Auxilius, a New York-based company that provides clinical trial financial management for biotech companies, raised $10M in Series A funding.
Renegade Partners led the round, along with participation from Bain Capital Ventures and XYZ Venture Capital. Chase Gilbert, Andy Palmer, Sam Whitaker, and Chase Gilbert were also involved. Roseanne Wincek of Renegade Partners joins the board.
The company plans to use the funds for expansion and development.
Led by CEO Adam Weisman, Auxilius simplifies and streamlines clinical trial financial management for biotech companies augmenting manual clinical business operations and FP&A/accounting processes with SaaS based software that scales and works with a company’s existing tech stack. Companies conducting clinical trials can now take control of trial costs and clinical vendors, reduce financial risk, and optimize their spend to achieve trial goals.
The Auxilius SaaS platform unifies disparate clinical, contractual, and financial data to empower companies to streamline core FP&A and accounting workflows, hold outsourced vendors accountable through change, and put processes in place that support audit, compliance, and reporting requirements. The platform was created to support the growth needs of emerging, scaling, as well as mature biotech businesses.
Auxilius launched in late 2013 and has been working with clinical trial sponsors to manage 15 pre-clinical through phase 3 programs, 45 different vendors, and almost $100 million in trial spending. Auxilius expects to deploy the solution at 25 clients by the end of this year.