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Axtria Inc, a global provider of cloud software and data analytics to the Life Sciences industry, has reportedly been valued at close to $1 billion after picking up $150 million in a funding round led by Bain Capital Tech Opportunities, the growth investing business of venture capital firm Bain Capital.

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

Founded in 2010, by Jassi Chadha and Navi Chadha, 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.

The U.S.-based startup has 75% of its workforce located in India and selected thrice in Great Place to Work® in India 2018-2020 and in 2020 in the USA. Axtria has customers in over 75+ countries, Axtria is one of the biggest global commercial solutions providers in the Life Sciences industry.

Axtria's latest funding is 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.

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