Insurtech startup DigitalOwl has been bought by Datavant, a company that helps share healthcare data. The price of the deal was not officially shared, but reports say it’s a little over $200 million, mostly paid in cash.
DigitalOwl was started in 2018 by brothers Yuval Man (CEO) and Amit Man (CTO). The company built an AI platform that quickly analyzes medical cases, mainly for insurance companies and law firms. It operates in the U.S., Canada, Israel, and Australia.
Since it began, DigitalOwl has raised $38 million from investors like RGA Insurance, Insight Partners, Fusion VC, and Ibex Investors. Ibex owned 30% of the company and made one of the biggest profits from the sale. Another early backer was Amnon Shashua, the well-known founder of Mobileye, AI21 Labs, and AAI.
The company has about 70 employees — around 50 in Israel and the rest in the U.S..
DigitalOwl’s platform helps insurance companies and law firms handle medical documents faster and cheaper. Instead of relying on costly manual reviews, the system uses AI to summarize cases and draw conclusions. Many cases can have hundreds or even thousands of pages, which makes automation especially useful.
The AI automatically reads, summarizes, and analyzes medical records. It also cross-checks information to find conflicting claims or missing details, and even predicts how complex a case might be and what future costs could look like.
Datavant, founded in 2017 in the U.S., builds systems that help share and connect health data between different organizations — like hospitals, insurance companies, pharma firms, and research groups. Its technology makes it possible to securely transfer tens of millions of medical records while keeping personal details private and meeting strict privacy rules.
In 2021, Datavant merged with Ciox Health in a deal worth $7 billion. This move made it one of the leading companies in health data management and sharing across the U.S. and Europe.
“Manually reviewing medical records and extracting the necessary information for underwriting, cases and claims work is time-consuming and costly,” said Yuval Man, CEO of DigitalOwl. “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.”
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