Axuall, a Cleveland company that has developed technology enabling health care providers to share authenticated credentials and qualifications in real time, announced Tuesday morning, July 13, that it has closed a $10.4 million Series A funding round.
The financing was led by Boston-based Flare Capital Partners, Axuall said in a news release. 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 the financing “will be used to accelerate R&D, implementations, sales and marketing as the company grows its customer base of health care organizations,” Axuall said in the release.
A spokeswoman wrote in an email that Axuall “is currently at 15 employees and would like to increase that number to 35 by the end of the year.”
Axuall CEO Charlie Lougheed said in a statement that the financing “represents a ringing endorsement from the health care community. We are thrilled to work alongside the most innovative health care organizations in the world to address the workforce challenges that this space faces.”
The Series A round follows a $3 million seed funding round that the company closed in September 2019.
This article originally appeared in Crain’s Cleveland Business on July 14, 2021