Axuall, the workforce intelligence startup in Cleveland, has raised $20 million to help hospitals and other health care organizations optimize their clinician workforces.
The Series B fundraise was led by Noro-Moseley Partners, the Atlanta-based VC that focuses on backing software and health care technologies, Axuall (pronounced "actual") said on Wednesday.
Axuall is a workforce intelligence company built on top of a national, real-time data network that connects health care organizations to data that enables them to track, verify, analyze and report the credentials of medical clinicians while "dramatically reducing onboarding and enrollment time," Axuall said in a statement.
Other investors in the round, including University Hospitals Ventures in Cleveland, Hartford HealthCare and LocumTenens.com, part of the Jackson Healthcare family of companies, Axuall said.
Axuall's investors represent more than two dozen U.S. health care organizations that "recognize the imperative to improve clinical workforce efficiency amidst significant economic and staffing challenges," the Cleveland startup said.
"Timely clinician population data is key to optimizing a healthcare workforce, a factor that ranks among the most critical priorities for health care leaders," said Dr. Ajay Kumar, executive vice president and chief clinical officer of Hartford HealthCare, in Axuall's statement.
"An optimized workforce enables organizations to meet demand, improving patient outcomes and healthcare systems’ economics," Kumar said.
Cleveland's JumpStart Ventures also invested in the funding round, Axuall said.
Axuall is the third big-data startup in Cleveland since 1999 for Charlie Lougheed, who is the founder and CEO of Axuall.
Previously, Lougheed helped start Explorys, which was acquired in 2015 by IBM as part of its Watson Health business line, and Everstream (analytics), which was sold in 2005 to the former Concurrent Computer Corp. in Duluth, Georgia.
"Axuall's workforce optimization solutions address a top pain point for its customers," Ryan Collins, principal at Noro-Moseley Partners, said in Axuall's statement.
The investment round is a testament to Axuall's deep domain expertise and technology solutions, and offers investors "a sizable and demonstrable ROI," said Collins, who has joined Axuall's board.
The Cleveland Business Journal named Axuall as one of its Startups to Watch in 2022.
