Aetion, a provider of evidence-based analytics solutions for payers, biopharma, and medical device customers, announced a $110 million Series C funding round.
The round was led by Warburg Pincus, a growth equity firm with additional investments from B Capital and Foresite Capital. Aetion’s existing investors, New Enterprise Associates (NEA) and Flare Capital Partners, also joined the round.
Including the latest funding round, Aetion has raised a total of $212 million to date. Aetion plans to use the latest capital infusion to support its growth in the real-world evidence space.
The company will also use the new funds to extend its Aetion Evidence Platform capabilities, expand its European and Asian-Pacific footprint, and grow its commercial team to serve the demand from biopharma, payer, and medical device/diagnostics customers.
According to Aetion, its evidence platform analyzes data from the real world to produce scientifically validated answers on safety, effectiveness, and value. The platform informs health care’s critical decisions – what works best, for whom, and when – to guide product development, commercialization, and payment innovation.
The Evidence Platform is used by biopharma firms, payers, and regulatory and HTA agencies to inform decisions on the safety, effectiveness, and value of medical products, according to the company.
“In a post-COVID era, we have an imperative to use rapid, rigorous evidence to inform health care decisions,” said Aetion CEO Carolyn Magill. “This investment reinforces Aetion’s position as an RWE leader and our potential for future growth as we enable our customers to generate regulatory-grade evidence at scale.”
“Aetion has shown incredible growth over the last year, scaling its platform and forming industry-leading partnerships. As the use of real-world evidence expands globally, we believe our investment will help advance Aetion’s technology and further inflect its growth,” said T.J. Carella, Managing Director and Head of Healthcare at Warburg Pincus.
Healthcare Data Analytics companies secured $906 million in venture capital funding in Q1 2021, a 54% increase quarter-over-quarter, compared to $587 million raised in Q4 2020, according to the recently released Mercom Digital Health Funding and M&A Report.