The San Francisco based enterprise, Datavant, which deals in providing CA-based solutions to healthcare and life sciences organizations by establishing a connection with their data, announced on 8th October 2020 that it raised US$ 40 million in a Series B funding round led by Transformation Capital.
The funding rounds
The B series funding round brought the total funding of the company till now to US$ 83 million. It was led by the VC Transformation Capital along with the participation from the new investors Cigna Ventures, Johnson and Johnson innovation and the previously existing ones like Flex Capital and Roivant Sciences. The company has planned to use this fund to continue its expansion to open ecosystems based on healthcare data.
The technology provided by Datavant helps data holders to manage the various privacy, security, trust, and compliance properties to enable secured data exchange. Their technology is already in use by 350 plus institutions. The institutions use this technology to de-identify their data values, which can be further linked to other data sets within the ecosystem provided.
The ecosystem of the company has 350 plus institutions, 70 Plus medical centers, various pharmaceutical companies, and more than 100 data and health technology companies, specialty pharmacies, patient hubs, labs, and health insurers.
The company’s mission is to join the world’s health data so as to improve the outcome of patients. By making the data across various institutions secure and easy to connect, they aim at improving clinical trials, accelerating medical researchers, and at the end of the day enhancing patient care. They believe that real-world data can improve the understanding and requirements to treat diseases.
About Datavant
The California headquartered company, Datavant, organizes health care data to be used in effective clinical trial decisions. It was founded in 2017 by Travis May. The company is focused on using AI tools to improve clinical processes and thereby improving the design and the way clinical trials are interpreted.
Transformation Capital
The growth equity fund enterprise, Transformation Capital, was founded in 2019 and is headquartered in the Greater Boston area. The company invests in healthcare IT service providing companies. It has over US$ 800 million assets under its management and has invested in 15 companies.
About Johnson & Johnson innovation
Johnson & Johnson innovation is the center where Business and Science experts collaborate with innovators to incorporate science into providing healthcare solutions. With the prime focus on advancing healthcare solutions in various pharmaceutical, consumer, and medical diagnostic domains, the company also provides several financing tools to early stage, seed funding, licensing, and equity investments.
Cigna Ventures
Cigna Ventures, the extended arm Venture of Cigna, is a VC that helps various healthcare startups grow. It believes in utilizing transformative ideas into data analytics, care delivery, and digital health. The company was founded in 2018 and is headquartered in Bloomfield, United States.
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