Datavant, a cloud-based platform that helps life sciences and healthcare organizations protect, match, and share health data, raised $40 million in Series B funding.
The round was led by Transformation Capital, with participation from new investors Johnson & Johnson Innovation – JJDC, Cigna Ventures, and existing investors Roivant Sciences and Flex Capital.
According to the company, the latest investment will support expanding the open healthcare data sharing ecosystem and reduce the friction in exchanging and linking healthcare data.
The Datavant platform helps data holders manage the privacy, security, compliance, and trust required to enable safe data to exchange the company said. According to the company, the platform is used by more than 350 institutions to de-identify their data sets, which are then seamlessly linkable to other data sets within the Datavant ecosystem.
“As the digitization of healthcare has generated a massive amount of data, data silos have proliferated, limiting the utility of this valuable real-world data. Datavant’s solutions, together with its partner ecosystem, solves the data fragmentation challenge for clients across the healthcare continuum. We were impressed with Datavant’s ubiquity across both health data sources and health data users today, and we are thrilled to help accelerate the company’s mission,” said Mike Dixon, Managing Partner at Transformation Capital.
Founded in 2017, Datavant has raised over $83 million to date. The company employs more than 50 people with an office in San Francisco, California.
Travis May, Founder & CEO of Datavant, said: “Datavant’s mission is to connect the world’s health data to improve patient outcomes. The fragmentation of health data across institutions holds back every part of medical research and patient care.” “By making it safe and easy to connect data across institutions, Datavant aspires to accelerate medical research, improve clinical trials, and ultimately enhance patient care. We have already seen real-world data make a clear difference in our understanding of the current public health crisis, and we believe that real-world data will accelerate our understanding and ability to treat other diseases.”
Digital Health companies raised over $10.3 billion during the first nine months of 2020, a 43% increase in funding compared to $7.2 billion raised in 9M 2019, according to the latest Mercom report. Recently, Verto Health, an end-to-end healthcare data connectivity and data sharing platform raised $2 million Seed funding.