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.