Clarify Health

Health data analytics / value-based care softwareUSA
New to Unitard
βœ‚οΈ Markdown
PeakΒ $1.4 BillionToday
~-71%
from peak
  1. πŸ¦„
    Became a unicorn
    Apr 2022
  2. πŸ“ˆ
    Peak valuation
    $1.4 Billion ’22
  3. πŸ’”
    Became a Unitard
    Sep 2025
  4. πŸ’Έ
    Last valuation
    ~$406M
Current status
Private and operating; co-founder Todd Gottula is CEO; acquired patient-activation company Loyal Health in June 2026 (terms not disclosed)

The rise & fall

9 moments Β· 2015–2026

The key moments, with employee sentiment along the way.

2015
Founded in San Francisco
Physician Jean Drouin, as founder and CEO, and former Advent Software CTO Todd Gottula start a health-care data and analytics company.
Mar 16 ’21
$115M Series C led by Insight Partners
Spark Capital, Concord Health Partners and HWVP co-invest, with KKR, then the largest investor, participating.
Apr 5 ’22
The peak: SoftBank-led $150M Series D at a reported $1.4B$1.4B
SoftBank Vision Fund 2 leads, with BlackRock-managed funds and Memorial Hermann; Bloomberg, citing people familiar with the matter, puts the valuation at $1.4B.
Jun 30 ’22
BlackRock funds mark Clarify at $8.95 a share
The first quarter-end mark after the Series D, carried identically by three BlackRock funds.
Dec 7 ’23
Founder Jean Drouin steps down as CEO
Chief commercial officer Terry Boch takes over; Drouin stays on the board as a senior advisor.
Sep 30 ’25
Fund mark halves to $3.01 β€” joins the Unitard Club πŸ’”
BlackRock Capital Allocation Term Trust cuts its mark from $6.17 to $3.01 a share, about 66% below its post-Series D mark.
From the inside Β· Glassdoor reviews, 2023–25
Glassdoor ratings drop to 2.8 in 2023 and 2.5 in 2024. Reviewers describe frequent strategy pivots and unclear direction from leadership, then layoffs in 2025, while most praise their colleagues.
Jun 4 ’26
Buys patient-activation company Loyal Health
Terms are not disclosed; CEO and co-founder Todd Gottula leads the combined company.
Jun 30 ’26
Three BlackRock funds mark Clarify at $2.61
About 71% below the $8.95 mark carried after the 2022 Series D; share counts are unchanged.
Today
Still private β€” the funds keep marking
BlackRock Capital Allocation Term Trust marks it at $2.61/share Β· -64% from its peak mark Β· as of Jun 2026
SEC NPORT-P

πŸ’¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β†—; dated facts carry their source.

How it happened

Clarify Health, founded in San Francisco in 2015 by physician Jean Drouin with Todd Gottula, sells referral, quality and network-performance analytics to health systems. Insight Partners led a $115M Series C in March 2021.

SoftBank Vision Fund 2 then led a $150M Series D on April 5, 2022, which Bloomberg, citing people familiar with the matter, said valued the company at $1.4B. Drouin handed the CEO role to Terry Boch in December 2023, and Gottula now leads the company.

SEC filings show three BlackRock funds valued their Clarify shares at $8.95 each after the Series D and at $2.61 by June 30, 2026, about 71% lower. In June 2026 Clarify bought patient-activation company Loyal Health on undisclosed terms.

Mutual-fund markdowns

5 funds Β· SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak
-64%
BlackRock Capital Allocation Term Trust
$7.32 β†’ $2.61
as of Jun 2026
FundClass$/shFrom peakAs of
BlackRock Capital Allocation Term Trust$2.61-64%Jun 2026
BlackRock ESG Capital Allocation Term Trust$2.61-64%Jun 2026
BlackRock Capital Allocation Trust$6.59-26%Mar 2023
BlackRock ESG Capital Allocation Trust$6.59-26%Mar 2023
BlackRock Strategic Income Opportunities Portfolio$2.61-9%Jun 2026

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.

Source: Global Venturing (Apr 7, 2022), citing Bloomberg (Apr 5, 2022): $150M Series D led by SoftBank Vision Fund 2 with BlackRock-managed funds, Memorial Hermann, Insight Partners, Spark Capital and KKR; $1.4B valuation per people familiar with the matter (the company did not state one). Insight Partners (Mar 16, 2021): $115M Series C. SEC NPORT-P: BlackRock Capital Allocation Term Trust (345,315 shares, count unchanged), BlackRock ESG Capital Allocation Term Trust (318,926 shares) and BlackRock Strategic Income Opportunities (1,542,267 shares) all marked Clarify at $8.95 a share on June 30, 2022, the first mark after the Series D; Capital Allocation Term Trust path 7.95 (Sep 2022), 7.24 (Dec 2023), 5.64 (Jun 2024), 7.15 (Mar 2025), 3.01 (Sep 2025), 2.39 (Mar 2026); all three at $2.61 on June 30, 2026, 71% below the June 2022 mark (drop keyed to it; implies about $0.41B; the three funds share one adviser). HIT Consultant (Dec 7, 2023): founder Jean Drouin steps down as CEO, Terry Boch named. Pulse 2.0 (June 2026): Loyal Health acquisition, financial terms not disclosed, no financing announced.

Founders

  • Jean Drouin
    founder & CEO (2015–Dec 2023, led at peak)
    Still there β€” Board MemberLinkedIn β†—
  • Todd Gottula
    co-founder, president, now CEO
    Still there β€” Chief Executive OfficerLinkedIn β†—

Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.

Disclosed investors (15)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round Β· Crunchbase β†— Β· 2026-10-22 Β· Methodology Β· Leaderboard

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