ClearDATA, a managed cloud provider with a platform designed for today’s healthcare security needs, has raised $12 million in funding to support further expansion of ClearDATA’s healthcare-exclusive, HIPAA-compliant cloud.
Total funding of ClearDATA to date reaches nearly $55 million. Investors include Merck Global Health Innovation Fund, Norwest Venture Partners, Excel Venture Management, Heritage Group, HLM Venture Partners, and Flare Capital Partners. Each of these investors previously participated in ClearDATA’s prior $25 million financing.
“ClearDATA has achieved considerable revenue and customer growth year-over-year, in parallel with – and influencing – the healthcare industry’s mainstream adoption of the cloud,” said Robert Abbott, Norwest Venture Partners. “As such, the company’s investors are pleased to preemptively add growth capital to accelerate widespread public cloud adoption in the healthcare arena.”
In 2016, ClearDATA ranked 26th on Entrepreneur magazine’s Entrepreneur 360 List, an annual ranking of the best private companies in America, and was ranked the highest in the local Austin, Texas market where it is headquartered.
“The healthcare digital revolution is in full swing,” said Darin Brannan, CEO of ClearDATA. “But mission-driven healthcare organizations want to stay focused on caring for patients, building great software, or serving their members, not on being IT security or cloud compliance experts. Combining the technology aspect of the cloud with the healthcare aspects of compliance, comprehensive security, and regulatory support has resulted in continued market traction with 98% year-over-year growth in our core subscription services. This is testament to our success in helping healthcare leverage the public cloud for agility, scale, and cost while enhancing security and compliance.”
ClearDATA was also selected to participate in the Amazon Web Services (AWS Cloud) Public Sector Partner Network, a credential reserved for companies that provide superior customer service and expertise in building and migrating customer solutions on AW Cloud. Additionally, ClearDATA was one of the first to achieve AWS Healthcare Competency, a distinction that requires companies to pass a stringent healthcare competency audit.
Bill Geary, co-founder and partner at Flare Capital Partners, noted ClearDATA’s penetration into multiple healthcare markets addressing a broad set of needs.
“ClearDATA‘s solution offerings are getting impressive customer traction with leading payers, providers and life sciences organizations who no longer seek to just host their data in the cloud, although that remains key,” said Mr. Geary. “Now organizations are seeing they can use the cloud to aggregate massive data sets for quality predictive analytics, to collaboratively conduct clinical research and to scale virtual care, patient engagement and more.”