Aetion, a tech startup focused on real-world evidence in healthcare, landed $110 million in Series C funding. Warburg Pincus led the round, with participation from B Capital and Foresite Capital.

This comes less than a year after the company closed its $19 million Series B extension round. Today the company boasts of raising a total of $212 million.

WHAT IT DOES  

The company works with biopharma companies, payers and regulatory agencies to help provide insights into real-world evidence. Its use cases include R&D optimization, data review for regulatory approval and treatment effectiveness for certain populations.

Its main product the Aetion Evidence Platform is able to analyze data from real-world evidence in order to help validate the safety, effectiveness and value of certain treatments or procedures. According to the company, its goal is to help "guide product development, commercialization, and payment innovation."

WHAT IT'S FOR

The New York-based company is looking to use the funds to grow its business in Europe and the Asia Pacific region. It is also looking to build out its commercial team.

"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," T.J. Carella, managing director and head of healthcare at Warburg Pincus, said in a statement.

MARKET SNAPSHOT

Increasingly, researchers and health stakeholders have been turning to real-world evidence to help inform decision-making. Today there are a number of digital health startups working in the space.

Evidation Health, the maker of a tool that combines real-world patient data from multiple sources, landed a whopping $153 million in funding in March. Others working in the field include Concerto HealthAI, which raised $150 million in 2020, Komodo, which raked in $50 million also in 2020, and Litmus Health, which launched its clinical trial platform in 2019.

ON THE RECORD

"In a post-COVID era, we have an imperative to use rapid, rigorous evidence to inform health care decisions," Aetion CEO, Carolyn Magill, said in a statement. "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."