Auxilius Revenue Grows 800% in 2023, Raises $10M to Scale Clinical Trial Financial Management Platform

NEW YORK, NY / ACCESSWIRE / June 11, 2024 / Auxilius, the first Clinical Trial Financial Management (CTFM) software, has secured $10M led by SignalFire. This follows a notable 800% year-over-year growth in annual recurring revenue (ARR) in 2023 and partnerships with over 50 biopharma companies.

The biopharma industry faces significant cost management challenges, particularly in clinical trials which represent the largest expense. Traditional clinical and ERP systems lack the capabilities to manage these trials efficiently, often relying on cumbersome spreadsheets. With $250B spent annually on R&D, Auxilius fills this gap by optimizing cost management through its CTFM software, enhancing team efficiency and risk management.

According to CEO Adam Weisman, Auxilius's rapid growth underscores the value proposition of its CTFM software, emphasizing financial decision-making critical for biopharma companies. The company aims to continue innovating and scaling its product offerings.

Lisa Liu, Principal at SignalFire, noted that Auxilius significantly advances clinical trial financial management, potentially revolutionizing how biopharma allocates resources and accelerates medical breakthroughs.

Clients report a 75% reduction in monthly accounting tasks, a 40% improvement in budget accuracy, and 80% of customers detect vendor billing mistakes within the first 60 days, avoiding significant overcharges. Notable new clients include Trevi Therapeutics, TG Therapeutics, Invivyd, and Repare.

Auxilius also strengthens ties with Big 4 accounting firms and other organizations to aid biopharma's digital transformation efforts.