Redox Market Momentum Leads to $45M in Series D Raise Led by Adams Street Partners

Posted February 24, 2021
By Miona Short

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.

Product Innovation 

Further Points of Success — Additions to the team, awards, community

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.