Datavant to acquire DigitalOwl

Health data network Datavant has signed an agreement to acquire ChartSwap Insights, a startup offering medical data analysis. With this acquisition, Datavant will expand its capabilities to make health data accessible and actionable for the legal and insurance industries.

Founded in 2017, DigitalOwl developed an AI system to analyze medical documents. It secured a $12 million investment from RGA, as well as a partnership.

According to Israeli media outlet Calcalist, the mostly cash deal is estimated at just over $200 million. DigitalOwl publicly disclosed $38 million in funding.

“Legal and insurance customers are looking to consolidate and simplify the process of finding, accessing and analyzing specific medical information from a vast amount of both structured and unstructured data sources. DigitalOwl’s data extraction and summarization technology was built specifically for these use cases and, together with Ontellus’ and Datavant’s digital record exchange platform and extensive provider network reach, we will transform a market that is ripe for change.” – Kyle Armbrester, Datavant CEO.

“Manually reviewing medical records and extracting the necessary information for underwriting, cases and claims work is time-consuming and costly. At DigitalOwl, we’ve focused exclusively on applying advanced technology to automate manual processes and address pain points across the workflow. Joining forces with Datavant will enable us to accelerate our mission and deliver even greater value for our partners and customers.” – Yuval Man, CEO of DigitalOwl.