Define Ventures Builds Team

Define Ventures, an investor in early-stage health tech companies, has added Carolyn Magill, a former CEO of Aetion, to its investment team as a venture partner. Ms. Magill has more than 25 years of experience in innovating and scaling payer, provider, and pharmaceutical companies.

From 2017 to 2024, Ms. Magill was the CEO of Aetion, a New York City-headquartered provider of healthcare-focused real-world evidence (RWE) analytics. The company’s platform helps biopharma, regulators, and payers analyze health records and claims to evaluate drug safety, effectiveness, and value for regulatory approvals, market access, and health outcomes research.

Ms. Magill built Aetion from its early stages through Series C funding, raising over $200 million in capital from Warburg Pincus, NEA, Flare Capital, and strategic investors including Amgen, Johnson & Johnson, Sanofi, McKesson, and Horizon Blue Cross Blue Shield of New Jersey.

Earlier in her career, she was the CEO of Remedy Partners, a company focused on bundled payments software and services, and she served as executive vice president of payer strategy and operations at Evolent Health, contributing to its growth from startup to IPO.

“Carolyn’s extensive experience across payer, provider, and pharmaceutical sectors makes her uniquely qualified to guide the next generation of health tech innovators,” said Lynne Chou O’Keefe, founder and managing partner at Define Ventures. “Having had the privilege of partnering with Carolyn as an advisor for many years, we’re confident her deep expertise, particularly in data and AI applications within the pharmaceutical landscape, will be invaluable to our partner companies.”

“Define represents the best of venture—an incredible founder community and a team of experienced operators who truly understand what it takes to build in healthcare,” said Ms. Magill. “Throughout my career, I’ve worked across many corners of healthcare, and joining Define allows me to bring that experience to the earliest stages of innovation, helping founders turn ideas into impact.”

Now at Define, Ms. Magill joins existing venture partners Bruce Broussard, former CEO of Humana, and Frank Williams, co-founder and former CEO of Evolent Health.

Define Ventures invests in companies at the seed, Series A, and Series B stages. The firm has collaborated with over two dozen companies, including Hims & Hers (NYSE: HIMS), Unite Us, and Cohere Health.

Define Ventures manages one of the largest venture capital funds focused exclusively on early-stage digital health companies across incubation, seed, Series A, and Series B stages. The San Francisco-headquartered firm was founded in 2018 and manages approximately $800 million in capital across multiple investment funds.