Auxilius Raises $10M in Series A Funding

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Auxiliusa New York-based company that provides financial management of clinical trials for biotech companies, raised $10 million in Series A funding.

The round was led by Renegade Partners, with participation from Bain Capital Ventures, XYZ Venture Capital, Andy Palmer, Chase Gilbert and Sam Whitaker. Roseanne Wincek of Renegade Partners joins the board.

The company intends to use the funds to expand its operations and development efforts.

Led by CEO Adam Weisman, Auxilius simplifies and streamlines clinical trial financial management for biotech companies by augmenting manual clinical business operations and FP&A/accounting processes with SaaS software that scales and works with the company’s existing technology stack. a company. This allows companies conducting clinical trials to control trial costs and clinical vendors, manage financial risk, and optimize expenses in pursuit of trial goals.

The Auxilius SaaS platform unifies disparate clinical, contract, and financial data to enable companies to streamline core FP&A and accounting workflows, hold outsourced vendors accountable in the face of change, and build processes that take supports audit, compliance and reporting requirements. The platform was designed to meet the needs and pace of growth of emerging, scalable and mature biotechnology companies.

Since its launch late last year, Auxilius has been in the pilot phase with clinical trial sponsors managing 15 preclinical programs through Phase 3, 45 separate vendors and nearly $100 million in capital expenditures. test. The company expects the solution to be deployed to 25 customers by the end of the year.

EndSME

06/17/2022

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