US-based addiction mitigation technology developer AxialHealthcare has completed a $15m series C round co-led by BlueCross BlueShield Venture Partners, a corporate venturing representative for 33 health insurance providers.
Healthcare and fintech-focused venture capital fund Oak HC/FT also co-led the round along with venture capital firms .406 Ventures and Sandbox Advantage Fund.
AxialHealthcare has built a cloud-based software platform that helps healthcare providers manage the risk of addiction to prescription painkillers. It assesses different parts of the healthcare system and flags up risk factors, alerting clinicians to patients potentially vulnerable to addiction.
Medical centres can also access specialist rehabilitation teams on behalf of recovering addicts. The funding will assist AxialHealthcare’s growth efforts, building on a recent rebrand that emphasises rehabilitation.
BlueCross BlueShield Venture Partners first invested in AxialHealthcare through a $50,000 seed round 2013 that included Healthbox Nashville, Nashville Health Care Council and Nashville Entrepreneur Center.
The company added $1.75m from BlueCross BlueShield Venture Partners and Sandbox Industries in 2014. Both returned for an $8m series A round led by .406 Ventures the following year.
Oak HC/FT led AxialHealthcare’s $16.5m series B in 2016, investing alongside BlueCross BlueShield Venture Partners, .406 Ventures and Sandbox Advantage Fund.