To those not in the healthcare industry, the term “value-based care” can seem like a given. People might assume that prescribing medications with a proven track record is just the way healthcare professionals operate.
In reality, however, this kind of transparency and data analysis is a challenge — and one that healthtech platform Aetion just raised $36.4 million to overcome.
Founded by Harvard Medical School faculty members and a big data pioneer, the software encourages collaboration between providers and medical device/biopharmaceutical companies so they can share insights and ultimately provide better care for patients.
The company is headquartered in NYC, with additional offices in Boston and L.A. The new round of funding will be used to expand the NYC and Boston teams, with a focus on the product, science, engineering and client delivery departments.
“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."
Product innovation is another focus for the company, as it plans to use the investment to build out the platform to further support specific and complex therapeutic areas.
“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,” CEO Carolyn Magill said in a statement. “These insights lead to lower costs and better outcomes.”
The Series B round was led by New Enterprise Associates (NEA) and Amgen Ventures, with participation from existing investors Flare Capital Partners, Lakestar and Oxeon Ventures. As part of the deal, NEA’s Mohamad Makhzoumi will join the Aetion board of directors.
Aetion was founded in 2013 and has raised close to $50 million to-date.