ClearDATA Raises $7M in Funding to Expand Operations
Phoenix, AZ, August 6, 2013 − ClearDATA Networks, Inc., the leading healthcare cloud computing platform and service provider, today announced it secured $7M in Series B funding from Norwest Venture Partners (NVP) and Excel Venture Management. The capital will be used to expand sales and operations to meet market demand and growth opportunities in the healthcare cloud computing market. ClearDATA focuses exclusively on the healthcare market, and currently services over 300,000 healthcare professionals with its HIPAA compliant HealthDATA™ Cloud, supporting numerous healthcare software, technology, small to large provider and hospital organizations, and VAR distribution partners.
ClearDATA’s HIPAA compliant healthcare cloud computing platform is designed to reduce capital expenses, support, and maintenance costs for healthcare organizations while also improving productivity, business agility, and regulatory compliance. Its HealthDATA™ suite of cloud services include: HIPAA compliant cloud, offsite backup and disaster recovery, virtual desktop infrastructure, medical image storage/VNA, and HIPAA and cloud security services.
ClearDATA is serving the $35 billion Healthcare IT Market, which is growing at an estimated 20% annually. This industry includes thousands of healthcare providers that must migrate to electronic records and maintain vast amounts of data, which currently exist mostly 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 IT cost savings, significantly increased reliability, greater security for PHI, and improved efficiency.
“ClearDATA is an outstanding company with the potential to make a major impact on the nation’s healthcare industry by helping organizations reduce IT costs, improve infrastructure reliability, enhance productivity, and increase security and compliance,” said Enrico Petrillo, M.D., Managing Director at Excel Venture Management. “Excel is pleased to have led this round of financing to enable ClearDATA’s continued market expansion and operational growth.”
“ClearDATA has demonstrated a strong and successful track record of developing and implementing HIPAA compliant cloud computing solutions that uniquely meet the technical, regulatory, and budgetary requirements of small, medium, and large healthcare organizations,” said Robert Abbott, general partner, Norwest Venture Partners. “The company has quickly emerged as the recognized leader in the fast-growing healthcare cloud computing marketplace through its impressive customer list and strategic partnerships with leading healthcare ISVs, VARs, and organizations.”
“ClearDATA is fortunate and excited to have partnered with Norwest Venture Partners and Excel Venture Management for this investment round,” said Darin Brannan, CEO of ClearDATA Networks, Inc. “Both companies provide exceptional value with their vast experience and industry connections, which will help us maximize our growth potential and market penetration.”
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.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit www.nvp.com Follow NVP on Twitter @NorwestVP.
About Excel Venture Management
Excel Venture Management builds companies that apply transformative technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and agriculture. More information can be found at http://www.excelvm.com.