Pain care services company Axial Healthcare this week announced that it has closed an $8 million round of funding to assist with the deployment of its suite of pain management solutions.The company has acquired $9.8 million in financing to date.

.406 Ventures led the Series A funding round. Previous investors, including BlueCross BlueShield Venture Partners and Sandbox Industries, also participated in the round.

Axial Healthcare plans to leverage the new funding to continue building out its product suite, upholding its customer service values and expanding its team. 

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The company’s product portfolio includes three major services: axialAnalytics, axialNetwork and axialConnect. The entire suite aims to improve pain outcomes, reduce opioid misuse, enhance practioner pain care treatment and more.

John J. Donahue, chairman and CEO at Axial Healthcare, told Clinical Pain Advisor that acquiring additional financing down the road is a possibility.

“We always have our funding options open and will certainly consider all means to optimize our enterprise value,” he said. “Additionally, we intend to manage pain patients episodically in bundle payment form, so could consider future funding to capitalize on this enormous opportunity.”

According to Donahue, what makes Axial Healthcare’s product standout from others in the market like it is that it’s fueled by big data; and provides an analytical suite of practitioner, network and consumer capabilities to manage pain. Additionally, his company’s product offering was designed with an exclusive focus on pain care improvement.

“Ultimately our plan is to continue to build out pain patient bundled payment capabilities,” Donahue said. “We also want to grow nationally in order to serve insurers, accountable care organizations and all at risk for pain care across the country.”

He added: “Finally, we intend to evaluate opportunistic acquisitions, joint ventures and tech enabling possibilities in order to accelerate growth.”