Life sciences software startup Axtria Inc. has reportedly been valued at close to $1 billion after picking up $150 million in a funding round led by Bain Capital Tech Opportunities.

Founded in 2010, Axtria provides cloud based data management and artificial intelligence software for companies in the life sciences industry, with the goal of helping them to bring therapeutics to market faster.

Axtria confirmed the funding today, but the $1 billion valuation comes from people with knowledge of the matter who asked not to be identified because the information is private, Bloomberg reported.

It’s the first institutional funding the company has received, Axtria Chief Executive Jassi Chadha told Bloomberg. He said that Astria is already operating at a profit, and that it could be ready to go public within the next three to five years.

Bain Capital Managing Director Darren Abrahamson said in a statement that he likes Axtria because it’s solving a unique pain point in the life sciences industry. He explained that pharmaceutical companies have struggled to work out how to leverage the vast amounts of data they have and use it intelligently to drive thoughtful decision-making. Axtria gives them to the tools they need to do that, he said.

“Axtria’s mission-critical solutions impact millions of patients and foster better health outcomes, faster,” he added.

The company reportedly boasts a solid client base, with eight of the world’s top 10 pharmaceutical companies among its customers, Bloomberg reported.

Axtria is a global company with 75% of its workforce located in India. The partnership with Bain Capital will help it to expand internationally and gain greater access to big pharmaceutical firms, Chadha said.

“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 continued. “AI- and machine learning-driven advanced analytics will be embedded across all levels, allowing companies to engage their customers through omnichannel strategies.”

Image: qimono/Pixabay