Axuall, the workforce intelligence startup in Cleveland, has raised another $7 million to help health care organizations and clinicians leverage big data to solve their hiring inefficiencies, workforce shortages and onboarding delays.
The investment made by Frist Cressey Ventures of Nashville, Tennessee, is being added to the $20 million Axuall raised in its Series B round, which was announced on May 31.
The collaboration between Axuall and Frist Cressey Ventures represents a significant step forward in driving health care innovation, the workforce intelligence startup said in a statement.
Frist Cressey is a health care venture capital firm that provides strategic support to help companies realize their potential. The partnership "reinforces the power of data and automation to reshape health care delivery and workforce management," the Cleveland startup said.
"Axuall's commitment to driving efficiency and cost-effectiveness aligns perfectly with our mission of transforming health care to improve lives," said Bill Frist, a former U.S. Senator and medical doctor who is co-founder and partner of Frist Cressey Ventures, in a statement.
"We believe this investment will contribute to Axuall's continued growth and create a lasting impact in the industry by unlocking the power of data to enhance the clinical workforce," Frist said.
By plugging into clinician data from nearly 7,000 sources, including physicians, advanced practice providers and nurses, Axuall saves money for and increases the efficiency of health care organizations by providing them with insights into their clinician populations for job planning, recruiting and placement.
"Data innovation is the catalyst for much-needed workforce optimization in health care," said Charlie Lougheed, co-founder and CEO of Axuall, in a statement.
Axuall is Lougheed's third big-data startup in Cleveland since 1999. 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.
The Cleveland Business Journal named Axuall as one of its Startups to Watch in 2022.
