Axtria, which makes software for life-sciences companies, raised $150 million in a funding round from Bain Capital Tech Opportunities.
The company, based in Berkeley Heights, New Jersey, is valued at close to $1 billion in the transaction, according to people with knowledge of the matter who asked not to be identified because the information is private. Representatives for Axtria and the Bain Capital fund declined to comment on the valuation.
Founded in 2010, Axtria is a cloud software and data analytics provider that helps life sciences businesses bring therapeutics to market faster.
Bain Capital’s investment is the first institutional funding for Axtria, said Jassi Chadha, the software company’s chief executive officer. Axtria, which has been profitable, could be ready to go public in three to five years, he said.
Axtria’s clients include eight of the 10 biggest pharmaceutical companies, Chadha said.
“They’re solving a very unique pain point in the industry,” said Darren Abrahamson, managing director at Bain Capital Tech Opportunities. “Pharmaceutical companies are struggling with how do you leverage this vast amount of data and find a way to use it intelligently to drive thoughtful decision-making and monitor your business.”
Axtria operates globally and has 75% of its workforce in India, Chadha said. Bain’s partnership could help the company expand internationally and gain greater access to big pharma companies.
Bain Capital Tech Opportunities is a mid-market buyout and late-stage growth focused fund. Its other investments include A Cloud Guru and BioCatch, according to its website.