UK software platform company Aetion has announced it raised $36.4m in a round of Series B funding. The money will help fund the development of the company’s platform, which provides data to biopharmas and healthcare payers on the efficacy and value of medical treatments.

The round was led by New Enterprise Associates (NEA) and included Amgen Ventures, Flare Capital Partners, Lakestar, and Oxeon Ventures. The latter three had previously invested in the company, while Amgen was a new investor.

The recent funding round brought the total sum raised by Aetion to $50m. The company has stated the money will be used to help stimulate “the global adoption of real-world evidence for medical treatment approvals and access” through the use of its software platform.

“As the healthcare system moves to value-based care, it’s imperative to understand which medications and treatments deliver the best results,” Aetion CEO Carolyn Magill said.

“By using our patented rapid-cycle analytics technology, Aetion’s customers are able to analyse real-world evidence to identify, for example, which drugs work best, for whom, and when. These insights lead to lower costs and better outcomes.”

Aetion was founded by Harvard Medical School faculty members in 2013. Its Evidence Platform uses rapid-cycle analytics technology to source clinical and financial interactions in the healthcare system, gathering evidence on the value and efficacy of medical treatments. Its primary aim is to provide insight into which clinical pathways have the best patient outcomes.

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The platform can be used by biopharma companies to demonstrate to payers and regulators the most cost- and clinically effective medication options available.

Harvard Medical School associate professor of medicine Dr Shirley Wang said: “We chose the Aetion evidence platform because, given the visibility and unprecedented scale of our work, we needed an extensively validated, highly efficient and transparent analytics solution with the flexibility to implement a wide range of real-world data analytics.”

Wang is a principal investigator of an international task force on meditransparency and validity in real-world data analytics.

Using the money raised, Aetion will increase its team of biopharma and pharmacy benefit design experts, as well as expand its platform to include specific therapeutic areas.

NEA’s Mohamad Makhzoumi is also set to join the Aetion board of directors.

On the upcoming collaboration, Makhzoumi said: “The key for all stakeholders in health care is figuring out how to get the most value out of every treatment.

“Aetion’s unique, science-driven analyses drive business decisions that deliver significant return on investment for a wide range of healthcare players. We’re thrilled to partner with Aetion on their next phase of growth.”

The use of ‘real-world’ evidence to evaluate treatment options was initiated by the 2016 passing of the 21st Century Cures Act, which boosted research funding and modified the FDA regulatory process to accelerate drug approvals.

The act worked to incorporate patient experience and opinion into the FDA’s decision-making process when developing drugs and biological products. It also established new product development programs, including the Regenerative Medicine Advanced Therapy (RMAT) and the Breakthrough Devices program. The former offers a new route for eligible biologics products, while the latter is designed to accelerate the review of medical devices.