Auxilius – which is the first Clinical Trial Financial Management (CTFM) software that enables life science finance, accounting, and clinical operations teams to automate accounting workflows and improve clinical R&D forecast accuracy – announced it has raised $10 million in additional financing, led by SignalFire. And this funding comes on the back of an annual recurring revenue (ARR) growth of 800% year-over-year for 2023, expanding partnerships with over 50 biopharma companies.
When the biopharma industry lacks access to capital, cost management is essential. However, the existing collection of clinical and ERP systems available leaves a massive gap when it comes to managing biopharma’s largest cost – which is clinical trials. And with $250 billion spent on R&D every year, this gap is big. This leaves finance and accounting teams to manage clinical trial budgets on lengthy spreadsheets that are time-consuming to maintain and is susceptible to crashing while failing to provide insights to drive their business forward. By filling this gap and optimizing the management of biopharma’s single largest and most variable cost, Auxilius empowers its customers to manage clinical spending with risk management and runway while improving team efficiency.
Auxilius clients see material improvements in their efficiency and effectiveness at managing clinical trial budgets:
1.) 75% reduction in time spent on monthly accounting tasks, resulting in faster close
2.) 40% improvement in study budget accuracy
3.) 80% of customers identify vendor billing mistakes within their first 60 days while using the platform, often preventing overcharges of more than $1 million
The 50+ customers reflect a broad range of the life science industry, in terms of diversity in therapeutic focus, filing status, portfolio scope, geographic footprint, external vendors, and auditors. And new customers who came on board in 2023 include Trevi Therapeutics, TG Therapeutics, Invivyd, and Repare.
Along with ongoing innovation and customer growth, Auxilius has also strengthened its relationships with Big 4 accounting firms and other organizations to help biopharma companies in their digitization journey.
KEY QUOTES:
“In 2023, we established CTFM as a critical function in any biopharma company sponsoring clinical research. And while CTFM hasn’t seen material innovation since the advent of the spreadsheet, efficient and effective financial decision-making has never been more important. Our rapid growth and adoption is a testament to our underlying value proposition and the establishment of Auxilius as an essential part of the biopharma toolstack. Looking forward, we will continue to invest in product innovation and scale our go-to-market capabilities to further build momentum in the category we’re creating.”
- Adam Weisman, CEO and co-founder, Auxilius
“Auxilius marks a significant leap forward in addressing the complex financial management challenges inherent in clinical trial operations within biopharma. As we look ahead, the impact of Auxilius extends beyond mere efficiency gains; it holds the potential to revolutionize how clinical R&D expenses are managed, empowering biotech and pharma companies to allocate resources more effectively and accelerate the pace of innovation in medical breakthroughs.”
- Lisa Liu, Principal SignalFire
