Moxe Health, a health tech firm, has raised $30 million to advance its interoperability solutions.
The series B funding round was led by Piper Sandler Merchant Banking and Vensana Capital alongside participation from existing investors. The company will use the funding to expand its team and tech investments. Existing investors include Safeguard Scientifics, UPMC Enterprises, 3M Ventures and Apollo.
Also as part of the announcement, Piper Sandler Merchant Banking’s managing director and Vensana’s co-founder and managing partner will be joining Moxe’s board.
Moxe, founded in 2012, aims to foster secure clinical data exchange between healthcare stakeholders by leveraging digitized medical charts and bidirectional data exchange, known as interoperability. The company argues this unlocks better collaboration and streamlines workflows.
“We have a straightforward objective: make it as easy as possible for the patient records that have been diligently digitized to inform how we deliver and pay for healthcare in this country,” Dan Wilson, founder and CEO of Moxe Health, said in a statement. “Moxe eliminates administrative waste by evolving patient-centric interoperability and improving payer-provider collaboration.”
The company’s network nearly doubled in the past year, a record growth according to Moxe, and currently serves payers representing 75 million lives and more than 60 hospital systems.
“Moxe’s use case centric and API-driven approach was a major differentiator that stood out to us in a crowded healthcare IT landscape,” said Tom Schnettler, managing director, Piper Sandler Merchant Banking, in the announcement. “This funding emphasizes our confidence in the Moxe team and our strong belief in the company as a proven interoperability leader.”
Interoperability is increasingly a hot topic in healthcare amid federal standards with which organizations must comply by this fall, aimed at improving patient control of their health information.