20 Oct Redox Inc. raises $3.5 million in latest round of funding
Redox is one of several digital health companies that are emerging in Madison. With Epic Systems Corp., which has more than half the market share in the electronic health records market, and a strong computer science department at the University of Wisconsin-Madison, the Dane County area is becoming known as a center for this industry segment.
“When you think about the intersection of health, bioscience and information technology, that’s exactly what’s going on here,” said Zach Brandon, president of the Greater Madison Chamber of Commerce. “In fact, Epic isn’t the anomaly here — it was just the first and the trend line, and Redox happens to be the newest data point.”
With its fundraising, Redox is participating in what has become a rapidly growing area for investors. Digital health investments have ballooned during the past five years, with venture capitalists putting more than $5 billion into the space in 2014 compared with less than $1billion in 2009, according to a report released in September by the Brookings Institution.