Auxilius raises $10 million to help Biopharma manage $150 billion in clinical R&D spending

NEW YORK–(BUSINESS WIRE)–Auxilius, the company that simplifies and streamlines the financial management of clinical trials for biotech companies, today announced that it has raised $10 million in Series A funding. The round was led by Renegade Partners, with participation from previous investors Bain Capital Ventures and XYZ Venture Capital, as well as a number of leading angel investors including Andy Palmer (Koa Labs), Chase Gilbert (Built Technologies) and Sam Whitaker (Greenphire ). Roseanne Wincek of Renegade Partners joins the board.

“We have all learned how essential biotechnologies are to the well-being of our communities. And yet they have been largely forgotten by technology, lacking basic financial tools to operate at scale,” said Ross Fubini, Founder and Managing Partner of XYZ Venture Capital. “Auxilius powers essential financial processes and workflows, enabling clinical organizations to focus on science that saves lives.”

Clinical R&D: complex, outsourced and under-managed

Over the past decade, two distinct trends have shaped drug development. First, a noticeable change in where innovation takes place – with more than 80% of registered clinical trials now sponsored by emerging biopharmaceutical companies, up from 55% in 2009. Second, clinical operations are increasingly under -Processed to external vendors, including Clinical Research Organizations (CROs) and a growing set of functional and decentralized service providers. The result is an evolving – and growing – underground industry that emerging biopharmaceutical companies are ill-equipped to manage operationally.

As biotechnologies progress from the laboratory to the clinic to the IPO, drug development is no longer just a matter of science. Nearly a quarter of phase 3 trials fail because of a lack of funding, not because of the safety or effectiveness of the treatment. For clinical trial sponsors managing on a step-by-step basis, operational rigor and expense management are key to extending the company’s track and helping clinical teams achieve clinical results.

“Auxilius empowers biopharmaceutical company finance leaders to make sound business decisions so they can support the important work of their colleagues in clinical development,” said Adam Weisman, co-founder and CEO of Auxilius. “We provide a powerful set of tools that allow companies to exponentially oversee all moving parts – contract terms, change orders, clinical milestones and financial complexities – to keep trial budgets on track.”

“This industry is full of clinical tools and industry-neutral FP&A software, but the bulk of clinical R&D spending has historically been managed manually in spreadsheets,” said Adam Mostafa, CFO of X4 Pharma. “Auxilius was specifically designed for companies like ours to manage clinical complexity, maintain alignment between clinical and financial stakeholders throughout change, and adapt as our organization evolves.”

Built for Biotech: Financial Maturity in a Box

Although the life sciences industry spends $54 billion on software and IT, 90% of all pharmaceutical companies still use spreadsheets and manual data reconciliation for trial accounting, financial management, risk monitoring and reporting. Clinical toolsets (CTMS, EDC) are designed to manage clinical data, not to serve finance managers. Conversely, industry-neutral financial tools, such as accounting software and generic FP&A solutions, were not designed to handle the complexity of clinical R&D. Auxilius bridges this operational gap with a SaaS platform that bundles the process, rigor and efficiency needed to successfully manage a trial into one seamless and intuitive toolset.

The Auxilius SaaS platform unifies disparate clinical, contract, and financial data to enable companies to streamline core FP&A and accounting workflows, hold outsourced vendors accountable in the face of change, and build processes that take supports audit, compliance and reporting requirements. The platform was designed to meet the needs and pace of growth of emerging, scalable, and mature biotech companies – delivering the same financial and operational rigor that would exist at a top 10 pharma company for less than the cost of a full-time employee.

Focus on the big picture

Since its launch late last year, Auxilius has been in the pilot phase with clinical trial sponsors managing 15 preclinical programs through Phase 3, 45 separate vendors and nearly $100 million in capital expenditures. test. The company expects the solution to be deployed to 25 customers by the end of the year.

“The benefit of the Auxilius platform is immediately apparent to biotech companies that now drive the majority of drug research and development,” said Roseanne Wincek, co-founder and CEO of Renegade Partners. “Auxilius could be the difference between bringing a cure for a disease to market and watching it languish in a laboratory.”

“It’s tempting to believe that clinical R&D is inherently unpredictable, and given what’s at stake, that costs don’t matter,” Weisman added. “The reality is that costs matter and play a critical role in determining whether a therapy is ultimately successful. Looking to the future, we are committed to reducing financial risk and disseminating financial intelligence at every stage of the drug development lifecycle. We fundamentally believe that combining financial rigor with cutting-edge science will ultimately make more life-saving therapies available, at affordable costs.

About Auxilius

Auxilius was specifically designed by a team with decades of experience at the intersection of finance and healthcare to meet the unique operational, financial and accounting needs of clinical trials. The company helps biotechs achieve more by augmenting manual clinical business operations and FP&A/accounting processes with intuitive software that scales and works with a company’s existing technology stack. This allows companies conducting clinical trials to control trial costs and clinical vendors, manage financial risk, and optimize expenses in pursuit of trial goals. The company is backed by Bain Capital Ventures, Renegade Partners and XYZ Venture Capital as well as several leading angel investors. To learn more, please visit

About Bain Capital Ventures

Bain Capital Ventures partners with disruptive founders to bring their ideas to market faster. BCV invests from seed to growth in startups that drive transformation across all sectors, from SaaS, infrastructure software and security to fintech, healthcare, commerce and consumer technology. The company has helped launch and market over 395 companies, including Attentive, Digital Currency Group, DocuSign, Flywire,, LinkedIn, Redis Labs, Rent the Runway, SendGrid and SurveyMonkey. BCV has $10 billion in assets under management with offices in San Francisco, New York, Boston and Palo Alto. Follow the firm via LinkedIn and Twitter.

About Renegade Partners

Renegade Partners is a venture capital firm specifically designed to partner with entrepreneurs who are about to cross a critical inflection point in their business (we call it the supercritical phase) and help these companies become outliers . Everything we do—our team, our processes, and our culture—is in service of achieving this mission. Founded by Renata Quintini and Roseanne Wincek, Renegade manages $100 million. For more information, visit

About XYZ Venture Capital

Operating with the belief that execution solves all problems, XYZ is a venture capital firm that invests in early-stage founders to help them go faster. XYZ aims to help entrepreneurs build sustainable businesses in fintech, corporate and technology sectors like insurance and the public sector. The company primarily supports talented founders in the early stages of building the business – people who have discovered a key idea and have an unfair advantage by “doing the work” or based on their own lived experience. Follow XYZ at

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