Datavant

Datavant provides privacy-preserving health data connectivity, enabling de-identified patient record linkage across disparate data sources for life sciences, payers, and providers. Merged with Ciox Health in 2021 at $7B valuation. Roivant Sciences connection. Over 2,000 data partners. Key enabler for real-world data and clinical trial design.

Datavant's tokenization technology is the standard for connecting patient data across silos without exposing PHI; its merger with Ciox Health in 2021 made it the largest clinical data exchange in the US.

datavant.com Interoperability & Data Infrastructure

United Statesprivate

At a glance

Total raised

$80.5M

last round growth

Headcount

5k-10k

approximate · public range

Headquarters

San Francisco

United States

Founded

2017

9 years active

Status

Private

Interoperability & Data Infrastructure

Latest valuation

$7B

Growth · 2021

For subscribers

Subscribe to see the full profile

Including Funding rounds, Bull / Bear thesis, Stock + earnings, Roster changes, Patents, News, and Open roles.

Founding

50% off

/month

94 of 100 spots left

Full

$10

/month

Available once all 100 Founding Member spots are claimed.

Get full access

Already subscribed? Sign in →

Funding history

Total raised

$80.5M

Rounds tracked

Latest stage

Growth

Latest valuation

$7B

Date	Stage	Amount	Valuation	Lead investors
Jun 9, 2021	Growth	—	$7B	Sixth Street, Goldman Sachs Asset Management, New Mountain Capital, Roivant Sciences, Transformation Capital, Merck Global Health Innovation Fund, Labcorp, Cigna Ventures, Johnson & Johnson Innovation – JJDC, Inc., Flex Capital
Oct 8, 2020	Series B	$40M	—	Transformation Capital
Apr 30, 2018	Series A	$40.5M	—	Roivant Sciences, Travis May

Founder backgrounds

Travis May

Former President & Co-Founder

Co-founded LiveRamp in 2011 and served as CEO, building the data onboarding platform to over $200M in revenue before its $310M acquisition by Acxiom in 2014 (the company later spun out as LiveRamp Holdings, NYSE: RAMP). In 2017, co-founded Datavant with former LiveRamp colleague Ramaswamy, applying a similar data-connectivity thesis — this time to healthcare — building a platform for privacy-preserving, de-identified patient record linkage across life sciences, payers, and providers. Datavant merged with Ciox Health in 2021 in a transaction valuing the combined entity at $7B. Holds degrees in economics and mathematics from Harvard College, where he graduated magna cum laude and Phi Beta Kappa.

Vivek Ramaswamy

Co-Founder

Graduated summa cum laude in biology from Harvard before earning a JD from Yale Law School as a Paul & Daisy Soros Fellow. Began his career as a biotech investor at a hedge fund, then founded Roivant Sciences in 2014, building a family of nimble biotech subsidiaries (Vants) that raised over $3B in capital and produced some of the largest biotech IPOs of 2015 and 2016. Datavant was launched in 2017 as a Roivant-backed company applying AI and data-linkage technology to improve clinical trial design and operations — a natural extension of the Roivant model of using technology to increase efficiency across drug development.

AI bull / bear

Bull case

Datavant's tokenization technology has become the connective tissue of US healthcare data, with over 2,000 partners making it the largest clinical data exchange in the country. The 2021 Ciox Health merger didn't just add scale — it gave Datavant ownership of the actual clinical records that flow through its pipes, creating a vertically integrated data asset that competitors cannot easily replicate. Network effects are real here: every new partner makes the tokenized ecosystem more valuable for life sciences customers running real-world evidence studies or recruiting for decentralized trials. The investor syndicate is a strategic moat in itself — Merck, J&J, Labcorp, and Cigna Ventures aren't passive backers; they're customers with incentives to deepen Datavant's integration into the drug development and reimbursement workflow. As FDA guidance increasingly accommodates real-world data for label expansions, Datavant's infrastructure sits at the center of a secular shift that could sustain double-digit growth for a decade. The Roivant Sciences relationship adds an in-house trial-design use case that doubles as product R&D.

Bear case

The $7 billion valuation was minted in June 2021, near the peak of healthtech exuberance, and the private markets have repriced dramatically since. Datavant's core technology — tokenized patient matching — is genuinely clever, but it is also the kind of middleware that platform incumbents can subsume. Epic and Cerner are building native interoperability layers, and the TEFCA regulatory framework pushes the entire industry toward standardized data exchange that could commoditize Datavant's proprietary linkage. The Ciox merger brings significant integration risk: stitching a privacy-tech startup to a legacy medical records retrieval business with thousands of health system relationships is a multi-year operational grind, not a plug-and-play synergy. Customer concentration in life sciences means a slowdown in R&D budgets or heightened FDA skepticism about real-world evidence quality hits Datavant's pipeline directly. And with only $81 million in disclosed venture funding against a $7 billion valuation, the company may face a punishing down round if it needs to raise growth capital before reaching cash-flow breakeven.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

Datavant · last 30 days

No articles ingested yet for Datavant. Once the hourly news pipeline is live, every article the classifier tags as mentioning this company appears here with its one-line AI summary and sentiment.

Watch

Leadership

Travis May

Former President & Co-Founder

Vivek Ramaswamy

Co-Founder

—

Kyle Armbrester

Chief Executive Officer

Arnaub Chatterjee

President & General Manager, Life Sciences, Ecosystem & Public Sector

—

Bill Horn

Chief Commercial Officer, Payer

—

Products

Datavant Connect: Linkage
A privacy-preserving record linkage solution that enables organizations to connect and match patient records across disparate healthcare datasets without exposing personally identifiable information. It uses tokenization technology to create a secure, de-identified patient identifier that works across payers, providers, life sciences companies, and data partners. This allows researchers and healthcare organizations to build longitudinal patient views and comprehensive datasets while maintaining HIPAA compliance and data privacy.
Datavant Connect: Retrieval
A medical record retrieval solution that enables life sciences companies, researchers, and healthcare organizations to access structured and unstructured patient medical records from thousands of hospitals and clinics. It supports the creation of proprietary longitudinal data assets for clinical trials, real-world evidence studies, and cohort development. Combined with Datavant Linkage, it allows teams to build comprehensive patient registries that improve cohort size and representativeness for research.
Datavant Tokenization Software
A privacy and security layer that tokenizes protected health information, enabling secure data exchange across the healthcare ecosystem. The software assigns a de-identified token to each patient record that can be used to link records across different organizations and data sources without exposing names, dates of birth, or other direct identifiers. This forms the foundation of Datavant's data connectivity network, which moves more than 60 million healthcare records between thousands of organizations.

Open roles

We don't have a live feed for this company's ATS. Their careers page has every open role.

View all careers ↗