New York City-based Aetion, which makes an analytics platform to assess real-world evidence from a range of sources, has raised $27 million in a funding round supported by new backers Sanofi, UCB, McKesson Ventures and Horizon Health Services, according to a release. Prior investors including NEA, Flare Capital and Lakestar also participated.
An add-on to prior funding from last year, today’s raise tops off the company’s Series B round at $63 million and brings its total funding to $77 million.
What they do
Aetion was founded in 2013 by Harvard Medical School faculty members and big data experts, and aims to help payers and providers collaborate in real-time with pharma and device companies as they develop, test and launch new therapies.
According to the company, Aetion’s platform is being employed by eight of the top 15 global biopharma companies, and has enjoyed a 100 percent customer renewal rate. Additionally, Aetion partnered with the FDA last year to recreate 30 prior randomized clinical trials using real-world data, providing the agency with additional information with which to make its drug approval decisions.
What it’s for
The company wrote in a press release that the new funds will be put toward improving the Aetion Evidence Platform. Specifically, this will include “extending its reach in therapeutic area-related intelligence, outcomes-based contracting for payers and advancing the acceptance of standards for real-world evidence around the globe.”
With FDA’s continued push for implementing real-world data collection, a handful of companies beyond Aetion are also developing platforms with similar data gathering and analysis capabilities. Key among these is San Mateo-California Evidation Health, which raised $30 million last summer for its smartphone, sensor and medical data-driven offering. Similarly, PatientWisdom’s suite of data analytics tools helps providers view real-world data and leverage it to improve outcomes.
On the record
"The time for real-world evidence is now," Carolyn Magill, CEO of Aetion, said in a statement. "We're entering a new era in which nearly the entire healthcare ecosystem — from biopharma and regulators to payers and technology companies — recognizes the importance of using real-world evidence to reduce the time and cost to bring new therapies to market. This funding demonstrates that the industry's leaders, who are using our technology to drive health care's most critical decisions, view Aetion as a trusted partner vital to their long-term success."