US-based medical data exchange technology developer Datavant has received $40m in series B funding from investors including corporates Roivant Sciences, Johnson & Johnson and Cigna.
Transformation Capital led the round, which included Flex Capital along with biopharmaceutical holding company Roivant Sciences, healthcare product supplier Johnson & Johnson and health insurer Cigna, through Johnson & Johnson Innovation – JJDC and Cigna Ventures respectively.
Founded in 2017, Datavant has built a healthcare data exchange enabling clinical trial centres to compare their study against anonymised patient records held by its affiliates without jeopardising each individual patient’s privacy.
The round brought Datavant’s total funding to $83m and it will be put into expanding the company’s data exchange service.
The total includes a $40.5m round closed in early 2018 that was co-led by Roivant Sciences and Datavant’s founding CEO, Travis May. Flex Capital was identified as an existing investor in the series B round.
May 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.”