Axuall, the next generation digital network to verify real-time identity, credential and authenticity, today announced the closing of a $3 million seed financing round with leading strategic, angel and venture capital investors.
Joining the round are JumpStart (lead), Zapis Capital Group, M25, North Coast Angel Fund, Kettledrum Ventures and Drummond Road Capital. This funding round will be used to hire additional software engineering and product personnel, conduct a number of large-scale pilots, develop the company’s partner network, and complete research and development for Axuall’s commercial release. Axuall is headed by CEO Charlie Lougheed, an industry veteran who previously co-founded Explorys, a Cleveland-based healthcare Big Data and analytics company acquired by IBM in 2015.
“Axuall has been designed from the outset to address a multibillion dollar need to meet the demand for new delivery channels, products and services in healthcare and other industries where there is evidence,” Lougheed said. “We have chosen healthcare as our first market because it faces major challenges related to increasing shortages of practitioners, the expansion of supply channels, and the growing demands of an aging population. Together, these challenges drive the urgent need to reduce the administrative burden on its practitioners, reduce delays in hiring, accelerate revenue capture and improve access to care. “That’s right.
Axuall makes the presentation of professional qualifications easy, safe, secure and instantaneous. Technology enables healthcare providers to apply for and receive digitally signed certificates from primary sources that they can securely share with employers, health systems and insurance plans. The Axuall network proactively monitors conditional events, such as expirations and dependences, allowing practitioners to address issues as soon as they arise. This means that the credential will always be up-to-date, ready to be presented and aligned with the standards. This eliminates the need for health systems to request redundant information, dramatically reducing the time it takes to hire, privilege, enroll, and activate practitioners.
“We expect the need to verify the facts to increase quickly and efficiently as organizations increase their offerings and expand their workforce,” said Rem Harris, JumpStart’s senior investment partner. “The development of Axuall’s real-time network and marketplace for verified facts will provide much-needed market capabilities. “That’s right.
In August, Axuall was unanimously approved as Sovrin Steward by the Board of Trustees of the Sovrin Foundation. Based on a public-authorized blockchain model, the Sovrin Network ledger is run by a select community of Stewards that includes thought leaders across software, financial services, telecommunications, non-profit, and law.
Axuall is a digital network for the verification of identity, identity and authenticity in real time. We address the multibillion dollar need to eliminate waste, prevent fraud, manage risk and meet demand for next-generation products and services in healthcare, financial services, manufacturing, government and other industries where evidence matters.
For more information, please contact: info@axuall Come on,
JumpStart is a nationally recognized investment, entrepreneurial support and economic development organization dedicated to unlocking the full potential of diverse and ambitious entrepreneurs to transform entire communities economically.
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