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- Redox
Redox Valuation, Funding & Investors
Redox is valued at $311M as of February 2021.
Last Redox valuation
$311M
Series D · Feb 2021
Last Redox funding round
$12M
Series A · May 2025
Cumulative funding Redox raised
$104M
across 7 funding rounds
Key investors in Redox
.406 Ventures
Dreamit Ventures
RRE Ventures
Flybridge
HealthX Ventures
Intermountain Healthcare
About Redox
Redox is a Madison-based healthcare interoperability platform facilitating data exchange between electronic health records and applications. Healthcare providers and vendors like Epic and Cerner connect through its API network handling FHIR standards. Processing billions of transactions annually, Redox serves over 4,000 organizations. Founded in 2014 in Wisconsin, it reduces integration timelines significantly.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$311M (Feb 2021)
Redox Valuation
Redox is currently valued at $311M, based on its Series D in February 2021.
The $45M round was led by Adams Street Partners, with participation from .406 Ventures, RRE Ventures, Battery Ventures and Avenir.
Redox valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2021 | Series D | $311M |
Redox Funding History
Redox has raised a total of $104M across 7 funding rounds.
Redox's first fundraising round was a $500K seed round in November 2014. The most recent completed round was a $12M Series A in May 2025.
Redox funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2025 | Series A | Dreamit Ventures | $12M | - | Redox is a healthcare data integration platform that enables the movement of clinical and administrative data into cloud environments for analytics, AI workflows, and operations. The company raised a total of USD 107,281,727 across nine funding rounds, including a convertible note of USD 12,281,727 in May 2025. Dreamit Ventures, an early-stage venture fund focused on health tech, is among the 13 investors supporting Redox, alongside names like RRE Ventures and .406 Ventures. Earlier rounds include a Seed round of USD 470,000 in November 2014 and a Series A of USD 3,530,000 in October 2015 led by .406 Ventures. The May 2025 convertible note provided flexible financing for strategic initiatives. |
| Feb 2021 | Series D | Adams Street Partners (lead); .406 Ventures; RRE Ventures; Battery Ventures; Avenir | $45M | $311M | Redox is a Madison, Wisconsin-based digital health company that provides a software platform for integrating and exchanging healthcare data efficiently and securely, enabling health systems and digital health vendors to share patient records using a consistent data model and nationwide network. The company focuses on developer experience to drive adoption of technology in healthcare, differentiating from point-to-point competitors through its traction and brand in the digital health space. On February 24, 2021, Redox raised $45 million in a Series D funding round led by Adams Street Partners, with participation from Avenir and existing investors Battery Ventures, .406 Ventures, and RRE Ventures. This brought total funding to approximately $95-98 million across multiple rounds, including a $33 million Series C in April 2019 led by Battery Ventures and a $10 million Series B in 2017 led by RRE Ventures. Proceeds were intended to support product development, hiring, accelerate innovation, and meet growing demand amid a record number of health systems and software vendors using the platform. Redox continued raising capital post-Series D, including a convertible note in 2025, reaching over $107 million total. |
| Apr 2019 | Series C | Battery Ventures (lead); Intermountain Healthcare; .406 Ventures; RRE Ventures | $33M | - | Redox, a Madison, Wisconsin-based company founded in 2014 by former Epic Systems employees, develops a healthcare interoperability platform that enables secure data exchange between healthcare providers and software vendors via a standardized API. The platform supports any format associated with electronic health records (EHRs), powering streamlined workflows for caregivers and improving patient experiences by allowing use of targeted apps. On April 17-22, 2019, Redox closed a $33 million Series C funding round led by Battery Ventures, with participation from existing investors .406 Ventures, RRE Ventures, and Intermountain Ventures (also referred to as Intermountain Healthcare or Intermountain Ventures). Battery General Partner Chelsea Stoner joined the board as part of the transaction. This round brought total equity and debt funding to nearly $50 million and followed strong growth, including over 300% increase in customer base in 2018 and adoption by over 450 healthcare providers and hundreds of cloud-based applications. The funding aimed to accelerate product development, expand market reach, enhance technological infrastructure, and capitalize on customer momentum amid interoperability challenges in healthcare. Redox was recognized by Gartner as a 2018 Cool Vendor for its innovative networked model using a consistent data model. A subsequent Series C-II round of $3.1M occurred in May 2019 with the same investors. |
| Apr 2017 | Series B | RRE Ventures (lead); Intermountain Healthcare; .406 Ventures; Dreamit Ventures; HealthX Ventures; MedTech Innovator; Flybridge | $1M | - | - |
| Jan 2017 | Series B | RRE Ventures (lead); Intermountain Healthcare; .406 Ventures; Dreamit Ventures; HealthX Ventures; Flybridge | $9M | - | Redox, a Madison, WI-based company, provides an integration platform for digital healthcare applications to enable seamless interoperability between health systems and software vendors. In January 2017, Redox closed a $9 million Series B financing round led by RRE Ventures, with participation from existing investors .406 Ventures, HealthX Ventures, and Flybridge Capital Partners. The company raised an additional $1 million in April 2017 as Series B - II, also led by RRE Ventures. Redox planned to use the capital to accelerate its product roadmap and scale its interoperable network. RRE Ventures general partner Raju Rishi joined Redox's board following the investment, highlighting the company's role in addressing interoperability challenges in healthcare to improve data sharing, patient care, and outcomes. .406 Ventures managing partner Liam Donohue noted Redox's solution resonated due to its validation by an expanding network. The funding supported Redox's mission to build the industry standard platform for health technology developers and health systems. |
| Oct 2015 | Series A | .406 Ventures (lead); Dreamit Ventures; HealthX Ventures; Flybridge | $4M | - | Redox, a Madison, WI-based company founded by former Epic engineers, develops a cloud-based API platform that enables software systems to securely integrate and share data with electronic health records (EHRs). The platform addresses interoperability challenges in healthcare by allowing seamless data flow between EHRs and other applications. On October 20, 2015, Redox closed a $3.5 million Series A funding round led by .406 Ventures, with participation from Flybridge Capital Partners and HealthX Ventures, which was the fund's first investment. The proceeds supported team expansion and platform enhancements to capitalize on the growing digital health sector. This round followed a $470,000 seed round in November 2014 aimed at initial platform development. Investors like .406 Ventures, focused on early-stage enterprise tech including digital health, highlighted Redox as the first, best, and only solution for EHR integration needs amid proliferating EHR adoption. |
| Nov 2014 | Seed | Dreamit Ventures; TMCx Accelerator; Mark Bakken | $500K | - | - |
Who has invested in Redox?
12 investors have backed Redox across its funding rounds, including .406 Ventures, Dreamit Ventures, RRE Ventures, Flybridge, HealthX Ventures and Intermountain Healthcare.
Lead investors include Adams Street Partners, Battery Ventures, RRE Ventures and .406 Ventures.
Redox Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Oct 2015 | ||
| 5 | Participant | Nov 2014 | ||
| 4 | Lead | Jan 2017 | ||
| 3 | Participant | Jan 2017 | ||
| 3 | Participant | Oct 2015 | ||
| 3 | Participant | Oct 2015 | ||
| 2 | Lead | Apr 2019 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Participant | Apr 2017 | ||
| 1 | Participant | Nov 2014 | ||
This data is available for Pro users. Sign up to see all 12 Redox investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialRedox Competitors
Redox competitors include listed companies like Vitalhub and Software Service, and private ones like Heidi Health, Allm, KAKEHASHI and Healthie.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $15M | - | $465M | 31.0x | ||
| Private | - | - | $294M | - | ||
| Private | - | - | $293M | - | ||
| Publicly listed | $78M | $10M | $342M | 2.7x | ||
| Publicly listed | $272M | $60M | $348M | 0.8x | ||
| Private | - | - | $273M | - |
Redox Public Comps
Redox is still privately-owned, but its public comps include Echo IQ, AdvancedAdvT, Goodwill E-Health Info, Vitalhub, Software Service, Beijing Sunwayworld, Value HR, EM Systems Co., Optima Health and Simulations Plus.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $65K | ($13M) | 4656.6x | 994.2x | (23.1x) | (26.6x) | |||
| $72M | $13M | 2.5x | 2.4x | 14.1x | 8.9x | |||
| $60M | ($35M) | 5.8x | 5.6x | (10.1x) | (19.1x) | |||
| $78M | $10M | 3.2x | 2.7x | 23.5x | 10.7x | |||
| $272M | $60M | 0.9x | 0.8x | 4.1x | 5.9x | |||
| $57M | $3M | 5.6x | - | 100.1x | - | |||
| $65M | $9M | 4.4x | 4.1x | 30.9x | - | |||
| $152M | $31M | 1.5x | 1.6x | 7.2x | 9.0x | |||
This data is available for Pro users. Sign up to see all Redox competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Redox
| When was Redox founded? | Redox was founded in 2014. |
| Where is Redox headquartered? | Redox is headquartered in Madison, WI, United States. |
| Is Redox publicly listed? | No, Redox is a private, VC-backed company. |
| What is Redox's valuation? | Redox was last valued at $311M in its Series D in February 2021. |
| How much funding has Redox raised? | Redox has raised $104M across 7 funding rounds. |
| What was Redox's last funding round? | Redox's last funding round was a $12M Series A in May 2025. |
| Who are Redox's investors? | Redox's investors include .406 Ventures, Dreamit Ventures, RRE Ventures, Intermountain Healthcare, HealthX Ventures, Flybridge, Battery Ventures, Adams Street Partners, MedTech Innovator, TMCx Accelerator and 2 others. |
| Which companies are comparable to Redox? | Companies comparable to Redox include Heidi Health, Allm, KAKEHASHI, Vitalhub, Software Service and Healthie. |
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