axialHealthcare, maker of a platform for managing substance use disorder (SUD) patients, has closed $15 million in Series C funding. The raise was headlined by the Nashville company's existing investors, a list that includes Oak HC/FT, .406 Ventures, BlueCross BlueShield Venture Partners and Sandbox Advantage Fund.
WHAT THEY DO
Founded in 2012, axialHealthcare's earlier iteration focused on developing a suite of digital chronic-pain products for patients and providers. These products featured a range of analytics components, including features such as measurements of patient risk, clinical outcomes and episode cost.
More recently, however, the company has realigned its efforts into the SUD space. After starting off with prevention and mitigation for those at increased risk for opioid- or polydrug-related issues, the company is dipping into the clinical-services space. Through the platform, axialHealthcare assesses and connects patients to treatment while promoting long-term engagement with care plans.
The result, according to the company, is better patient outcomes, reduced burdens on providers and lower care costs for plans.
"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," Carter Paine, CEO at axialHealthcare, said in a statement.
WHAT IT'S FOR
Alongside its new branding push, Paine said in the company's funding announcement that the raise will bolster axialHealthcare's platform launch.
"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," Paine said. "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."
MARKET SNAPSHOT
With opioid-related deaths still a major concern within the US, technology platforms have an opportunity to highlight potential cases and facilitate appropriate care. Among these players are Boulder, which raised a $10.5 million Series A for its telehealth-based substance-use care plans, and DynamiCare Health, a recovery platform that combines telehealth coaching, random testing and monetary incentives to drive treatment.
ON THE RECORD
"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," Nancy Brown, general partner at Oak HC/FT and axialHealthcare board member, said in a statement. "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."
