The firm, which provides value-based contracting and administrative services to community health centers, said it will 'leverage the new investment to further scale its successful infrastructure, expanding from New York to Ohio.'

The closure will result in 50 layoffs at the medical transportation company.

University Circle Inc., the nonprofit that manages the 1-square-mile area that includes Cleveland's art and academic district on the East Side, wants to raise an estimated additional $3.5 million next year in assessments.

The financing was led by led by Atlanta-based Noro-Moseley Partners. Cleveland-based Axuall has developed technology enabling health care providers to share authenticated credentials and qualifications in real time.