News | June 10, 2015

Funding will be used to maximize growth of healthcare cloud provider

ClearDATA, Series C Financing, $25 million, cloud, investors

June 10, 2015 - 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.

A number of factors are fueling investor interest, including industry analyst forecasts that the U.S. cloud computing market will grow at a healthy rate of 20-30 percent each year for the next five years. In a report published October 2014, Frost & Sullivan estimated the total U.S. healthcare cloud market revenue at $900 million. ClearDATA projects IT cloud penetration in the U.S. healthcare industry will grow to 50 percent in the next four to five years, representing approximately $6.5 billion of a $13 billion market for multi-cloud computing and managed services.

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.

Healthcare IT infrastructure is aged, fragmented, and not built to house and manage large-scale data sets - and internal IT staff are stretched too thin to keep at bay the constant onslaught of data breaches. ClearDATA solves this problem by modernizing and managing infrastructure with its HealthDATA Cloud and software-as-a-service (SaaS) HIT Cloud Management platform. In the process, the company secures and protects patient health information in a HIPAA-compliant environment for data interoperability, aggregation and access. ClearDATA's ongoing development of its SaaS HIT Cloud Management Platform aims to simplify the management of complex IT infrastructures by providing a single interface to manage and monitor resources in real-time across multiple platforms. This enables healthcare organizations to benefit from greater transparency, enhanced application and network security, and compliance.

For more information: www.cleardata.com


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