HealthX Ventures closed a first round of funding worth $20 million. The Wisconsin-based venture capital fund is focused on investing in software businesses that solve cost, quality and access issues in the healthcare industry.
HealthX has already invested in five early stage startups, including Redox, which was founded by former Epic employees to integrate apps with EHRs. The company has also invested in cloud-based machine learning startup EnsoData, a patient rehab company called Moving Analytics, billing specialist HealthiPASS and Epharmix, which monitors the sickest 20 percent of a client’s patient population to enable disease-specific interventions.
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The new round of capital commitments came from investors across the country. HealthX Ventures has expanded its investment team to five members. The firm targets companies that are early in their life cycle and typically participates in the first rounds of funding.
“Our fund supports companies solving hard problems that will not only lower the cost of healthcare, but also improve the lives of clinicians, patients, and their families," HealthX founder and managing partner Mark Bakken said in a statement.
Before HealthX Ventures, Bakken, a serial entrepreneur, founded Nordic, a Madison Wis.-based company that bills itself as the world’s largest Epic consulting firm. Nordic offers help with the EHR giant’s implementations, optimization, data and analytics, managed services, population health and more.
Twitter: @Bernie_HITN
Email the writer: bernie.monegain@himssmedia.com