Axtria, Inc. was founded in 2010 in Berkeley Heights, New Jersey. The company provides cloud-based data management and artificial intelligence (AI) software to life sciences industry companies. Axtria currently supplies its products to over 100 life sciences companies, 12 of the top 20 global leaders, and has been recognized for its expansion of services in such a short period by the Inc. 5000, Deloitte Technology Fast 500 (TM), NJBIZ Fast 50, SmartCEO Future 50, and Red Herring 100. Axtria, Inc., which has the company goal of helping their partners to bring therapeutics to market quicker, secured a $150 million growth investment on May 13, 2021, from Bain Capital Tech Opportunities.
Axtria Chief Executive Jassi Chadha stated, “In choosing Bain Capital Tech Opportunities to be our growth partner, we have found a firm that believes in our vision of leveraging technology to help the life sciences industry accelerate therapeutic commercialization and has an exceptional track record of scaling enterprise SaaS companies.” Chadha added, “With this significant funding, we are doubling down on our commitment to make the industry future-ready with record investments in our SaaS products.” Chadha says that AI and Machine Learning driven advanced analytics will be embedded across all levels allowing companies to utilize omnichannel strategies to engage their customers.
The Managing Director of Bain Capital Tech Opportunities, Darren Abrahamson said, “Axtria’s mission-critical solutions impact millions of patients and foster better health outcomes, faster. Jassi, Navi, and their talented team have been enormously successful in building the business into an industry leader and a trusted partner for life sciences and healthcare companies. We are thrilled to be their partner as the company embarks on its next phase of global expansion. Abrahamson added, “We look forward to supporting Axtria through organic growth initiatives and M&A opportunities and helping them drive new product development that delivers a unique value proposition to customers.”
Bain Capital is heavily invested in the life sciences industry and has provided financial support to Atea Pharmaceuticals, Cerevel Therapeutics, and SpringWorks Therapeutics. The company has also invested in healthcare technology companies IQVIA, Daystar, Zelis, and HST Pathways.
There have been two important developments in the life sciences and healthcare industries that support the growth investment made by Bain Capital Tech Opportunities to Axtria, Inc. First, an ongoing data-driven digital transformation has been taking place which has led to the need to leverage software technology and AI to keep up with the demand on a global scale. Add to this the crisis that has been created in both of these industries at the hands of the COVID-19 pandemic and it doesn’t take a huge leap of faith to recognize there is a need to speed up the process.
In recent years, companies have been looking at replacing outdated systems with digital data enablement, scalable analytics, and omnichannel software to deliver better customer service. It is because of this that Axtria, Inc. developed its robust suite of AI-powered platforms. They include Axtria DataMAX for data management, Axtria SalesIQ and Axtria CustomerIQ for omnichannel commercial operations, and Axtria InsightsMAX for analytics. These developments have earned Axtria the reputation of being a disruptive and innovative leader in the industry.
According to Chadha, “The industry is not just looking for consultants and custom-built solutions but for partners that will help them bring therapeutic drugs to market faster and efficiently.” He goes on to say, “Over the years, we have made significant investments to develop life sciences-focused software platforms that significantly improve strategic and day-to-day global operations.” Chadha says that with the investment by Bain Capital Tech Opportunities, Axtria will be able to further solidify its leadership position of enterprise products that have positively impacted patient outcomes around the world.
As would be expected, the $150 million investment made by Bain Capital Tech Opportunities to Axtria, Inc. has pushed the value of the life sciences software startup into the stratosphere. The company claims the business is now worth a whopping $1 billion. That figure comes from “people with knowledge of the matter who asked not to be identified” according to Bloomberg. The reason for anonymity comes from the fact that the information on their identities is private. Bloomberg states that Axtria has been operating at a profit and may be preparing to go public within the next three to five years.
Although Axtria, Inc. is based in the United States, 75% of its workforce is in India. That being said, the company has been named a Great Place to Work in India three years in a row (2018 to 2020) and earned the same honor in the United States in 2020. With customers in over 75 countries, Abrahamson says there is a lot to like about the software developer. “Axtria is solving a unique pain point in the life sciences industry.” He says that “pharmaceutical companies have struggled to work out how to leverage the vast amount of data they have and use it intelligently to drive thoughtful decision making.” According to Abrahamson, “Axtria gives them the tools they need to do that.”
New technology has opened many doors in the past few years. It has become a welcome partner in several different industries where the inclusion of technology and digital tools has made a positive impact. Two such industries that have experienced a shift in results are the life sciences and healthcare industries. A small American-based software developer established in 2010 has made significant progress in addressing the needs of companies in these two industries. With a huge investment made recently by Bain Capital Tech Opportunities, Axtria, Inc. will be able to continue to develop the tools they have already provided to over 100 companies in 75 countries around the world. Their goal is to help their partners bring therapeutics to market quicker, and the business relationship created with Bain Capital will not only aid in accomplishing this, but it will enable Axtria to continue to service the life sciences and healthcare industries with more, newer digital management tools.