A local health IT startup recently announced it has raised $3.5 million in investments to expand staff and further market their product.
Redox, a Madison-based startup, will receive money from .406 Ventures, Flybridge Capital Partners and HealthX Ventures, according to a release. The investments will primarily be used to increase staff in order to meet the growing demand for their system, Niko Skievaski, Redox co-founder, said.
Former Epic employees founded the startup, which is working to streamline health care by allowing health-related apps to access data from various health care systems, Skievaski.
Redox was founded in the summer of 2014, Skievaski said. It started as an incubator, but as they began to work with more health care technology companies they quickly discovered integration of health records was a major issue, Skievaski said.
For the past year, Redox has been working to perfect their product. Now that their product is fully refined, Redox is looking to try to expand their business, in part through securing outside investments.
“We are at a point where we have a product, it works well and now we need to get it into the hands of more customers,” Skievaski said. “A lot of what our growth will be centered around is making sure that we provide as much value as our product has the potential for.”
There are a wide variety of health care apps that will be able to make use of Redox, he said. The apps that benefit from this technology are those that engage patients more deeply with their health care, such as medication reminders and doctor-to-patient communication apps, he said.
In order to explain what Redox does, Skievaski made reference to the popular mobile apps, Facebook and Instagram. When a user gets a new Instagram, they are given the option to sign in using Facebook. This is possible through a system that connects apps and allows information to be shared among them.
This is something most people are used to doing whenever they download a new app, but before Redox, there was no such system in the health care industry that allowed apps to gather data from multiple health care systems, Skievaski said.
Many Madison residents have health care information at several different hospitals around town, but there was no way to gain access to all that information at once, Skievaski said.
“This makes your time as a consumer a lot easier, because you don’t have to manually enter data,” Skievaski said. “That is what we can enable in the health care system.”
Earlier this month, Redox was selected as the winner of a prestigious award given out during the Health 2.0 conference in San Francisco, a conference that focuses on new technology in health care, Skievaski said.
Out of nearly 100 startups across the nation, Redox was chosen as one of the 10 presenters of the conference.
“This is a really exciting time,” Skievaski said.