As hospitals and clinics have shifted from paper-based records to digital systems, one of the biggest challenges has been sharing patient data between healthcare providers, and between providers and outside software applications. This “interoperability” problem has created a market for companies such as Redox, a Madison, WI-based startup that develops software tools to make the flow of patient information more seamless.
Redox has worked on the problem for about five years, and now investors think the company is ready to take a big step forward: The startup said Wednesday it pulled in $33 million in a Series C funding round.
Battery Ventures led the investment, and was joined by previous Redox backers .406 Ventures, RRE Ventures, and Intermountain Ventures. RRE led Redox’s $10 million Series B round in 2017, and .406 led Redox’s $3.5 million Series A round in 2015. Redox’s other past investors include Flybridge Capital Partners and Madison-based HealthX Ventures.
The $33 million round is one of the largest venture investments in a Wisconsin-based startup in recent memory. Most VC deals for Badger State companies don’t exceed $10 million. Others that have include a $30 million-plus Series B round for Shine Medical Technologies last November; a $12 million investment in Phoenix in 2017; and a $21.5 million round for Propeller Health in 2016. Propeller was acquired by San Diego-based medical device maker ResMed (NYSE: RMD) last year for $225 million, the largest reported exit for a Wisconsin startup since 2011. Read the full story here.