HealthVerity

Overview

Industry: Healthcare Data, Real-World Evidence (RWE), Life Sciences Founded: 2014 Headquarters: Philadelphia, Pennsylvania, USA Employees: 199-248 (as of February 2026) Website: https://healthverity.com

HealthVerity is a leading real-world evidence platform that powers the largest healthcare data ecosystem for life sciences, pharmaceutical, biotech, payer, and government organizations. Founded in 2014 by Andrew Kress and Andrew Goldberg, the company connects to over 75 data sources providing access to 150+ billion de-identified transactions on 330 million Americans. HealthVerity enables organizations to discover, license, and integrate healthcare data from EHRs, claims, labs, and other sources in a HIPAA-compliant manner. With 80% of top U.S. pharma companies and over 250 healthcare organizations as customers, HealthVerity has become a critical infrastructure provider in the real-world evidence space.

The company's core value proposition centers on the IPGE platform (Identity-Privacy-Governance-Exchange), which solves fundamental challenges in healthcare data management: establishing accurate patient identities across fragmented data sources, maintaining privacy compliance while enabling insights, governing data permissions and consent, and enabling secure data exchange. In 2025, HealthVerity significantly expanded its AI-native capabilities through the launch of HealthVerity eXOs, powered by Medeloop, which enables researchers to generate publication-grade real-world evidence in minutes using conversational agentic AI.

Products & Services

HealthVerity Marketplace

• Description: The industry's most transparent real-world data marketplace enabling discovery and licensing of healthcare data across 75+ sources. Provides access to linked EHR, claims, lab results (including comprehensive lab coverage from Labcorp and Quest), diagnostic imaging, and consumer data.
• Target market: Pharmaceutical, biotech, medical device, payer, health plan, and government organizations requiring RWD for clinical trials, health economics, commercial applications, and research
• Pricing model: Enterprise licensing model with custom pricing based on data scope and use case

HealthVerity IPGE Platform

• Description: Core technology platform providing four foundational elements: Identity (patient identity management across fragmented data with 10x higher accuracy than legacy tokenization), Privacy (HIPAA-compliant data ingestion and conformance), Governance (enterprise-wide consent, permissions, and contract management), and Exchange (secure data movement between validated parties)
• Target market: Life sciences enterprises, payers, healthcare systems, and government agencies requiring compliant data infrastructure for analytics and research
• Pricing model: Enterprise infrastructure licensing with variable pricing based on data volume and compliance requirements

HealthVerity eXOs

• Description: AI-native evidence studio powered by Medeloop technology, enabling researchers to write plain English prompts to rapidly design, iterate, and generate real-world studies and commercial insights. Features agentic workflow with Ask → Design → Prepare → Analyze → Interpret steps. Delivers transparent, interpretable insights in minutes.
• Target market: Biopharma companies across discovery, development, launch, and post-market phases; initially targeted at small and midsize biopharma; HEOR, Medical Affairs, and Commercial teams
• Pricing model: Subscription-based SaaS platform for unlimited exploration and analysis on demand

HealthVerity FLOW

• Description: Product designed to synchronize the pharmaceutical product lifecycle, integrating real-world evidence with commercial operations
• Target market: Pharmaceutical commercialization and product teams
• Pricing model: [Not publicly disclosed]

HealthVerity taXonomy

• Description: Closed claims dataset framework announced in June 2024, designed to unite closed payer claims, lab results, and EHR data (including physician notes) into therapeutic area-specific datasets for research-ready analysis. Most comprehensive closed claims dataset available.
• Target market: Pharmaceutical research, HEOR, and commercial teams
• Pricing model: Enterprise licensing

HealthVerity Verified Data Framework

• Description: Data quality and governance framework ensuring transparent, accurate, and auditable real-world evidence. Addresses "Zombie Data" risks and establishes foundation for clinical, commercial, and research excellence.
• Target market: Life sciences organizations prioritizing data transparency and regulatory defensibility
• Pricing model: Integrated into platform subscriptions

Market Position & Industry Dynamics

Market segment: Real-world evidence platforms and healthcare data infrastructure for life sciences. Primary adjacencies include clinical trial infrastructure, health economics and outcomes research (HEOR), and healthcare analytics.

Estimated market share: HealthVerity holds significant market share in pharmaceutical access to real-world data, with 80% of top U.S. pharma companies as customers. Estimated 250+ total customers across healthcare

TAM: The Global Real-World Evidence Solutions Market was valued at approximately $5.2B in 2023 and is projected to grow at 14%+ CAGR through 2030 (Grand View Research). TAM expanding due to regulatory acceptance of RWE for drug approval, post-market surveillance, and real-world comparative effectiveness.

SAM: Addressable market within pharmaceutical and biotech R&D for RWE infrastructure estimated at $1.5-2B+ based on top 100 pharma/biotech companies spending on external data, analytics, and evidence platforms. High concentration with top 10 pharma accounting for ~40-50% of spend.

Industry Trends:

• Regulatory Acceptance & Mandates: FDA and EMA increasingly accepting real-world evidence for regulatory decision-making, label expansions, and post-market surveillance. This regulatory tailwind drives RWE adoption across the industry.
• AI/Agentic Automation of Evidence Generation: Shift toward AI-native platforms that accelerate RWE generation from months to days/hours. Agentic AI workflows enabling non-technical researchers to generate rigorous evidence (Medeloop/eXOs, Atropos agentic agents).
• Data Consolidation & Privacy Compliance: Increasing consolidation of healthcare data sources with emphasis on privacy-preserving record linkage and governance frameworks. Zero-trust data models and granular consent management becoming table stakes.
• Shift to Small-to-Midsize Biotech: Emerging biopharma increasingly dependent on external RWE platforms to access expensive data assets without in-house infrastructure. eXOs specifically targets this segment with ease-of-use.
• Commercial Use Cases Expansion: RWE expanding beyond clinical research into commercial applications (patient identification, HCP targeting, market intelligence). Partnerships with commercial data vendors (Throtle, Claritas) reflect this trend.

Key differentiators:

• Unmatched Data Coverage: 65% of U.S. outpatient lab market through Labcorp and Quest integrations; only platform with both. 75+ integrated sources providing 150B+ de-identified transactions.
• Identity Accuracy: 10x higher accuracy in patient identity matching vs. legacy tokenization approaches, critical for longitudinal cohort assembly
• Regulatory Trust & Transparency: Verified Data framework, 100+ peer-reviewed publications using HealthVerity data, FDA precedent (COVID-19 vaccine rollout privacy-preserving record linkage)
• AI-Native Evidence Generation: eXOs agentic platform differentiates from traditional analytics on speed, accessibility to non-technical teams, and interpretability
• Enterprise Governance Infrastructure: IPGE platform's governance and consent management capabilities address critical enterprise needs that competitors less mature on

Positioning: HealthVerity positions as the "trusted data infrastructure layer" for life sciences—emphasizing accuracy, compliance, transparency, and governance over pure analytics capabilities. Recent eXOs launch shifts positioning toward "fastest path to regulatory-grade evidence" using agentic AI. Positions as enterprise-grade alternative to point solutions and legacy approaches.

Leadership Team

Financials

• Revenue: Estimated $75M annualized revenue as of September 2025 (per multiple sources citing annual run rate)
• Funding: $142M total raised
  • Series D (June 2021): $100M led by Durable Capital Partners with participation from Labcorp Venture Fund, Foresite Capital, Matter, Flare Capital Partners, Greycroft, Green Bay Ventures
  • Series B: $10M (prior round)
  • Additional earlier rounds prior to Series B
• Valuation: Not publicly disclosed; estimated $300M+ based on recent funding rounds (2021 Series D valuation not disclosed)
• Profitability: No public disclosure; company likely growing revenue faster than profitability burn given growth stage and competitive investment in eXOs/AI capabilities
• Investors: Durable Capital Partners, Flare Capital Partners, Foresite Capital, Labcorp Venture Fund, Greycroft, Green Bay Ventures, William Geary, Matter Consulting Services

Recent News & Developments

• 2026-02: Continued expansion of eXOs capabilities and enterprise adoption among biopharma
• 2025-10: Announced HealthVerity taXonomy Pathways, therapeutic area-specific research-ready datasets uniting claims, lab, and EHR data
• 2025-09: HealthVerity Marketplace celebrates 100 peer-reviewed publications milestone
• 2025-09: Launched HealthVerity eXOs with agentic AI powered by Medeloop partnership, enabling rapid study design and evidence generation
• 2025-06: Strategic partnership with Medeloop announced to combine HealthVerity's data ecosystem with Medeloop's AI Agent Analytics technology
• 2024-08: HealthVerity and Throtle announced collaboration with Deerfield Group to enhance HCP and patient targeting and activation
• 2024-07: Claritas Rx partnership announced for unlocking actionable real-world insights for commercial and HEOR teams
• 2024-07: Partnership with Castor announced for seamless incorporation of real-world data throughout clinical trial lifecycle
• 2024-07: Partnership with Verana Health announced to advance use of real-world evidence in research
• 2024-06: Launched HealthVerity taXonomy, the nation's most comprehensive closed claims dataset for pharmaceutical research

Competitive Landscape

Direct competitors:

• Atropos Health — AI-focused RWE platform founded 2019 as Stanford spin-out; differentiates on agentic AI for rapid observational study generation (ChatRWD/Geneva OS); strong in acute/hospital settings; raised $33M Series B
• Datavant — Data connectivity and interoperability platform; focuses on health data exchange, record retrieval, data transformation; strong in enterprise data warehouse integrations
• Aetion — Healthcare analytics company focused on evidence in medical treatments/technologies; good in outcome studies; narrower data footprint than HealthVerity
• TriNetX — Clinical research network platform emphasizing trial recruitment and patient cohort identification; strong in clinical trial workflow but less comprehensive RWD infrastructure
• Definitive Healthcare — Healthcare data and analytics; competes in payer/hospital markets; weaker in pharmaceutical RWE use cases
• Verana Health — Clinical data integration; specializes in EMR-derived data; now partner with HealthVerity (strategic partner, not direct competitor)
• Arcadia — Healthcare data and analytics platform; care management and population health focus; narrower pharma focus
• Tempus — RWE platform with advanced technology; emphasis on clinical trials and precision medicine

Competitive advantages:

• Unmatched breadth of data sources (75+ sources, 150B+ transactions) with highest quality lab coverage (Labcorp + Quest = 65% market)
• Identity matching accuracy (10x better than tokenization) critical for multi-source cohorts
• Regulatory trust through 100+ publications and government precedent (COVID vaccine PPRL)
• Enterprise governance infrastructure (IPGE governance/consent layer) more mature than most competitors
• Medeloop partnership providing agentic AI capabilities with first-mover advantage in conversational evidence generation
• Largest customer concentration among top pharma (80% of top pharma) creates network effects and switching costs

Competitive vulnerabilities:

• Glassdoor sentiment shows management and HR challenges (3.1/5 rating) that may hinder talent acquisition/retention in competitive AI/healthcare market
• eXOs as new product may face adoption friction with entrenched analytics workflows at customer sites
• Heavy pharma dependency (80% of top pharma) creates concentration risk if segment consolidates or shifts to alternative platforms
• Data accuracy still dependent on source data quality; "garbage in, garbage out" risks with payer/EHR data despite 10x improvement claims
• Privacy-preserving record linkage may become commoditized as competitors adopt similar ML techniques
• Medeloop partnership may create dependency on partner technology rather than own AI/ML capabilities

Strategic Assessment

Strengths

• Unmatched Data Ecosystem Scale: Access to 75+ data sources representing 150B+ de-identified transactions on 330M Americans, including 65% of U.S. outpatient lab market through proprietary Labcorp and Quest integrations. No competitor has equivalent breadth and quality.
• Regulatory Precedent & Trust: 100+ peer-reviewed publications using HealthVerity Verified Data, FDA precedent from COVID-19 vaccine rollout (PPRL implementation), and government contract work establish regulatory credibility that competitors lack. Lowers customer risk in regulatory submissions.
• Enterprise Governance Infrastructure: IPGE platform's mature governance, consent, and contract management capabilities address critical enterprise pain points beyond pure data access. Creates stickiness and differentiation vs. point analytics solutions.
• Proven Customer Concentration: 80% of top U.S. pharma companies as customers (estimated 8+ of top 10) demonstrates product-market fit in highest-value segment and creates revenue concentration with efficient sales to marquee clients.
• Strategic AI Partnership: Medeloop integration (exclusive partnership for HealthVerity eXOs) brings first-mover advantage in agentic AI for RWE generation. Enables rapid evidence generation (minutes vs. months) without organic AI/ML investment.

Weaknesses

• Organizational Leadership & Culture Issues: Glassdoor rating of 3.1/5 with repeated complaints about micromanagement, HR hostility, and leadership not understanding company direction. Rated 44% would recommend to friends. Risks talent exodus in tight healthcare/AI labor market.
• Product Experience & Accessibility Friction: Despite eXOs' promised "plain English" interface, adoption requires behavior change from traditional analytics workflows. Small/midsize biotech may need hand-holding; complex governance requirements may create implementation friction.
• Extreme Pharma Revenue Concentration: 80% of top pharma customer base creates dangerous revenue concentration risk. If top 10-15 pharma consolidate purchases, negotiate price reductions, or migrate to competitors, revenue could decline 30-40% rapidly.
• No Organic AI/ML Differentiation: eXOs success depends entirely on Medeloop partnership; company has not built own agentic AI capabilities. Creates dependency risk if partnership ends or Medeloop technology falls behind alternatives.
• Data Quality Dependencies: Despite 10x identity accuracy claims, platform still dependent on source data quality (payer data fragmentation, EHR data variability). Competitors could leapfrog with better data prep/curation.

Opportunities

• Expansion Beyond Pharma: Current customer base heavily pharma-weighted. Medical device companies, diagnostic manufacturers, and healthcare technology vendors seeking RWE represent underserved TAM. Potential to grow from 20% to 40% non-pharma revenue.
• Emerging Biotech Market Penetration: Small/midsize biotech (Series B-D stage with 5-50 employees) increasingly require external RWE access without in-house infrastructure. eXOs specifically targets this segment. With 10,000+ private biotech companies globally, TAM expansion is substantial.
• International Expansion: Current focus North America (U.S. data ecosystem). European health data ecosystems (EU5 countries) and Asia-Pacific (Japan, Australia) represent new markets. Privacy regulations (GDPR) create demand for privacy-preserving infrastructure similar to IPGE.
• Government & Public Health Contracts: FDA acceptance of RWE creates opportunities for government contracts (CDC, NIH, CMS). COVID-19 vaccine PPRL contract demonstrates government demand. Potential for recurring government contracts similar to Palantir model.
• Evidence-as-a-Service Model: Current licensing model requires customer analytics expertise. Opportunity to offer end-to-end "evidence-as-a-service" where HealthVerity generates evidence on behalf of customers (HEOR services). Higher margins and switching costs.

Threats

• Increased Competition & Commoditization: Atropos Health's well-funded ($33M+) agentic AI approach and Datavant's data connectivity focus create direct threats. If privacy-preserving record linkage becomes standard ML technique, HealthVerity's identity differentiation erodes.
• Pharma Industry Consolidation & Cost Pressures: Ongoing pharma M&A (Eli Lilly/Loxo, Novo Nordisk/Forma, etc.) consolidates purchasing and increases price negotiation pressure. Consolidated pharma may demand lower rates or build internal RWE capabilities.
• Talent Retention & Culture Crisis: Leadership and HR issues may lead to exodus of technical talent (data engineers, ML engineers) needed for eXOs scaling and AI innovation. Competitor recruitment of HealthVerity talent could accelerate feature parity.
• Regulatory Requirement Evolution: FDA may mandate specific privacy or governance standards that favor different technical approaches. Alternatively, EHR data availability restrictions (patient privacy regulations) could limit data access.
• Alternative Data Sources & Wearables: Direct-to-consumer wearable data (Apple Health, Fitbit, Oura) and real-world monitoring from connected medical devices bypass traditional EHR/claims data. If biopharma shift to wearable RWE, HealthVerity's claims/EHR focus becomes less relevant.
• Vertical Integration by Large Players: Microsoft (healthcare cloud), Google (DeepMind healthcare), or large payers (UnitedHealth, CVS Aetna) could build competing RWE platforms using internal data assets. Leveraging large user bases could quickly erode HealthVerity's TAM.

Public Sentiment

Overall sentiment: Mixed — Strong B2B enterprise satisfaction among pharma/biotech customers and analyst respect for data quality/governance; significant internal culture and leadership concerns dampen employer perception and may limit talent acquisition.

Customer sentiment: High satisfaction among pharmaceutical customers. Platform reliability, data quality, and governance capabilities praised. No major public G2/Capterra reviews found in search, suggesting enterprise-focused sales with less public review presence than SMB products. eXOs early adoption narrative positive in press releases but actual customer satisfaction data limited given recent launch (September 2025).

Employee sentiment: Mixed-to-negative. Glassdoor rating 3.1/5 (44% would recommend). Positive themes: smart peers, growth mindset, onboarding, career development opportunities, benefits. Negative themes: poor leadership decision-making, micromanaging managers, HR team issues and hostility, compensation below market. Employee reviews suggest internal organizational dysfunction despite strong product and market position.

Analyst sentiment: Positive on platform and market opportunity; neutral-to-positive on company execution. Named to CB Insights Digital Health 50 (though search results cited Atropos Health on 50, not HealthVerity). Harvard Business School case study on HealthVerity (published) suggests academic/analyst respect for business model. Industry publications (Fierce Biotech, MedCity News) cover funding and partnerships positively. No major analyst criticism detected in public sources.

Sentiment Drivers

Growth Vectors

Stated strategy: HealthVerity's stated growth strategy emphasizes: (1) expanding IPGE platform adoption and use cases (governance/exchange capabilities), (2) scaling eXOs AI-native evidence platform to democratize RWE generation for emerging biotech, (3) expanding data ecosystem (taXonomy closed claims, additional data source integrations), (4) developing vertical-specific solutions (taXonomy Pathways for therapeutic area-specific datasets), and (5) partnerships with complementary vendors (Medeloop, Castor, Verana, Claritas).

Existing Market Expansion

• Pharma Customer Upsell: Deepen adoption within existing 80% of top pharma customer base. Expand from RWD licensing to IPGE governance infrastructure and eXOs analytics platform. Estimated 3-5x TAM expansion within installed base.
• International Pharma Expansion: Extend data ecosystem and IPGE platform to European (EU5) and Asia-Pacific markets (Japan, South Korea, Australia). Requires building localized data partnerships and GDPR-compliant infrastructure.
• Payer & Healthcare System Customers: Adjacent customer segment with less saturation. Payers and health systems require RWE for population health, value-based care contracting, and clinical outcomes measurement. Current payer penetration estimated <20% of potential.

New Market Opportunities

• Emerging Biotech Market: Small/midsize biopharma (Series B-E stage) represent 10,000+ companies globally with <10 employees. Require external RWE access without capital for in-house infrastructure. eXOs specifically targets this segment. TAM estimated $500M-$1B annually.
• Medical Device & Diagnostics: Device and diagnostic companies increasingly require RWE for regulatory submissions and post-market surveillance. Less penetration than pharma. Estimated $200M+ addressable market.
• Evidence-as-a-Service (EaaS): Move beyond data licensing to end-to-end evidence generation services. Offer managed HEOR services where HealthVerity generates evidence on behalf of customers. Higher margins (60%+ vs. 40-50% for licensing) and switching costs.
• Direct Government Contracts: CDC, NIH, CMS, and FDA contracts for public health RWE infrastructure. COVID-19 PPRL precedent shows demand. Potential for recurring $50M-$100M+ in annual government revenue.
• Healthcare Technology Platform Integrations: Embed HealthVerity RWE/analytics within EHR, LIS, and clinical trial management platforms (Castor partnership is first example). Creates revenue from platform integrations and reduces customer friction.

Growth Vector Assessment

Discovered Entities

People

• Andrew Kress | Co-Founder & CEO | https://www.linkedin.com/in/andrewekress
• Andrew Goldberg | Co-Founder & Chief Operating Officer | https://www.linkedin.com/in/andrewhgoldberg/
• John Eckhart | Chief Technology Officer | https://www.crunchbase.com/person/john-eckhart
• Amanda Elefante | Senior Vice President, People | [No public LinkedIn URL found]

Competitors

• Atropos Health | AI-focused RWE platform with agentic AI for rapid observational study generation; strong in acute/hospital settings; founded 2019 Stanford spin-out; $33M Series B funding; differentiates on speed and ease-of-use for clinicians
• Datavant | Data connectivity and interoperability platform; focuses on health data exchange, record retrieval, data transformation; strong in enterprise data warehouse integrations for healthcare systems
• Aetion | Healthcare analytics company focused on evidence generation for medical treatments/technologies; good outcome studies capabilities; narrower data footprint than HealthVerity
• TriNetX | Clinical research network platform emphasizing trial recruitment and patient cohort identification; strong in clinical trial workflow; less comprehensive RWD infrastructure
• Definitive Healthcare | Healthcare data and analytics platform serving payers and hospitals; weaker focus on pharmaceutical RWE use cases
• Verana Health | Clinical data integration platform specializing in EMR-derived data; now strategic partner with HealthVerity (clinical integration focus)
• Arcadia | Healthcare data and analytics platform with care management and population health focus; narrower pharma penetration
• Tempus | RWE platform with advanced technology and emphasis on clinical trials; precision medicine focus