primary and secondary private fund investments, co-investments, private credit investments, and direct growth equity investments. Adams Street employs more than 210 people in Chicago, Beijing, Boston, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo. Visit www.adamsstreetpartners.com.