Axuall Secures $20 Million Series B Capital Raise after Accelerated Market Growth and Healthcare Enterprise Adoption
“Timely clinician population data is key to optimizing a healthcare workforce, a factor that ranks among the most critical priorities for healthcare leaders,” stated Ajay Kumar, M.D., EVP & Chief Clinical Officer, Hartford HealthCare.
CLEVELAND, May 31, 2023 (GLOBE NEWSWIRE) -- Axuall, the industry leader in clinical workforce intelligence, proudly announced today the investment of $20 million in Series B funding led by Noro-Moseley Partners, with additional investors 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's investors and the organizations they represent comprise over two dozen of the nation's leading healthcare organizations that recognize the imperative to improve clinical workforce efficiency amidst significant economic and staffing challenges.
Established and developed with leading healthcare systems since 2019, Axuall is a workforce intelligence company built on a national real-time practitioner data network that connects healthcare organizations to a vast array of data, providing insights for network planning, analytics, and reporting, while dramatically reducing onboarding and enrollment time via provider-enabled digital credentials.
“Timely clinician population data is key to optimizing a healthcare workforce, a factor that ranks among the most critical priorities for healthcare leaders,” stated Ajay Kumar, M.D., EVP & Chief Clinical Officer, Hartford HealthCare. “An optimized workforce enables organizations to meet demand, improving patient outcomes and healthcare systems’ economics.”
Meanwhile, reducing friction within the people side of the supply chain is critical to addressing staffing shortages in the United States. Planning, recruiting, and placement have long been inefficient, time-consuming, and painful for clinicians and healthcare organizations. However, organizations that leverage data networks to streamline the process will be the choice of healthcare systems and clinicians in the coming years.
“With Axuall’s network, we are transforming the way we collect and validate credentials, allowing qualified clinicians to onboard at facilities swiftly and efficiently,” said Chris Franklin, President of LocumTenens.com. “Our commitment to providing access to quality patient care is at the core of our mission, and this investment represents a significant step forward in achieving that goal.”
Ryan Collins, Principal at Noro-Moseley Partners, will join Axuall’s board of directors and stated, “Axuall’s workforce optimization solutions address 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. Noro-Moseley is excited to invest in and be a part of Axuall’s rapid growth.”
In addition to growing its product, sales, and marketing teams, Axuall will use the capital raised to continue to develop its data partnerships across its network, which today consists of over 6,800 primary data sources. Funding will also be used to accelerate its API integration into the planning, recruiting, credentialing, enrollment, CRM, and electronic medical record systems that healthcare organizations use today.
“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,” stated Charlie Lougheed, Co-founder and CEO of Axuall. “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.”
About Axuall
Built with leading healthcare systems, Axuall is a workforce intelligence company powered by a national real-time practitioner data network. The technology enables healthcare systems, staffing firms, telehealth, and health plans to dramatically reduce onboarding and enrollment time while providing robust data insights for network planning, analytics, and reporting. To learn more, visit www.axuall.com or follow Axuall on LinkedIn.
About Noro-Moseley Partners
Noro-Moseley Partners is a growth equity firm backing leading entrepreneurs across the healthcare IT, healthcare services, and B2B software sectors. Since 1983, NMP has invested nearly $1 billion across more than 200 companies, and the managers of NMP’s current fund, Noro-Moseley Partners IX, have more than 60 years collectively of direct growth equity investing experience. Through NMP’s domain expertise, active board participation, and network that includes strategic health plan and hospital system limited partners, the firm aims to support management teams through key inflection points on their company’s growth trajectory.
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