US-based medication and pain care management technology provider Axial Healthcare closed a $16.5m series B round yesterday that included health insurance association Blue Cross and Blue Shield Association.
Growth equity fund Oak HC/FT led the round, which included .406 Ventures and Sandbox Advantage Fund, a fund run by venture capital firm Sandbox Industries. Blue Cross and Blue Shield invested through its corporate venturing fund, BlueCross BlueShield Venture Partners.
Axial provides software that helps manage pain relief and medication provision by combining a repository of pain medication and pain care clinical evidence with data analytics that help health insurers ensure the right amount is provided and opioid misuse is reduced.
The company has now raised more than $26m in funding since it was founded in 2012, $8m of which came in a July 2015 series A round featuring BlueCross BlueShield Venture Partners.
The series A round was led by .406 Ventures and backed by Sandbox Industries, and came after a $1.75m seed round co-led by BlueCross BlueShield Venture Partners and Sandbox in 2014.