Aetion, a software platform company that delivers real-world analytics and evidence needed for biopharma and payers to engage in value-based care, has raised $36.4 million in Series B funding. The round was led by New Enterprise Associates (NEA) and included a new investor, Amgen Ventures, alongside existing investors Flare Capital Partners, Lakestar and Oxeon Ventures. Mohamad Makhzoumi of NEA will join the Aetion board of directors.
With the addition of the $36 million, Aetion has raised a total amount of $50 million. All funds will be used to meet the growing demand for its unique software platform, advance the global adoption of real-world evidence for medical treatment approvals and access, and for outcomes-based contracting.
The Aetion Evidence Platform is the leading software solution for using this data to evaluate the safety, effectiveness and value of medications. It sheds light on the clinical pathways that can bring about the best outcome for patients. Biopharma companies can use the Aetion platform to demonstrate to payers and regulators what medications will best serve their populations – which supports care access and appropriateness. For payers, it provides the ability to identify therapies that are both clinically effective and cost-effective – enabling formulary and plan design that boost patient outcomes and curb premium hikes.
“As the healthcare system moves to value-based care, it’s imperative to understand which medications and treatments deliver the best results,” said Aetion CEO Carolyn Magill. “By using our patented rapid-cycle analytics technology, Aetion’s customers are able to analyze real-world evidence to identify, for example, which drugs work best, for whom, and when. These insights lead to lower costs and better outcomes.”
Aetion plans to further build out its platform to support specific complex therapeutic areas and expand its team of biopharma and pharmacy benefit design experts.
“The key for all stakeholders in healthcare is figuring out how to get the most value out of every treatment,” said NEA General Partner Mohamad Makhzoumi. “Aetion’s unique, science-driven analyses drive business decisions that deliver significant return on investment for a wide range of healthcare players. We’re thrilled to partner with Aetion on their next phase of growth.”
Aetion is well-positioned to deliver both of these important sectors and make it easier to collaborate with organizations to give them the common facts needed to figure out formularies or payments.
“We’re excited for Aetion’s commercial success to date and the experienced team led by Carolyn Magill, who brings perspective from her time at UnitedHealth, Evolent and Remedy Partners,” said Flare Capital Partners Co-founder Bill Geary. “Aetion serves a broad array of leading healthcare organizations. This significant financing round will further accelerate the company’s expansion, and in turn, the reach and results of its rapidly growing roster of clients.”
