Participated · Seed · Sep 2019

Axuall operates a workforce intelligence platform that aggregates clinician data through a national, real-time practitioner data network. Its Workforce Intelligence Network pulls clinician information from nearly 7,000 data sources and directly from physicians, advanced practice providers, and nurses via an integrated digital credential wallet with smart applications. The platform is used to reduce onboarding and enrollment time for healthcare systems, staffing firms, telehealth providers, and health plans while supplying data insights for network planning, analytics, and reporting. Axuall’s technology connects to the systems, vendors, and processes that customers already use. Led by co-founder and CEO Charlie Lougheed, the company has raised over $41M from more than two dozen healthcare organizations. It most recently announced an undisclosed Series B-1 that added Frist Cressey Ventures following a $20M Series B in May 2023. Axuall provides workforce intelligence powered by a national real-time practitioner data network, enabling healthcare systems, staffing firms, telehealth companies, and health plans to reduce onboarding and enrollment time while offering data insights for planning, analytics, and reporting. Led by CEO Charlie Lougheed, the company’s technology integrates with credentialing and recruiting workflows to streamline practitioner management. Axuall’s network today consists of over 6,800 primary data sources. The company recently raised $20M in a Series B to support growth. Axuall intends to use the funds to grow its product, sales, and marketing teams and to develop its data partnerships across its network. It also plans to accelerate API integration into planning, recruiting, credentialing, enrollment, CRM, and electronic medical record systems. Axuall operates a national digital professional identity network that enables clinicians, healthcare systems, staffing firms, telehealth groups, and health plans to share and manage authenticated provider credentials and qualifications in real time. Built on a provider-centric model, the network aims to eliminate onboarding delays, reduce physician burnout, and enable workforce intelligence across the healthcare industry. The solution was developed and piloted with University Hospitals, MedStar Health, and MetroHealth and launched commercially in late 2020. Axuall was formed in 2018 and initially raised $3 million of venture funding to develop the network. The company plans to use new capital to accelerate R&D, implementations, sales, and marketing as it grows its customer base of healthcare organizations. Management positions the product as addressing provider data delays and blind spots that drive billions in annual costs and care inefficiencies. Axuall operates a real-time digital network for verifying identity, credentials, and authenticity to eliminate waste, prevent fraud, and manage risk in healthcare, financial services, manufacturing, government, and other sectors. The network enables healthcare providers to request and receive digitally signed credentials from primary sources and securely share them with employers, health systems, and insurance plans. Axuall proactively monitors conditional events such as expirations and dependencies so practitioners can address issues as they arise, keeping credentials up-to-date and aligned with standards. Led by CEO Charlie Lougheed and based in Cleveland, OH, the company is preparing for commercial release. Axuall recently closed a $3M seed financing to support its near-term plans. The company intends to use the funds to hire additional software engineering and product personnel, run several large-scale pilots, develop its partner network, and complete R&D for commercial release.

Participated · Seed · Jan 2015

Scout RFP provides a sourcing and supplier engagement platform that helps procurement teams streamline processes, manage a unified pipeline of projects, and collaborate with stakeholders and suppliers. The platform manages over $20 billion in project spend for more than 175 global brands and is used across 117 countries, with customers including Beam Suntory, Conagra, Gilead, VMware, Starbucks and Zebra Technologies. Founded in 2014 by CEO Alex Yakubovich and based in San Francisco, the company raised $33M in a Series C. Scout plans to use the funds to accelerate sales and marketing, invest in product and engineering to drive innovation, and expand its presence in verticals such as financial services, pharma and biotech, manufacturing, and healthcare. Alex Niehenke from Scale Venture Partners will join Scout’s board of directors as part of the round. With the Series C, Scout has raised a total of $60.3M to date. Scout RFP provides procurement software designed to replace spreadsheet-driven sourcing processes by automating sourcing and spend management. The platform is subscription-based and supports features such as “reverse auctions,” where suppliers compete on price to win business. Clients include Smucker’s and Salesforce, who pay on a recurring basis. CEO Alex Yakubovich says the product’s goal is to automate the sourcing process and provide one system of record for procurement projects. The company positions itself as an alternative to legacy providers like Ariba and Coupa by focusing on a neglected procurement category. Scout is headquartered in San Francisco and has 42 employees. It previously raised about $12 million from NEA and Google Ventures. Scout RFP provides a cloud-based automated sourcing and auction platform that helps organizations make informed purchasing decisions. The company is led by CEO Alex Yakubovich and is based in San Francisco, CA. Its solution is used by brands including Splunk, Jo-Ann Stores, Intuit, VSP and Cerner Corporation. In total Scout RFP serves over 80 brands across 45 countries in software, manufacturing, healthcare and retail verticals. The company raised $9M in Series A funding and intends to use the funds to continue expanding operations. The platform focuses on enabling strategic sourcing and auction workflows for enterprise buyers. Scout RFP offers a cloud-based sourcing-as-a-service platform that automates several labor-intensive aspects of requesting, bidding, sorting and pitching new projects. Its service uses a one-page bid template to let buyers create a proposal in just a few minutes and centralizes data to simplify reviewing and analysis. The company targets large-business customers and intends to expand its product for those clients. Scout RFP said it will use the new financing to build out its engineering team and expand the product. The company raised $2.75 million in seed financing from New Enterprise Associates, with participation from Google Ventures and Zapis Capital. Scout RFP is based in Cleveland and was founded in 2013; it was initially backed by president Stan Garber and CEO Alex Yakubovich, according to CrunchBase data cited in the article.

Participated · Equity · Mar 2010

Cleveland HeartLab operates a CLIA-certified, CAP-accredited specialty clinical laboratory providing a proprietary five-biomarker inflammation panel anchored by its CardioMPO test to assess cardiovascular disease risk. The panel assesses distinct inflammatory pathways to provide broader prognostic coverage than traditional blood tests and to help physicians identify patients at higher risk of heart attack or stroke. CHL was spun out of Cleveland Clinic in 2009 and runs an R&D laboratory developing next-generation cardiovascular biomarkers. The company completed an $18.4 million Series B financing to support rapid growth and product development. Planned expansions include launching a dysfunctional HDL test in early 2012, expanding its proprietary test menu, in-licensing new biomarkers, and tripling its Cleveland Health‑Tech Corridor operations footprint. CHL targets a multibillion-dollar market amid high cardiovascular disease prevalence—more than 81 million Americans with some form of cardiovascular disease and roughly 750,000 annual deaths from heart disease and stroke. Cleveland HeartLab (CHL) is a Cleveland, Ohio-based clinical laboratory and disease management company that offers proprietary diagnostic tests built on molecular biomarkers. The company completed a $3.0M financing round to support growth. CHL plans to use the funds to expand its reference laboratory operations, increase selling and marketing efforts, advance its pipeline of markers such as dysfunctional HDL and nitrotyrosine, and move toward profitability. In conjunction with the financing CHL made several leadership appointments, naming Les C. Vinney chairman and Jake Orville president and chief executive. Drs. Marc Penn and Stanley Hazen were appointed chief medical officer and chief scientific officer, respectively, and an advisory board led by Dr. Penn includes William C. Popik, Michael C. Fiore, and Melissa A. Ohlson. No operating metrics or additional financial details were disclosed in the article.

Participated · Equity · Jul 2009

COMS Interactive is a Hudson, Ohio–based provider of a SaaS disease management system focused on elderly post-acute care. Led by CEO Edward J. Tromczynski, the company offers Daylight IQ™, a SaaS product suite that combines business administration, disease management and long-term healthcare knowledge to help nursing teams reduce medical errors and address resident healthcare needs. COMS serves customers in 38 states. The company received a $21M minority investment from Summit Partners. COMS plans to use proceeds to expand its post-acute care products and services throughout North America and to advance clinical quality assurance and performance improvement initiatives. A portion of the capital will be used for redemption of COMS common stock holdings, and Summit's Mark deLaar will join the company's board. Existing investors include Zapis Capital Group, Next Sparc, LLC, and Portal Capital, LLC. COMS Interactive is a Cleveland-area spin-off of STA Healthcare that offers software and services for long-term nursing facilities to track diseases and more efficiently manage patient admissions and discharges. The company says its product can extend nursing home stays and reduce hospital visits, which increases revenue for facilities. Since April it raised fresh capital, consolidated a disparate 15-member full-time workforce into the Cleveland area, and completed a new version of its product. Edward Tromczynski joined as CEO four months ago; he co-founded PlanSoft, now part of starCITE. COMS plans to deploy the new product into eight nursing homes over the next eight weeks and will use most of the new funding to engineer and deliver the product. The company positions itself to benefit from an aging population by providing data to manage patients with multiple chronic conditions.