davon
about it
Refers to a previously mentioned thing or situation and means 'about it', 'of/from this thing'.
Er plant eine Weltreise. Ich habe erst gestern davon erfahren.
He's planning a trip around the world. I only found out about it yesterday.

about it / away
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about it
Refers to a previously mentioned thing or situation and means 'about it', 'of/from this thing'.
Er plant eine Weltreise. Ich habe erst gestern davon erfahren.
He's planning a trip around the world. I only found out about it yesterday.

'Davon' is a pronominal adverb and a compound of 'da' and 'von'. It replaces the combination 'von + das/dem/der' and refers to a previously mentioned thing or situation.
Das ist ein interessantes Thema. Davon möchte ich mehr wissen.
That's an interesting topic. I'd like to know more about it.
The meaning of 'davon' depends on the verb. With verbs of movement (e.g., laufen, eilen, fliegen), it means 'weg' (away). With verbs of speaking, thinking, or knowing (e.g., erzählen, träumen, wissen), it means 'darüber' (about it) or 'von dieser Sache' (of/from this thing).
Als das Gewitter begann, liefen die Kinder schnell davon.
When the thunderstorm began, the children quickly ran away.
In the meaning 'weg' (away), 'davon' often behaves like a separable prefix. In a main clause, it stands at the end, while the conjugated verb remains in position 2.
Der Vogel saß auf dem Dach und flog dann davon.
The bird was sitting on the roof and then flew away.
'Davon' is often used to refer to part of a previously mentioned quantity. It often comes after words like 'einige' (some), 'nichts' (nothing), 'die Hälfte' (half), or after numbers.
Ich habe viele Äpfel gekauft. Möchtest du ein paar davon haben?
I bought a lot of apples. Would you like to have a few of them?
so that / with it
'damit' and 'davon' are both words with 'da-' and refer to something mentioned earlier. However, they are not interchangeable. 'damit' means 'with this thing' and fits when something is used as a means or tool. 'davon' means 'from this thing', 'about it', or 'part of it'. It can also express a consequence. Learners easily confuse them because of their similar form. The important point is the matching preposition: 'mit etwas' becomes 'damit', and 'von etwas' becomes 'davon'.

Der Verkäufer zeigt fünf Modelle, aber davon gefällt mir nur eins.
The salesperson shows five models, but I only like one of them.
Die Ärztin gibt mir ein Formular, und damit kann ich den Termin bestätigen.
The doctor gives me a form, and I can use it to confirm the appointment.