Austin’s ClearDATA Lands $26 Million in Latest Funding Round

Originally published November 26, 2018 by Nicole Cobler at statesman.com

Austin-based technology company ClearData has raised $26 million to help the company continue to modernize health care through its cloud computing platform.

ClearData, which moved its headquarters from Tempe, Arizona to Austin in 2016, provides cloud computing services to health care companies, helping them store and protect patient data and other applications.

Humana and Health Care Service Corporation joined the latest funding round as new strategic investors, according to a ClearData news release last week.

Returning investors include Norwest Venture Partners, Merck GHIF, Excel Venture Management, Heritage Group, HLM Venture Partner and Flare Capital Partners.

Since its initial funding in 2012, ClearData has experienced roughly 100 percent year-over-year growth, according to the company.

ClearData CEO Darin Brannan said investor support would help the company serve more customers.

“ClearData is working successfully to address the rapid IT evolution in healthcare,” Brannan said in a written statement. “We’re incredibly pleased to partner with seasoned investors and industry leaders who share our vision for transforming the complex process of innovating in healthcare to improve patient outcomes like never before.”

Following the funding round, the company said that it plans to invest in expanding its services, supporting larger enterprise customers and increasing its sales and marketing resources.

Humana Chief Information Officer Brian LeClaire said the Kentucky-based health insurer works with ClearData because Humana is increasingly using the cloud to assist members and providers.

“That is why we chose to be both a customer of, and investor in, ClearData,” LeClaire said in a written statement. “The company’s singular focus on health care, leading technology, seasoned team and commitment to security paired with innovation make them a clear leader in this emerging and vital space. We are excited about our partnership and the company’s prospects.”

More than 310,000 healthcare professionals use the ClearData cloud, which is complaint with HIPAA privacy regulations. The company says its software protects sensitive health care data using compliance and security safeguards, which are backed by managed cloud services.

In February 2016, ClearData announced it would move its headquarters to Austin and bring a total of 100 jobs to the area, 80 of which would be new jobs. It did not receive any economic incentives to move to Austin.