CLEVELAND, Sept. 25, 2019 /PRNewswire/ -- Axuall, a next-generation digital network for verifying identity, credentials, and authenticity in real-time, announced today that it closed a $3 million seed financing round with leading strategic, angel, and venture capital investors.
Participating in the round are JumpStart (lead), Zapis Capital Group, M25, North Coast Angel Fund, Kettledrum Ventures, and Drummond Road Capital. This round of funding will be used to hire additional software engineering and product personnel, conduct several large scale pilots, develop the company's partner network, and complete research and development for Axuall's commercial release. Axuall is led by CEO Charlie Lougheed, an industry veteran who previously co-founded Explorys, a Cleveland-based healthcare big data and analytics company purchased by IBM in 2015.
"Axuall has been designed from the start to address a multibillion-dollar need to meet the demand for new delivery channels, products, and services in healthcare and other industries where proof matters," said Lougheed. "We chose healthcare as our first market because it faces considerable challenges related to increasing practitioner shortages, delivery channel expansion, and the growing demands of an aging population. Together, these challenges drive the urgency to reduce the administrative burden on its practitioners, reduce delays in hiring, accelerate revenue capture, and improve access to care."
Axuall makes presenting professional credentials easy, safe, secure, and instantaneous. The technology enables healthcare providers to request and receive digitally signed credentials 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 dependencies, allowing practitioners to address issues the moment they arise. This means credentials will always be up-to-date, ready to present, and aligned with standards. This eliminates the need for health systems to request redundant information, dramatically shortening the time it takes to hire, privilege, enroll, and activate practitioners.
"We expect the need to verify facts quickly and efficiently to increase as organizations grow their offerings and expand their workforce," said Rem Harris, JumpStart's senior partner in charge of investing. "Axuall's development of a realtime network and marketplace for verified facts will provide much-needed capabilities to the market."
In August, Axuall was unanimously approved as a Sovrin Steward by the Sovrin Foundation Board of Trustees. Based on a public permissioned blockchain model, the Sovrin Network ledger is operated by a select community of Stewards that includes thought leaders from across software, financial services, telecommunications, non-profit, and law.
About Axuall, Inc.
Axuall is a digital network for verifying identity, credentials, and authenticity in real-time. We address a multibillion-dollar need to eliminate waste, prevent fraud, manage risk, and meet the demand for next-generation products and services in healthcare, financial services, manufacturing, government, and other industries where proof matters.
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About JumpStart, Inc.
JumpStart is a nationally recognized investing, entrepreneurial support and economic development organization dedicated to unlocking the full potential of diverse and ambitious entrepreneurs to economically transform entire communities.