Nashville-Based axialHealthcare Raises USD 15 Million in Equity Financing

By StartUp City | Tuesday, March 03, 2020

Over the years, the opioid epidemic has risen significantly in the U.S. While Opioid overprescribing statistics have gone down, drug overdoses and hospital admissions have increased, and access to quality treatment continues to be inadequate.

FREMONT, CA: Care optimization company axialHealthcare closed USD 15 million in equity funding led by previous institutional investors Oak HC/FT, .406 Ventures, BlueCross BlueShield Venture Partners (BCBSVP), and Sandbox Advantage Fund. The company also launched a new modernized brand identity that reflects the company's expanded scope, both of which are designed to meet the needs of patients, providers, and health plans during the evolving opioid overdose epidemic.

"While early prevention and risk mitigation efforts will continue to be critical, it's become increasingly apparent that addressing the next phase of the opioid epidemic and SUD, in general, requires a greater focus on treatment and recovery," said Carter Paine, Chief Executive Officer at axialHealthcare. "This funding will support the market launch of an end-to-end platform that offers personalized solutions from risk to recovery, with a new emphasis on connecting and aligning what is a fractured ecosystem for recovery. In collaboration with our client partners, we are devoted to finding a better way to support patients and families struggling with the complexities of SUD."

Over the years, the opioid epidemic has risen significantly in the U.S. While Opioid overprescribing statistics have gone down, drug overdoses and hospital admissions have increased, and access to quality treatment continues to be inadequate. Recent studies have shown that 80 percent of individuals with SUD who are not receiving any treatment. axialHealthcare has been working on addressing this issue by expanding its scope from using proprietary analytics focused on risk prevention and mitigation for patients with elevated opioid or polydrug-related safety concerns also to encompass treatment conversion and adherence for patients struggling with SUD.

"With more than 19 million Americans suffering from SUD, there's a dire need for a comprehensive solution that can address the changing epidemic our country is facing, and the axialHealthcare team is uniquely positioned to be that solution," said Nancy Brown, General Partner at Oak HC/FT and longtime axialHealthcare Board Member. "axialHealthcare has been a leader within the prevention landscape, and their new expansion into treatment offers clients an end-to-end solution that improves patient outcomes no matter where they are on the substance use spectrum."

Weekly Brief