By Purva Aggarwal – Warburg Pincus has invested USD110 million into a Series C round for New York-based healthcare tech company Aetion.
This round is the latest in a string of similar investments within the health tech space for Warburg Pincus. The global growth equity PE group has poured in excess of USD12 billion and USD22 billion to date into health care and technology companies respectively, including Alignment Healthcare, Experity, Intelligent Medical Objects, Modernizing Medicine, and Outset Medical.
B Capital and Foresite Capital, as well as existing supporters New Enterprise Associates (NEA) and Flare Capital Partners joined the fundraise, thereby bringing it to a total of USD212 million to date.
“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.
The company aims to use the new funds to develop the Aetion Evidence Platform used by biopharma firms, sector players and regulatory and HTA agencies to inform decisions on the safety, effectiveness, and value of medical products.
“In a post-Covid era, we have an imperative to use rapid, rigorous evidence to inform health care decisions,” said Aetion CEO Carolyn Magill. The company also aims to expand its European and Asian-Pacific footprint as well as growing its commercial team in order to serve the growing demand from biopharma and medical device/diagnostics customers.
New-York based Aetion is the first real world evidence company to establish an FCA COVID-19 research collaboration agreement and has been selected by ICER as its preferred RWE partner and platform.
It was founded by Harvard Medical School faculty members in epidemiology and health outcomes research to guide product development, commercialisation, and payment innovation. Last year Aetion was named in the Fast Company’s top 10 Best Workplaces for Innovators.
