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A VC Deal with Epic Connections

October 27, 2015
by David Raths
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Firm led by Nordic Consulting founder invests in Redox

A Madison, Wis.-based health IT startup founded in 2014 by former Epic Systems engineers has received $3.5 million in funding, including an investment from HealthX Ventures, which is led by Mark Bakken, founder of Nordic Consulting, the largest Epic consulting firm.

Redox, which has developed an integration platform that allows software systems to share data with electronic health records (EHRs), recently closed a Series A investment led by .406 Ventures, with participation by Flybridge Capital Partners and HealthX Ventures.

“Redox believes that one of the biggest issues holding back innovation in the health-tech space is how to access all of the incredibly valuable data that resides in different EHR systems across the health care landscape.” said Luke Bonney, co-founder, of Redox, in a prepared statement. “There are endless opportunities to use data from electronic health records to improve patient care and provide efficiency to healthcare providers. It’s our mission at Redox to accelerate the adoption of great technology in healthcare, to get it into the hands of physicians and patients, by removing EHR integration as a key barrier.”

The company says that more than 120 applications currently use Redox as an integration partner. For health systems, the Redox platform acts as a single access point for cloud-based applications, providing access controls and monitoring while eliminating point-to-point integrations, the company said.  For cloud-based vendors, Redox said its APIs (application programming interfaces) and implementation services allow them to effectively sell to health systems and focus on developing their applications. As a result, Redox said, implementations are accelerated and up-front costs are reduced.

Mark Bakken, the founder and managing partner of Madison-based HealthX Ventures, founded Nordic Consulting, which has worked with 140 Epic clients and specializes in implementation, optimization, affiliate, advisory, and remote solutions.