Axuall, a Cleveland company that has developed technology enabling healthcare providers to share authenticated credentials and qualifications in real time, announced it has closed a $20 million Series B funding round.
The financing was led by Atlanta-based Noro-Moseley Partners, Axuall said in a news release issued Wednesday morning, May 31. Noro-Moseley describes itself as a "growth equity firm backing leading entrepreneurs across the healthcare IT, healthcare services and B2B software sectors."
Additional investors were Flare Capital Partners, Intermountain Ventures, University Hospitals Ventures, Hartford HealthCare, LocumTenens.com (part of the Jackson Healthcare family of companies), Epsilon Health Investors, InHealth Ventures, AV8 Ventures, JumpStart Ventures and M25 Ventures.
Axuall to date has raised $33.4 million, a spokeswoman wrote in an email. The company in July 2021 closed a $10.4 million Series A funding round. It closed a $3 million seed round in September 2019.
The spokeswoman wrote in the email that Axuall has "55 employees and growing."
Axuall said in the release that the Series B fundraise is a recognition of "the imperative to improve clinical workforce efficiency amidst significant economic and staffing challenges."
The capital raised will help Axuall expand its product, sales and marketing teams. Axuall also said it will use the funds "to continue to develop its data partnerships across its network, which today consists of over 6,800 primary data sources" and to "accelerate its API (application programming interface) integration into the planning, recruiting, credentialing, enrollment, CRM (customer relationship management) and electronic medical record systems that healthcare organizations use today."
Ryan Collins, principal at Noro-Moseley Partners, will join Axuall's board of directors.
He said in a statement that Axuall's technology addresses "a top pain point for its customers, offers a sizable and demonstrable ROI, and is a testament to the team's deep domain expertise with provider-facing technology solutions."
Axuall co-founder and CEO Charlie Lougheed added, "The growth we experienced since our inception tells us that being the connector to clinicians and their data is important to the ecosystem of our customers, vendors, and data partners. We are humbled and honored by the support from the healthcare community and forward-looking investors as we address this opportunity to improve access to quality care."