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PHOENIX, AZ – May 28, 2015 — /BackupReview.info/ — ClearDATA announced today the close of an over-subscribed $25 million Series C funding round with contributions from Heritage Group, HLM Venture Partners and Flare Capital Partners, along with existing investors Norwest Venture Partners, Merck Global Health Innovation Fund and Excel Venture Management. The investment will be used to maximize the cloud company’s growth in the market for health information technology cloud computing, supporting its fourth consecutive year of 100+% YOY subscription revenue growth.
“Security breaches, HIPAA and compliance regulations, and data itself are amassing at levels that quickly outgrow the average existing health IT infrastructure,” said Darin Brannan, CEO, ClearDATA. “Healthcare organizations recognize the need for a purpose-built healthcare exclusive provider to properly address these issues—and so do investors. We are excited to continue our momentum in the healthcare cloud market, which this new funding further accelerates.”
Capitalizing on healthcare’s changing landscape
ClearDATA’s own upward trajectory mirrors the health IT cloud’s rapid market dominance. As an example, over the past year, ClearDATA was named North American Healthcare Cloud Leader for 2014 by Frost & Sullivan, acquired several marquee customers, achieved Common Security Framework Certified status from the Health Information Trust Alliance (HITRUST), and opened new offices in San Francisco and San Antonio. The company is also introducing major new products to address multi-cloud workloads such as its Healthcare Managed Services on Amazon Web Services, providing enhanced healthcare specialization, security and compliance, and manageability.
Solving key market problems
Partnering with influential investors
This latest round of financing was led by the healthcare technology industry’s leading venture capital firms—Heritage Group, HLM Venture Partners and Flare Capital Partners—all of whom have deep ties with the country’s largest and most influential network of healthcare providers, payers and other healthcare entities.
There are now over 30 major healthcare brands indirectly supporting ClearDATA via these new strategic healthcare venture capital firms, examples include: Intermountain Healthcare, Cardinal Health, Memorial Hermann, LifePoint Health, Health Care Service Corporation (HCSC), UnityPoint Health, Trinity Health (Livonia, MI), Tenet Health, Community Health Systems, and more.
HLM partner Marty Felsenthal, who will be joining the ClearDATA board, said, “Our strategic investors have a high degree of interest in ClearDATA. They recognize the benefits of cost reduction and enhanced security that a dedicated healthcare cloud solutions vendor can provide, particularly as more and more data in healthcare is created and analyzed so healthcare organizations can position themselves for success in a value-based reimbursement environment.”
About Heritage Group
About HLM Venture Partners
About Flare Capital Partners
About Merck Global Health Innovation Fund, LLC
About Excel Venture Management
About Norwest Venture Partners
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