Philadelphia-based Datavault AI is seeking a 19.9% ownership stake in Tampa-based DataMEDS AI in exchange for expanding a technology licensing agreement that would give the health care company access to additional artificial intelligence capabilities.
The two publicly traded companies announced a nonbinding letter of intent Thursday, Oct. 22, that would also give Datavault AI the opportunity to collect royalties from the commercialization of its licensed technology and appoint a director to DataMEDS’ board. Datavault AI would retain ownership of its intellectual property while DataMEDS covers the costs of bringing the technology to market, with no cash investment by Datavault AI disclosed as part of the proposed exchange.
Neither company disclosed a dollar value for the proposed transaction, which would give Datavault AI nearly one-fifth of DataMEDS on a fully diluted basis. The companies have also yet to finalize the royalty terms or identify precisely which patents would be covered under the expanded license.
The proposed agreement builds on an existing relationship through which DataMEDS already licenses Datavault AI technology for its PharmacyChain and EinsteinRx platforms. The expansion would add capabilities designed to let patients control access to their medical information while supporting the management, valuation and monetization of health data collected through pharmacies, laboratories, wearable devices and other health care services.
Previously known as Wellgistics Health, Nasdaq-listed DataMEDS operates pharmacy, pharmaceutical distribution and health care technology businesses, including its Corexa Health subsidiary, which provides pharmacy dispensing services. The Tampa company also owns Pittsburgh-based Helomics Corporation, a clinical diagnostics laboratory that develops testing designed to help oncologists make chemotherapy treatment decisions.
Datavault AI Chief Executive Nathaniel Bradley said substantial due diligence and document preparation under an earlier letter of intent have already been completed, making a fourth-quarter 2026 closing realistic. The proposed transaction would also involve arrangements with other companies as DataMEDS works to expand its health care technology offerings.
Despite that timeline, the companies have not signed definitive agreements and remain free to walk away from the proposed transaction, which is subject to further negotiations and customary closing conditions. The final ownership terms, royalty arrangements and patents covered by the expanded license remain unresolved.