H1 buys Carevoyance to go deeper into the medical device space

Carevoyance will continue to operate as a subsidiary of H1 going forward

H1 is a company with a big and notable the goal: to be what Ariel Katz, the company's co-founder and CEO, has called the "Linkedin for healthcare." That means allowing medical affairs and marketing professionals at healthcare organizations, as well as pharmaceutical and biotech companies, to identify and connect with the most relevant healthcare professionals in order to facilitate clinical trials and research. 

The company has now taken a big step toward expanding into another category, medical devices, as it announced its first acquisition on Monday, buying Portland, Oregon based Carevoyance, a data analytics company selling to medical device companies helping them find the right physicians to engage with.

"Medical Device companies operate differently than pharmaceutical and biotechnology companies. H1 historically focused on working with pharma and biotech companies," explained Katz.

"Carevoyance has historically worked with medical device. This accelerates H1’s market adoption in the medical device market segment." 

While the terms of the acquisition were not disclosed, it was revealed that Carevoyance will continue to operate independently as a subsidiary of H1, and that it will be able to include H1’s  data in its product offering going forward.

"Carevoyance has always been singularly focused on delivering actionable insights through software to provide our clients with a competitive edge in market," Anatoly Geyfman, founder of Carevoyance, said in a statement.

"We are thrilled at the opportunity to join forces with H1 and bring best-of-breed commercial intelligence to every life sciences team. The combination of H1 and Carevoyance will allow customers to make excellent data-driven decisions at every stage of the product lifecycle - from research through commercialization."

As per the acquisition, the entire team at Carevoyance will be coming over to H1.

"We wanted to do this deal in large part because we thought the Carevoyance team was an amazing team led by Anatoly. They will stay in their capacity leading the Carevoyance products," Katz told me. 

H1 now has over 10 million profiles from healthcare professionals representing 16,000 institutions in 70-plus countries. It has over 90 customers as well, including seven of the top 10 pharmaceutical companies, which use the platform to do things like find doctors to work on a clinical trial for a given biotech, or find hospitals where they can perform their trails.

Acquiring Carevoyance doesn't just mean going deeping into the medical device space, but that "more companies are going to be using H1 as the system of record of healthcare professional information as we gain this market share in the medical device market," Katz said.

"As more life science companies, those in pharma, biotech, and medical device, continue to use H1 as the system of record for the most comprehensive, and in depth information, about healthcare professionals, it brings us closer to our North Star as the system of record for healthcare professional information." 

Founded in 2017, H1 has raised over $70 million in venture funding, including a $58 million round in December. Carevoyance, which was founded in 2014, had raised two undisclosed rounds of funding, the last in January 2018. 

(Image source: h1.co)