Axial Exchange Raises $5 Million for mHealth Communication Platform

7-29-2013 10-06-50 PM

Just two months after announcing a $1 million debt round, Raleigh,NC-based Axial Exchange has come to terms on a $5 million equity financing deal, according to a recent SEC filing.

Axial is marketing a mobile health ecosystem designed for hospitals that the company says it can custom develop and implement within 30 days. The framework behind the platform was created with the goal of connecting patients with the health system at any point in care delivery.

7-29-2013 10-05-40 PM

The health system’s directory, including clinic phone numbers and locations, are available, ER wait times can be checked, and first aid content provided by the Mayo Clinic can be searched and referenced.

The platform also provides some traditional patient portal functionality. Insurance information can be entered and stored on the platform. Digital health trackers allow patients to monitor weight, glucose, cholesterol, medication adherence, and more. Elements of the hospital EHR can also be integrated to push to the app.

Axial reported raising just under $5 million on a $5,500,000 funding round, leaving $500,000 before the startup closes the round. Investor details were not disclosed, other than that funds were received from six individual investors. Of the $5 million, Axial is reporting that $1 million has been earmarked for executive compensation. The firm did not disclose the milestones or expansions it will purse with the remaining funding.

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