H1, a tech platform that hosts Healthcare provider profiles for life science customers, has acquired Carevoyance, a medical device startup based in Portland, Oregon. According to Ariel Katz, co-founder and CEO of H1, the purchase closed in late July and cost the New York City-based company seven figures in cash and shares. Carevoyance’s six workers will be maintained, and the company will continue to function as a separate entity.
According to Katz, there are many similarities between the two organisations in terms of culture and product. H1, for example, is a “LinkedIn for Healthcare,” with profiles on 10 million Healthcare professionals and thousands of institutions from around the world. These data, which is continuously updated by the company’s data team and other physician users, can provide information on a provider’s research portfolio, patient mix, social media engagement, and more to life science organisations looking for important opinion leaders or possible clinical trial locations.
There are also indicators that demand for medical device market intelligence is increasing, according to Katz. AcuityMD, a competitor of Carevoyance, recently raised $7 million from investors, he added, at a time when more established firms like Definitive Healthcare are focusing more on the medical device industry.H1 has been on the receiving end of growth investments itself. Since its 2017 launch, the startup has brought in more than $70 million across multiple rounds of funding and, according to Katz, now pulls more than $10 million in revenues. It also employs roughly 200 people in the United States and has offices in a number of other countries.