Jun 01, 2022 4:05 PM
Piper Sandler Merchant Banking and Vensana Capital lead Series B investment to help Moxe deliver on its mission to make healthcare more affordable by reducing administrative waste and improving payer-provider collaboration
Strategic financing will accelerate growth as the company further innovates its clinical data exchange solutions and scales to support market demand
Madison, WI, June 1, 2022 - Moxe, a leader in healthcare interoperability, announced today its $30M funding round led by Piper Sandler Merchant Banking and Vensana Capital with participation from existing investors. Moxe will use this funding to prioritize team expansion and technology investments to further advance its clinical data exchange solutions. As part of the round, Tom Schnettler and Kirk Nielsen will join Moxe’s Board of Directors. They will join existing investors from Safeguard Scientifics, UPMC Enterprises, 3M Ventures (the venture capital arm of 3M), and investors managed by Apollo.
By unlocking clinical data, Moxe enables smarter collaboration between healthcare stakeholders and streamlines payment and operational 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. Moxe eliminates administrative waste by evolving patient-centric interoperability and improving payer-provider collaboration,” said Dan Wilson, founder and CEO of Moxe Health.
“Our 100% digital clinical data exchange solutions deliver providers and payers efficiencies and outcomes that outpace the industry—and redefine the way data and insights are shared. This latest round of funding not only validates but accelerates our mission," shared Wilson.
"With the support of our new investors, Piper Sandler Merchant Banking and Vensana Capital, we can better support our customer growth and advance interoperability, which leads to smarter, high quality, more affordable healthcare,” Wilson stated.
This round of funding comes on the heels of record growth for the company. “Moxe’s network, which nearly doubled in the last year, includes many of the industry’s most innovative, forward thinking healthcare organizations. We currently serve payers representing 75M lives, the leading third-party requestors, and more than 60 hospital systems," reported Wilson.
“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. “This funding emphasizes our confidence in the Moxe team and our strong belief in the company as a proven interoperability leader.” Kirk Nielsen, managing partner at Vensana Capital went on to say, “We are excited to partner with Moxe to support its mission of connecting health systems with health plans and other stakeholders to allow for faster, more secure data exchange. We are impressed by the progress the Moxe team has made and look forward to working with them to build a category-defining healthcare interoperability company.”
For healthcare organizations, health plans, and healthcare IT companies interested in partnering with Moxe to achieve smarter, simpler, more secure clinical data exchange, please visit www.moxehealth.com.
Moxe empowers smarter, simpler, more secure data exchange for better healthcare. Compatible with the leading EHRs, Moxe improves collaboration by digitizing medical charts and enabling bidirectional data exchange between providers, payers, and third-party requestors. Moxe’s API-first approach is revolutionizing the secure exchange of clinical information and putting actionable insights directly into the clinical workflow. Moxe solutions support risk adjustment, quality improvement, payment integrity, care management, and more. www.moxehealth.com
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies (NYSE: PIPR). Our team strives to partner with founders and CEOs of growing, commercial stage businesses that can benefit by leveraging Piper Sandler’s knowledge, experience, capital and relationships to build market leading enterprises. PSMB provides investment advisory services through the affiliated registered investment adviser, PSC Capital Partners LLC. Learn more about Piper Sandler Merchant Banking.
About Vensana Capital
Vensana Capital is a venture capital and growth equity investment firm dedicated to partnering with entrepreneurs who seek to transform healthcare with breakthrough innovations in medical technology. Launched in 2019, Vensana manages $550M in capital and is actively investing in development and commercial stage companies across the medtech sector, including medical devices, diagnostics and data science, life science tools, digital health, and tech-enabled services. Vensana’s investment team has a history of successfully partnering with management teams behind industry-leading companies including Cameron Health, CardiAQ, Cartiva, CV Ingenuity, Epix Therapeutics, Inari Medical, Intact Vascular, Lutonix, Neuwave Medical, Personal Genome Diagnostics, Sequent Medical, Topera, Ulthera, Veran Medical Technologies, Vertiflex, and Vesper Medical. Learn more at www.vensanacap.com.