Nashville, Tenn. — axialHealthcare, the country’s leading pain care solutions company, announced it has closed an $8 million Series A round of financing. The new funding will enable the company to accelerate the deployment of its unparalleled suite of pain management capabilities to not only drive value for current client partners but also serve future partners nationwide. .406 Ventures led the round and Liam Donohue, .406 Venture’s Co-Founder and Managing Partner, has joined Axial’s Board of Directors. Previous investors, including BlueCross BlueShield Venture Partners and Sandbox Industries, also participated in the funding.
“We were very encouraged by the investor community response to our offering and are delighted to partner with Liam and the .406 Ventures team,” said John J. Donahue, Chairman and CEO of Axial Healthcare, Inc. “They have a proven track record for stellar healthcare services and HCIT investment success. Plus, their reputation for leadership, integrity and innovation is unmatched in the space.”
Axial has been in development since 2013 and began deploying its pain care offering with industry- leading client partners earlier this year. Axial’s products drive improved pain outcomes, reduce opioid misuse, enhance practitioner pain care treatment, increase consumer satisfaction and lower healthcare costs. Axial’s fully coordinated pain care solution includes four inter-operable components: axialAnalytics (patient and practitioner advanced analytics); axialPractitioner (pain care pathways, performance metrics and point of care MD support); axialNetwork (pain clinic Center of Pain Excellence and COPE network contracting) and axialConsumer (targeted consumer support for high-risk pain patients).
“.406 Ventures has been closely evaluating the $300 billion pain care market for sometime and recognized that Axial’s analytically fueled, clinically proven and technology-enabled capabilities are what is required to unlock improved patient care and drive economic value,” stated Liam Donohue. “We are looking forward to partnering with Axial’s world-class leadership team and their existing investors, as the company is well positioned to drive best-in-class results, achieve national scale and are clearly poised for enormous growth.”
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise IT companies founded by visionary entrepreneurs. .406 Ventures was founded in 2005 and has over $600M under management. The .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real-world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm leads, or co-leads, first institutional investment rounds in market-changing Enterprise IT companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. http://www.406ventures.com
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a 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 is a Chicago-based venture capital firm focused on bridging the gap between large, successful corporations and innovative emerging companies. Sandbox, founded in 2003, exclusively manages the BlueCross BlueShield Venture Fund. For more information, please visit www.sandboxindustries.com.
About Axial Healthcare, Inc.
Axial is a pain care solutions company headquartered in Nashville and currently working with health insurers, ACOs and employers nationwide. Axial’s pain management solutions engage physicians, pain clinics and patients with coordinated care by applying big-data-driven, advanced analytical insight, unmatched proven clinical evidence and highly effective consumer support. This comprehensive pain care solution materially improves clinical outcomes, enhances patient and physician satisfaction while driving a significant and readily measurable ROI. For more information, please visit axial.alphaechoagency.com.