MADISON (WKOW) — The Madison health care software company Redox announced Wednesday it raised $33 million in venture capital, with intentions to double its workforce, the majority of whom work outside the Madison area.
Redox’s CEO and Co-Founder Luke Bonney said in an interview with 27 News that company raised the money during a funding push that began in January and completed March 28.
Redox is a tech startup founded in 2014 which supplies health care providers with software designed to simplify how health care providers share data.
The company raised $33 million, which Bonney said will be spent doubling its workforce in the next 12 to 18 months. However, the Madison area should not expect to benefit too much from the company’s success.
Redox allows the majority of its employees to work remotely. Bonney estimated only 20 to 25 of the company’s 75 workers report to Redox’s Attwood neighborhood office. The rest work around the country.
Bonney isn’t sure how many of the new hires will be in the Madison area, but said he embraces a “fully remote” approach to hiring. Divorcing where a person lives from where they work allows Redox to draw on a national talent pool.
That isn’t to say Madison’s workforce is unequipped to fill Redox’s needs. When pressed, Bonney said Madison punches above its weight when it comes to a diverse talent pool, but reiterated he preferred the freedom hiring outside the area afforded Redox.
Bonney also attributed Madison as a reason for the company’s fundraising success. During meetings with investors, Bonney said being based in Madison as opposed to Silicon Valley, “keeps us humble.” A trait which helped set Redox apart.