CLEVELAND--(BUSINESS WIRE)--Axuall, a digital professional identity network that enables healthcare providers to share their authenticated credentials and qualifications in real-time, announced today that they closed $10.4 million in Series A funding led by Flare Capital Partners. Additional co-investors include Intermountain Ventures, University Hospitals Ventures, MedStar Health, Epsilon Health, InHealth Ventures, AV8 Ventures, JumpStart, M25 Ventures, and North Coast Ventures.
Capital from this financing will be used to accelerate R&D, implementations, sales, and marketing as the company grows its customer base of healthcare organizations. “Led by Flare Capital Partners and representing over two dozen healthcare organizations, this financing represents a ringing endorsement from the healthcare community,” said Axuall’s CEO, Charlie Lougheed. “We are thrilled to work alongside the most innovative healthcare organizations in the world to address the workforce challenges that this space faces.”
Provider data delays and blind spots cost the U.S. healthcare sector billions of dollars per year, contributing to care gaps for patients, physician burnout, and unnecessary inefficiencies for healthcare organizations. A recent study conducted by the Health Management Academy in 2021 identified the disjointed process of verifying provider credentials as a central pain point among clinicians and organizations alike. “The traditional credentialing process is a cumbersome and slow experience for clinicians,” said Michael Greeley, co-founder and general partner, Flare Capital Partners. “Axuall has streamlined this process, with its real-time digital credential network that provides coverage across the entire healthcare workforce and enables workforce intelligence across the industry.”
Built on a provider-centric model, the Axuall network enables healthcare systems, staffing firms, telehealth groups, and health plans to leverage a vast array of verified real-time provider data to eliminate information delays in onboarding staff, develop virtual networks with partners, and manage their care delivery networks.
"As an investor, we’re always on the lookout for the trifecta opportunity: a material unmet need; a scalable technology that addresses the problem to be solved, and a leadership team we believe has the experience to operationalize and execute. Axuall exemplifies this,” said David Sylvan, President of UH Ventures, the innovation and commercialization arm of University Hospitals. “We look forward to continued collaboration with Axuall, and we’re excited to participate in this journey."
Axuall was formed in 2018 with $3 million of venture funding to develop a national network for professional career identity that serves the needs of healthcare providers and the organizations they work with. The solution was developed and piloted with three major healthcare systems, University Hospitals, MedStar Health, and MetroHealth, and launched commercially in late 2020.
Axuall has expanded its work with innovative healthcare systems in 2021 as the company develops additional solutions to bridge the data divide between providers, systems, and health plans. “Axuall is solving a fundamental problem in healthcare. Their solutions are driving clinical impact by enabling patient access and enhancing the overall quality of care,” stated Nickolas Mark, Managing Director and Partner, Intermountain Ventures.
About Flare Capital Partners
Flare Capital Partners strives to help build significant healthcare technology, digital health and healthcare services companies to improve health outcomes and broaden access while lowering costs of care. We partner with inspirational entrepreneurs who seek to transform the business of healthcare by developing innovative and impactful products and services. Flare Capital is a team of proven healthcare technology investors and senior operating executives known for thought leadership and unparalleled strategic industry resources. Our firm has raised some of the industry’s largest dedicated venture capital funds focused on early stage opportunities in healthcare technology innovation, and our investors include leading healthcare companies, major institutional investors, important family offices, foundations and sovereign wealth funds. We are full life-cycle investors in our portfolio companies as we support and work alongside entrepreneurs over their entire company-building journey. Select portfolio companies include Aetion, Aspen RxHealth, Bright Heath, Cohere Health, Eden Health, HealthVerity, Iora Health, Somatus, Tausight and VisitPay. Learn more at Flare Capital Partners and follow us on Twitter @flarecapital
Formed in 2018, Axuall, Inc. addresses the national imperative to improve access to quality healthcare by helping to eliminate unnecessary inefficiencies in workforce deployment. Axuall is a national digital network that enables clinicians, healthcare systems, and primary source institutions to share and manage authenticated credentials in real-time. With this, we empower health systems to accelerate the time-to-deployment of qualified healthcare professionals while at the same time reducing physician burnout.