ClearDATA Secures Funding from Norwest Venture Partners for Healthcare Cloud Computing
Capital to Meet Growing Customer Demand and Increase Market Penetration in Cloud Hosting and Information Security Services
Phoenix, AZ, March 28, 2012 -ClearDATA Networks, Inc., the leading healthcare cloud computing platform and service provider, today announced it has secured funding from Norwest Venture Partners (NVP) and several industry angel investors. The company has demonstrated strong revenue growth through its existing customer base which ranges from single provider practices to small and large hospitals throughout the U.S.. Over the past three years, ClearDATA has entered into several strategic partnerships and currently provides cloud hosting and information security services to over 10,000 healthcare practitioners. The funding will be used to grow the company's products and presence in order to meet the increasing demand for its secure, HIPAA-compliant cloud computing services in the healthcare industry.
ClearDATA is serving the $35 billion Healthcare IT Market, which is growing at an estimated 20% annually. This industry includes thousands of healthcare providers who must migrate to electronic records and maintain vast amounts of data, which currently exist on paper charts, film or tape. These healthcare providers need storage and processing solutions that can be securely accessed and analyzed anywhere, and at any time. ClearDATA's solutions meet this need by providing its customers with measurable cost savings as well as increased efficiency and security that is auditable.
"We have great confidence in the ClearDATA team's ability to cement its leadership position in the healthcare cloud computing market segment," said Robert Abbott, general partner, Norwest Venture Partners. "The healthcare industry is experiencing tremendous growth as the transition from paper based records and labor intensive processes to electronic based records and automated solutions. Providers have an increasing interest in cloud computing, but strong concerns about information security and patient privacy. ClearDATA has successfully developed and implemented the industry's most secure and cost effective HIPAA-compliant cloud computing platform. Healthcare software companies, VARs, hospitals, clinics and physician practices have already experienced a tangible return on their investment with ClearDATA, and we're confident this trend will continue."
ClearDATA CEO Darin Brannan is a veteran serial entrepreneur with more than 20 years of combined venture capital, entrepreneurial and public company executive experience. He was the founder of two successful NVP portfolio companies, Verio, Inc. and Website Pros (Web.com), both of which achieved successful IPOs and market leadership in their respective cloud/hosting segments. This represents the third time NVP has backed Brannan.
"Norwest Venture Partners is the perfect partner for ClearDATA and we are extremely excited to have NVP as an investor," said Darin Brannan, CEO of ClearDATA Networks, Inc. "Our company is experiencing explosive growth with new and prominent customers throughout the entire spectrum of small, medium and large healthcare organizations and providers. This funding will enable us to fully leverage our portfolio of service offerings to maximize our market position and revenue potential."
ClearDATA has a strong partnership and success with HP in providing healthcare-as-a-service and private cloud IT infrastructure utilizing technology from across the HP enterprise portfolio, including servers, storage, networking, software and services. ClearDATA also recently joined the HP CloudAgile Service Provider Program.
"ClearDATA's healthcare cloud computing platform and information security services provide an exceptional hosting solution to organizations seeking to securely store and manage their patient information and medical images," said David DeAngelis, Health and Life Sciences CTO, HP. "Together, HP and ClearDATA are helping healthcare providers realize the numerous benefits of the cloud with our converged medical infrastructure, while also maintaining the highest standards for data security and regulatory compliance."
ClearDATA customers include numerous industry leading ISVs to provide cloud-enabled, HIPAA-compliant versions of their respective software solutions. "Medicity selected ClearDATA as its western US iNexx and Grid hosting provider because we wanted the best possible cloud computing platform for our customers in terms of security, performance, and reliability," said Scott Holbrook, executive vice president for Medicity, the industry's largest provider of HIE technology. "After utilizing ClearDATA for nearly nine months, they have surpassed our highest expectations for technical expertise and professionalism, and set new standards for information security and patient privacy."
Several industry angel investors also invested in ClearDATA Networks in this round of financing. This group of healthcare luminaries includes: Jeff Margolis, Angel and Founding CEO and Chairman Emeritus of The TriZetto Group; Evan Hackel, Angel and Board/investor at MD Tech Pro and others.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception. For more information visit: www.nvp.com.
About ClearDATA Networks
ClearDATA is the market leader for cloud computing and information security services for healthcare providers, software vendors and VARs. ClearDATA's services enable providers to fully automate and securely manage healthcare medical records, applications, IT infrastructure and digital storage. The company provides HITECH HIPAA-compliant cloud and hosting infrastructure and managed services, offsite backup and disaster recovery, medical image archiving, information security and world-class support. The company offers HIPAA Security Risk and Remediation services through its U.S. Healthcare Compliance division to the healthcare industry in order to ensure that they meet the rigorous standards of security required for protected health information to demonstrate Meaningful Use. For more information, call 602-635-4020, email: firstname.lastname@example.org.
ClearDATA Networks, Inc
EVP Sales and Marketing
Ph: (602) 635-4006