Axtria: A Software and Data Analytics Provider to Life Sciences Industry
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Analytics as a service (AaaS) market size was estimated to be $18.9 billion in 2022 and has plenty of headroom for growth and reach $68.9 billion by 2028. In this technologically advanced era, a wide array of cloud software and analytical capabilities exist, transforming how organizations drive data-driven insights in multiple aspects of their business and make informed decisions.
Axtria, a New Jersey-based big data analytics company, sits at the cusp of this revolution in data analytics. The company provides software and data analytics solutions to enterprises operating in the life sciences industry.
Let's dive in to learn more about the company, including its startup story, founders, funding, business mode, growth, partners, and more.
Axtria – Company Highlights
| Company Name | Axtria |
|---|---|
| Headquarters | Berkeley Heights, New Jersey, United States |
| Sector | Big Data Analytics |
| Founders | Jaswinder Chadha, Navdeep Chadha |
| Founded | 2010 |
| Valuation | $1 billion (2021) |
| Website | axtria.com |
Axtria – About
Axtria – Industry
Axtria – Founders and Team
Axtria – Startup Story
Axtria – Mission and Vision
Axtria – Business Model
Axtria – Products and Services
Axtria – Funding and Investors
Axtria – Growth
Axtria – Marketing Strategies
Axtria – Partners
Axtria – Awards and Achievements
Axtria – Competitors
Axtria – Future Plan
Axtria – About
Axtria provides award-winning cloud software and data analytics worldwide to the life sciences industry. The company seamlessly blends information, analytics, and technology on the cloud to help life sciences enterprises gain a completive edge to increase sales, boost patient outcomes and drive business growth.
Axtria serves companies in 100+ countries, including the United States, India, western Europe, the United Kingdom, Germany, Japan, France, and Switzerland.
Axtria – Industry
Axtria serves the big data analytics industry which is projected to grow from $271.83 billion in 2022 to $745.15 billion in 2030 at a CAGR of 13.5%. Big data analytics examines databases to understand and deliver valuable insights based on varying market trends, correlations, hidden patterns, and more.
Industries shifting to digital solutions amid the Covid-19 pandemic to transform digitally has increased the demand for big data analytics solutions. Another driving factor of market growth is the increasing adoption of databases across every industry. IBM Corporation, SAP SE, SAS Institute Inc., Microsoft Corporation, and Oracle Corporation are some major companies operating in the market.
Axtria – Founders and Team
Jaswinder Chadha and Navdeep Chadha are the Co-founders of Axtria.
Jaswinder Chadha
Jaswinder Chadha attended the Indian Institute of Technology, Delhi, for a B.Tech in Mechanical Engineering, The University of Texas at El Paso for an M.S. in Industrial Engineering, and Texas A&M University for a Ph.D. in Industrial Engineering and Operations Research.
He co-founded marketRx in 2000 and worked as its CEO till 2009. Currently, Jaswinder is the Board of Directors member at Panjab Digital Library and SpectraMedix. In addition, he holds the position of the Advisory Council Member, SBAAC, at the Federal Reserve Bank of New York and co-founder and CEO at Axtria.
Navdeep Chadha
Navdeep Chadha completed his B.Tech in Electronics Engineering from Guru Nanak Dev University and M.S. in Computer Science from The University of Texas at El Paso.
He worked as Managing Consultant at Noblestar and Co-founder and CTO at the marketRx. At present, Navdeep is the Co-founder of Axtria.
Axtria has over 2,500 employees globally.
Himangi Khare
Axtria – Startup Story
Jaswinder Chadha and Navdeep Chadha co-founded Axtria in 2010 after recognizing the opportunity to satiate the imminent need for data-driven analytics solutions in the life sciences industry for managing the ever-expanding volume of data due to rapid digitization and adoption of cloud technology. The co-founders figured out that the key was to provide enterprise-grade analytics on integrated software technologies that could complement the organization's existing ecosystem.
Axtria raised its initial funding round from Sequoia Capital in India in 2010. The company expanded into Europe in 2016 and to a spacious San Mateo, California office in 2019. In the same year, it opened a new office in Boston. It was in 2020 that Axtria opened its third delivery center in Bengaluru and a new office in North Suburban Chicago.
Axtria – Mission and Vision
Axtria is focused on delivering solutions to help clients complete their journey from Data-to-Insights-to A-Action and get higher returns from their sales and marketing investments.
Axtria – Business Model
Axtria combines process knowledge of life science commercial operations, data analytics, and technology to help customers make better data-driven decisions. The company uses big data, cloud, artificial intelligence (A.I.), and machine learning (ML) to develop multiple proprietary applications, like RiskIQ, SalesIQ, and MarketingIQ.
These applications get embedded in the customer platform to deliver crucial insights related to market, operations, sales, marketing, customers, and business risk, at the point of decision.
Axtria – Products and Services
Axtria's product line includes Axtria DataMAx, Axtria InsightsMAx, Axtria SalesIQ, Axtria CustomerIQ, and MarketingIQ. Moreover, its solutions comprise Strategy Consulting, Information Management, Market, Sales, Advanced Analytics, Marketing, Clinical Development, and Therapeutics.
Axtria – Funding and Investors
Axtria raked $206.2 million in funding by raising 6 funding rounds. The company's latest funding round – Venture Series Unknown Round, was raised on May 13, 2021, to secure $150 million. Some of its leading investors are Bain Capital Tech Opportunities, Helion Venture Partners, Richard Braddock, Sparta Group, and Amanpreet Sawhney.
| Date | Round | Number of Investors | Money Raised | Lead Investor |
|---|---|---|---|---|
| May 13, 2021 | Venture Round | 1 | $150 million | Bain Capital Tech Opportunities |
| December 11, 2018 | Venture Round | - | $11.5 million | - |
| July 7, 2015 | Series C | 5 | $30 million | Helion Venture Partners |
| January 6, 2015 | Series B | - | $5.6 million | - |
| January 9, 2014 | Series A | - | $4.8 million | - |
| January 10, 2011 | Seed Round | - | $4.3 million | - |
Axtria – Growth
The cumulative growth rate of Axtria from 2017 to 2021 was 30%. The company's estimated annual revenue in 2022 was approximately $1.1 billion, with $330,310 per employee. Furthermore, its post-money valuation stood at around $1 billion in 2021, and the employee count grew by 29% last year.
Axtria – Marketing Strategies
Axtria markets its business by educating its target audience via podcasts, webinars, videos, blogs, and infographics. It launched a new podcast series, "Life Sciences Leadership Podcast," in June 2021. The episodes featured the company's Global Head of Marketing, Jasmeet Sawhney, speaking with subject matter experts on several topics impacting the life sciences sector.
Moreover, in 2023, Axtria announced the launch of another new podcast series, "Leading Minds," to delve deep inside the ethos of top life sciences executives, including biotech, consumer health, pharmaceuticals, animal health, medical devices, and related industries.
Axtria usually releases its podcasts on Apple Podcast, iHeart, Google Podcasts, Spotify, YouTube, Overcast, and Stitcher.
Axtria – Partners
Axtria has partnered with the following:
- AWS
- Knime
- SalesForce
- Snowflake
- IIT Kharagpur
- HealthVerity
Axtria – Awards and Achievements
Axtria garnered honorable recognitions from leading institutes now and then:
- Named the Only Leader and Star Performer in Everest Group Life Sciences Operations PEAK Matrix Report in 2022.
- Named in the New York Business 2021 list of Largest Privately Held Companies by Crain.
- Recognized for High-Trust, High-Performance Culture by the Great Place to Work Institute for the third consecutive year in 2021.
- Named in the Most Promising Technology Companies Top 100 List by SiliconIndia in 2019.
- Ranked on the NJBIZ Fast 50 List for the fifth consecutive year in 2018.
Axtria – Competitors
Axtria's primary competitors are as follows:
- IQVIA
- ZS
- Accenture
- Fractal Analytics Inc.
- Palantir Technologies Inc.
- Mu Sigma Inc.
- Health Catalyst Inc.
- Vision33
- TRIUMF
Axtria – Future Plan
As of June 2023, Axtria plans to expand its headcount with 1,000+ data scientists, data engineers, and software developers across its offices in India in the next 8 to 10 months. The company is also preparing for aggressive campus hires in the country in two years.
FAQs
What does Axtria do?
Axtria provides award-winning cloud software and data analytics worldwide to the life sciences industry. The company seamlessly blends information, analytics, and technology on the cloud to help life sciences enterprises gain a completive edge to increase sales, boost patient outcomes and drive business growth.
Who are the founders of Axtria?
Jaswinder Chadha and Navdeep Chadha are the co-Founders of Axtria.
Who are the main competitors of Axtria?
Axtria's primary competitors are as follows:
- IQVIA
- ZS
- Accenture
- Fractal Analytics Inc.
- Palantir Technologies Inc.
- Mu Sigma Inc.
- Health Catalyst Inc.
- Vision33
- TRIUMF
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