Axial Healthcare has secured $1.75 million in Series A funding. BlueCross BlueShield Venture Partners and Sandbox Industries led the round. Based in Nashville, Axial Healthcare is a provider of analytics and network solutions for health insurers.
Nashville, TN – September 3, 2014 – Axial Healthcare today announced that it closed a $1.75 million Series A financing led by BlueCross BlueShield Venture Partners and Sandbox Industries. Axial Healthcare provides health insurers with advanced analytics, network solutions, and a connected platform to improve clinical and economic outcomes for patients in pain.
Axial will use the funds to grow data partnerships and expand its advanced analytics capabilities. It also plans to develop and launch the axialNetwork and axialConnect platforms with initial customers. These products will optimize the care network that surrounds patients in pain. Axial Healthcare is developing partnerships that will accelerate growth towards its next round of funding, which is anticipated in early 2015.
“Over 100 million Americans find themselves in an episode of pain each year; sadly, this is one of the most frustrating patient experiences in healthcare and highly vexing for practitioners and payers as well,” explained Axial Healthcare Chairman & CEO John Donahue. “Axial Healthcare is committed to helping the patient in pain with care that makes sense and moves them forward in their recovery. The additional capital will allow us to improve the health of more patients, support more practitioners and partner with more health insurers.”
John Donahue is the former CEO of Cogent Healthcare, Founder/CEO of National Imaging Associates and CFO of a multi-billion dollar Global Pharmaceutical Unit based in Paris (now Sanofi). John is supported by a strong band of experienced clinicians, operators, innovators and healthcare pioneers who are deeply passionate about improving pain patients’ care and improving financial performance.
Sandbox Industries Managing Director Anna Haghgooie added, “Sandbox Industries shares Axial Healthcare’s commitment to innovating exceptional solutions in episodic pain care and improving financial performance. We are excited to work with the company as it extends its offerings to a growing list of patients and health plans.”
About Axial Healthcare
Axial Healthcare engages acute and chronic pain patients and manages care plans episodically to improve outcomes, enhance the patient’s experience and eliminate needless expense. For more information, please visit www.axialhealthcare.com.
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a $305 million corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. For more information, please visit www.bcbsvp.com.
About Sandbox Industries
Sandbox Industries (www.sandboxindustries.com) is a Chicago-based firm that connects innovative companies into its corporate partners in Healthcare and Food & Agriculture. Founded in 2003, Sandbox has over $400 million of capital under management and exclusively manages the BlueCross BlueShield Venture Fund.