Datavant Raises $40 Million in Series B Financing to Expand Open Health Data Ecosystem

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Oct 08, 2020, 08:30 ET

SAN FRANCISCO, Oct. 8, 2020 /PRNewswire/ -- Datavant, the leader in helping life sciences and healthcare organizations safely connect their data while protecting patient privacy, today announced $40 million in Series B funding, bringing Datavant's cumulative fundraising to $83 million. The round was led by Transformation Capital, with participation by new investors Johnson & Johnson Innovation - JJDC, Inc. and Cigna Ventures, as well as participation by existing shareholders Roivant Sciences and Flex Capital. This investment will support Datavant as it continues to expand the open healthcare data ecosystem and reduce the friction in the exchange and linking of healthcare data.

"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," said Travis May, Founder & CEO of Datavant. "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."

Datavant provides technology to help data holders manage the privacy, security, compliance, and trust required to enable safe data exchange. Datavant's technology is used by more than 350 institutions to enable them 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.

Datavant has seen remarkable momentum over the past year, including:

Onboarding the 350th organization into its health data ecosystem
Executing an agreement with Janssen to enable privacy-preserving data linkage across the organization
Announcing new partnerships with Blue Health Intelligence, Komodo Health, Medable, Parexel, Precision Digital Health, Prognos, Symphony Health, Trialbee, and TriNetX to enable the seamless connection of real-world data across analytics and pharmaceutical companies, including incorporating clinical trial data and real-world data
Launching its trial tokenization product to connect clinical trial data with real-world evidence
Launching the COVID-19 Research Database with several partners, the largest pro bono source of real-world data being used for academic and medical research related to COVID-19, which has more than 1,500 registered researchers and 100 studies in progress
Acquiring Highland Math and launching its Connect Cloud suite of tools focused on removing additional friction from data exchange
Adding Don Berwick (former Administrator of CMS), David Shulkin (former Secretary of the VA), and Andrew von Eschenbach (former FDA Commissioner) to the advisory board
Implementing linking technology across the many dozens of academic medical centers that comprise the Patient-Centered Outcomes Research Network

Datavant's ecosystem of more than 350 institutions comprises:

More than 70 academic medical centers which utilize Datavant to connect data to research the safety and efficacy of therapies, assess population health, and accelerate clinical trials
Leading pharmaceutical companies which use Datavant to create a single view of the patient across the drug life cycle, unifying siloed data to power enhanced clinical trials, health economics and outcomes research, patient recruitment, and commercial analytics
Over 100 health technology and data companies which use Datavant to bring together and integrate disparate real-world datasets to create valuable data products, power their own analyses, and to make data available for their customers in a privacy-preserving, linkable form
Leading health insurers which use Datavant to connect data for utilization forecasting, cost prediction, outcome-based contracting, and to more effectively direct care management for their most at-risk members
More than 20 specialty pharmacies and patient hubs, which work with Datavant to make their data linkable for adherence and commercial analytics
Dozens of labs which make their data linkable for research, outcomes analysis, patient recruitment, and commercial analytics
Government agencies seeking to understand the safety and efficacy of drugs and bridge siloed data resources to better plan public health responses

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About Datavant:
Datavant's mission is to connect the world's health data to improve patient outcomes. Datavant works to reduce the friction of data sharing across the healthcare industry by building technology that protects the privacy of patients while supporting the linkage of de-identified patient records across datasets. Datavant is headquartered in San Francisco. Learn more about Datavant at www.datavant.com.

Contact:
Sarah Rowe, Head of Marketing
[email protected]

About Transformation Capital:
Transformation Capital (http://transformcap.com/) works in partnership with commercial stage digital health and technology-enabled services companies serving stakeholders across the healthcare system. We are focused on driving transformation in the healthcare system by providing entrepreneurs and management teams with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. The firm has over $800M in assets under management and has invested in 15 innovative companies across two funds.

About Roivant Sciences:
Roivant Sciences aims to improve health by rapidly delivering innovative medicines and technologies to patients. Roivant does this by building Vants – nimble, entrepreneurial biotech and healthcare technology companies with a unique approach to sourcing talent, aligning incentives, and deploying technology to drive greater efficiency in R&D and commercialization. For more information, please visit www.roivant.com.

About Cigna Ventures:
Cigna Ventures is a venture capital fund that works closely with health care entrepreneurs to accelerate growth and innovation through the strategic use of capital and deep partnerships. Cigna Ventures is a wholly-owned indirect subsidiary of Cigna Corporation. To learn more about Cigna Ventures visit: www.cignaventures.com.

About Flex Capital:
Flex Capital is an early-stage venture capital firm designed for founding software CEOs. Flex is founded by repeat founding CEOs who are still running businesses today and have operating experience from inception to exit. Flex believes the best value-added investors are current operators of technology companies, who can share cutting-edge best practices. Flex is rethinking the traditional venture capital norms around partner engagement, ownership requirements, board seats, and control. For more information, visit: www.flexcapital.com

SOURCE Datavant