Moxe, a Madison tech company that developed a platform for securely exchanging medical record information between health care providers and health plan insurance companies, recently announced it has added investors to grow its product.
The company stated it recently received an undisclosed investment from 3M Ventures, the venture arm of Maplewood, Minnesota-based manufacturing company 3M Co. (NYSE: MMM), which reported 2020 sales of $32.2 billion.
The company’s flagship platform, called Substrate, allows health plan and insurance companies and health care providers to better manage payments and operations for patients.
“Through the uncertainty of 2020, our focus on creating real and sustained value for our clients has provided us the opportunity to continue building new ways to suck administrative waste from our system,” said Dan Wilson, founder and CEO of Moxe, in a statement. “In addition to saving our clients tens of millions of dollars, we released new products to further simplify the release of information and streamline collaboration around the open care, risk, and quality gaps that require addressing. This investment helps us immediately scale our team for more product and market growth.”
With additional funding, Moxe expects to expand its employee count, particularly roles in commercial, product and engineering.