ClearDATA

ClearDATA announced the close of an over-subscribed $25 million Series C funding round with contributions from Heritage Group, HLM Venture Partners and Flare Capital Partners. The company also received contributions from 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+ percent year-over-year subscription revenue growth.

Hospitals and healthcare systems in need of a cost-effective, HIPAA-compliant solution for long-term archiving of healthcare data now have an alternative to on-site redundant archiving. ClearDATA Networks Inc. announced its new cloud-based Archive as a Service solution. It is the first offering of its kind created specifically to meet requirements of the Health Insurance Portability and Accountability Act (HIPAA) for archiving of healthcare data that does not need to be accessed immediately or regularly.