HealthVerity
Sells licensed real-world health data and identity-matching tools to pharma and researchers.
On the record
Checkpoint: First post-Symphony Health combined revenue and retention figures disclosed
The call
HealthVerity holds real data assets but competes against much larger rivals running the identical playbook with more money and a faster AI product.
HealthVerity buys and sells real patient medical records and helps match patient identities across different healthcare systems, selling this data to researchers and drug companies. The business is hard to copy because it requires real licenses, legal agreements, and years of identity-matching work, but Datavant and Truveta do the exact same thing at 10 to 50 times larger scale and have more money to spend. The company has not raised new funding since 2021, makes about 18 to 40 million dollars per year (estimates only, not confirmed), and recently launched an AI tool called eXOs in late 2025, while Truveta shipped a competing AI tool two years earlier. The thing that could turn this around is if HealthVerity makes real money from integrating Symphony Health's data assets and raises new funding at a strong valuation, but the next 12 months will show whether the company can compete or becomes an acquisition target.
Why
01
AI pressure: Truveta Language Model (Microsoft-backed). Truveta's AI model already analyzes patient data at scale since 2023; HealthVerity's eXOs answer arrived two years later, partner-built. Could AI do the core job? Only partly.
02
Bigger players: Datavant. Datavant runs the same neutral data-exchange model at roughly 20 to 50 times HealthVerity's estimated revenue. Could a giant copy it? Yes, easily.
03
What protects it. Licensed data contracts, identity-resolution infrastructure, and pharma trust relationships built over a decade.
What would change this call
HealthVerity announces or fails to announce a new equity round within 12 months. Would show whether investors still back it after 5 years without fresh capital.
Named pharma customers confirm eXOs use in regulated real-world-evidence submissions. Would show real adoption beyond marketing claims for its Sept 2025 product.
Datavant or Truveta publicly announce contracts with accounts previously served by HealthVerity. Would confirm larger rivals are actively taking its customers.
Named pharma customers confirm eXOs use in regulated real-world-evidence submissions. Would show real adoption beyond marketing claims for its Sept 2025 product.
Datavant or Truveta publicly announce contracts with accounts previously served by HealthVerity. Would confirm larger rivals are actively taking its customers.
Key numbers
- Est. revenue $18-40M vs Datavant's ~$800M-1B
- No new equity round since $100M Series D
- Truveta raised $320M Series C, Microsoft-backed
Named risks
- No confirmed new equity round since 2021 Series D despite capital-intensive competitors raising nine figures.
- Post-acquisition integration of Symphony Health could disrupt product roadmap, headcount, or customer retention.
- All revenue and headcount figures are conflicting third-party estimates with no audited company disclosure.
- Subscale versus Datavant and Truveta risks losing pharma accounts in the neutral-marketplace category.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Datavant | losing to | Reported $800M-1B FY2025 revenue vs HealthVerity's much smaller unaudited estimates, as of Mar 2026 |
| Truveta | gaining on | Raised $320M Series C 2025 with Microsoft backing; shipped its LLM in 2023, two years before HealthVerity's eXOs |
| IQVIA | losing to | Aggregates 1.2B+ patient records globally, an order of magnitude larger than HealthVerity's stated coverage |
| Komodo Health | contesting | Claims 330M+ patient coverage via its Healthcare Map, close to HealthVerity's stated 300M+ covered lives |
Questions people ask
- Is HealthVerity profitable in 2026?
- HealthVerity has not disclosed audited revenue or profit figures. Its last confirmed capital event was a $100M Series D closed June 2021, and as of July 2026 no new equity round has been publicly reported, leaving profitability unverifiable from public sources.
- Who owns HealthVerity?
- HealthVerity is privately held and venture-backed, co-founded by CEO Andrew Kress and COO Andrew Goldberg. Investors across its funding rounds include Flare Capital Partners, Greycroft Partners, Foresite Capital, and Durable Capital Partners, which led the $100M Series D in June 2021.
- Could AI replace HealthVerity's business?
- Unlikely to fully replace it: HealthVerity holds licensed data-supplier contracts across 75+ sources and identity-resolution IP that AI models cannot conjure. But its analytics layer faces pressure, since rival Truveta shipped an in-house LLM in 2023, two years before HealthVerity's own agentic tool eXOs launched September 30, 2025.
- Who is HealthVerity's biggest competitor?
- Datavant is the closest direct rival, reportedly generating $800M to $1B in FY2025 revenue after its Ciox Health merger, dwarfing HealthVerity's scale. Truveta, backed by Microsoft and a $320M 2025 Series C, and incumbent IQVIA, with 1.2B+ patient records, also compete directly.
- Did HealthVerity acquire Symphony Health?
- Yes. HealthVerity announced the acquisition of Symphony Health Solutions on May 5, 2026 and completed the deal May 8, 2026, with Evercore advising. It is HealthVerity's first acquisition of scale, intended to unify clinical data and commercial analytics.
- How does HealthVerity's AI product compare to Truveta's?
- HealthVerity launched eXOs, an agentic AI evidence studio built with partner Medeloop, on September 30, 2025. Truveta shipped its own in-house Truveta Language Model in 2023, roughly two years earlier, with Microsoft's cloud backing since 2021.
Timeline
- 2026-05-13HealthVerity completes acquisition of Symphony Health Solutions
- 2026-05-05HealthVerity announces deal to acquire Symphony Health
- 2026-04-06ISPOR ELEVATE-GenAI validation study of eXOs across 250 runs published
- 2025-09-30HealthVerity launches eXOs, agentic AI evidence studio with Medeloop
- 2025-06-24HealthVerity webinar details Marketplace, Notes, and taXonomy products
- 2024-04Partnership with Throtle for pixel-based data enhancement announced
- 2024-02FLOW 1.1 upgrade shipped; cited in three 2023 Gartner Hype Cycle reports
- 2023-05HealthVerity FLOW middleware launched
- 2021-06Series D closes at $100M, led by Durable Capital Partners
- 2019-04Series C funding of $25M closes
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Management and Employees List
- HealthVerity Company Profile (2024-06-16)
- Andrew Goldberg (2025-11-03)
- HealthVerity Completes Series A Financing of $7.1 Million
- HealthVerity completes Series B financing of $10 million (2025-05-20)
- HealthVerity IPO: Investment Opportunities & Pre-IPO Valuations (2023-11-14)
- How Much Did HealthVerity Raise? Funding & Key Investors (2025-05-22)
- HealthVerity Stock Price, Funding, Valuation, Revenue & Financial Statements (2026-05-04)
- HealthVerity completes acquisition of Symphony Health, marking a new era for the healthcare data industry (2026-05-13)
- Revenue, Competitors, Alternatives (2022-04-05)
- SignalHire Company Profile
- The Marketplace model is winning: Key insights from our webinar (2025-06-24)