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Aetion Closes $110M Series C Funding Round Led by Warburg Pincus

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Aetion, a health care technology company announced today a $110 million Series C fundraise, led by Warburg Pincus, a leading global growth equity firm, with additional investments from B Capital and Foresite Capital.

Aetion’s existing backers New Enterprise Associates (NEA) and Flare Capital Partners also joined the round. Aetion has raised a total of $212 million to date. The capital infusion supports Aetion’s continued growth and industry leadership in the real-world evidence (RWE) space. In the last year alone, Aetion nearly doubled revenue and secured 100 percent of customer renewals while establishing valuable industry collaborations. Aetion became the first RWE company to establish an FDA COVID-19 research collaboration agreement and was selected by ICER as its preferred RWE partner and platform.

“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.”

The company will use the new funds to extend the capabilities of its Aetion Evidence Platform®, expand its European and Asian-Pacific footprint, and grow its commercial team in order to serve the growing demand from biopharma, payer, and medical device / diagnostics customers.

Just a few years after its launch, the Aetion Evidence Platform is used by the majority of the top global biopharma firms, leading payers, and regulatory and HTA agencies to inform decisions on the safety, effectiveness, and value of medical products.

Warburg Pincus is a leading investor in health care and technology, with significant expertise in venture capital and growth investing. Since its inception, the firm has invested in excess of $12 billion and $22 billion into health care and technology companies, respectively. Current health care and health care IT investments include, Alignment Healthcare, Experity, Intelligent Medical Objects, Modernizing Medicine, Outset Medical, Qualifacts, Quantum Health, SOC Telemed, Summit Health, and WebPT.

“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. “We are excited to back this excellent management team and platform to further accelerate the use of data in healthcare,” added Amr Kronfol, Managing Director at Warburg Pincus.

Aetion’s growth has been accompanied by recognition of its status as a premier talent destination. Last year, the company was named to Fast Company‘s top 10 Best Workplaces for Innovators and BuiltIn‘s Best Places to Work in New York City and Boston; Aetion CEO Carolyn Magill was named to Rock Health‘s 2021 Top 50 in Digital Health; and Co-Founder, President, and Chief Science Officer, Jeremy Rassen, was cited among FiercePharma’s Most Influential People in the Fight Against COVID-19. Also in 2020, Cathy Polinsky, technology leader at Shopify and former StichFix CTO, joined Aetion’s board of directors.

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