Axial Exchange Announces Completion of Series A Financing
Axial Exchange, Inc. announced today that it has secured Series A financing. The round was lead by Canaan Partners with IDEA Fund Partners also participating in the round. The proceeds will be used to fund the continued development of the company's health care communication platform and to expand its sales and marketing initiatives."
Axial has a strong management team that will infuse new thinking into an industry going through transformative change. We like the way that Axial thinks about turning data into useful, time-critical information. We believe this company will quickly grow into a positive force in the healthcare IT industry," said Steve Bloch, MD, General Partner at Canaan Partners.
"We are thrilled to have the support from such top tier investors as Canaan Partners and Idea Fund Partners. They share our vision for a future where appropriate access to clinical information is a given for all health professionals. We are committed to delivering solutions with both top line and bottom line benefit to hospitals, by focusing on the value of timely information delivery for complex clinical issues like continuity of care," said Joanne Rohde, Founder and CEO of Axial Exchange.
The Axial Communication Platform enables hospital-based care providers to collaborate with outside physicians. Delivering high quality care while maintaining costs often hinges on the ability of physicians from separate specialties and physical locations to communicate. Axial gathers clinical information from disparate hospital systems and provides summaries that are designed for the needs of the various outside stakeholders that provide care, including primary care physicians, specialists, and medical home case managers.
No special software is required for the end users. Clinical summaries are securely "pushed" to smart phones and web browsers as soon as the information is available at the hospital. As the Axial Communication Platform leverages both open source software and a cloud-based delivery model, it is available at a fraction of the cost of historical health IT solutions.
By bridging the gap between the hospital and those that provide post-discharge care, the Axial solution can simultaneously lower unprofitable readmissions and strengthen a hospital's ties to area physicians. Many hospitals rely on outside physicians to refer patients for profitable planned procedures.
