Aetion, a US-based healthcare data software provider backed by corporates Johnson & Johnson, McKesson, Amgen, Sanofi, UCB Pharma and Blue Cross Blue Shield of New Jersey, completed a $110m series C round on Tuesday
Private equity firm Warburg Pincus led the round, which included investment firm Foresite Capital and venture capital firms B Capital Group, New Enterprise Associates (NEA) and Flare Capital Partners. The company said it has now raised $212m altogether.
Founded in 2013, Aetion has built an analytics software platform for healthcare data that helps inform decisions by stakeholders in the medical space through the use of real-world evidence (RWE).
The capital has been earmarked for product development and the expansion of the company’s commercial team in addition to growth in Europe and the Asia-Pacific region.
Carolyn Magill, chief executive of Aetion, said: “In a post-covid era, we have an imperative to use rapid, rigorous evidence to inform health care decisions. 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.”
Flare Capital Partners and Lakestar provided $11.2m in series A funding for the company in 2017 and returned for a series B round that closed at $82m in August 2020 with $19m from Johnson & Johnson Innovation – JJDC, part of medical products group Johnson & Johnson, in addition to EDBI and Greenspring Associates.
Pharmaceutical firms Sanofi and UCB Pharma, care provider Horizon Health – a subsidiary of health insurer Blue Cross Blue Shield of New Jersey – and medical product distributor McKesson had supplied $27m for the round’s second tranche in early 2019.
The round’s 2018 first tranche was led by NEA and backed by pharmaceutical company Amgen’s corporate VC unit, Amgen Ventures, in addition to Flare Capital Partners, Lakestar and Oxeon Ventures.
