ClearDATA raises $12m for cloud-based healthcare services
Texas-based healthtech company ClearDATA has secured $12m in funding from existing investors, including Merck Global Health Innovation Fund, Flare Capital Partners, Norwest Venture Partners and Heritage Group. ClearDATA offers a managed cloud platform exclusively for hospitals, health insurers, pharma and life sciences companies, helping them remain compliant with the Health Insurance Portability and Accountability Act. Combining the cloud with healthcare compliance and regulatory support has given the company greater market traction and resulted in a 98% YoY growth in its core subscription services, according to CEO Darin Brannan.
Austin, Texas-based ClearDATA, a cloud services provider that exclusively serves the healthcare and life sciences market, has raised $12 million from a stable of existing investors including Merck Global Health Innovation Fund, Norwest Venture Partners, Excel Venture Management, Heritage Group, HLM Venture Partners, and Flare Capital Partners. This round brings ClearDATA's total funding to $55 million.

"The healthcare digital revolution is in full swing," Darin Brannan, CEO of ClearDATA, said in a statement. "But mission-driven healthcare organizations want to stay focused on caring for patients, building great software, or serving their members, not on being IT security or cloud compliance experts. Combining the technology aspect of the cloud with the healthcare aspects of compliance, comprehensive security, and regulatory support has resulted in continued market traction with 98 percent year-over-year growth in our core subscription services. This is testament to our success in helping healthcare leverage the public cloud for agility, scale, and cost while enhancing security and compliance."

ClearDATA offers a managed cloud platform specifically to healthcare stakeholders including hospitals, health insurers, and pharma and life sciences companies. By focusing exclusively on healthcare, ClearDATA is able to ensure reliability and data security that healthcare organizations need to stay compliant with HIPAA.

In February, ClearDATA launched its Containers-as-a-Service offering that helps support app developers in a healthcare environment.

"Containers offer developers and IT administrators the ability to focus on writing code and accelerating their healthcare business—not maintaining a secure, perfectly consistent infrastructure across environments,” Brannan said at the time.

Bill Geary, a cofounder and partner at Flare Capital, said in a statement that ClearDATA's appeal is growing as healthcare stakeholders become more technologically ambitious.

"ClearDATA's solution offerings are getting impressive customer traction with leading payers, providers and life sciences organizations who no longer seek to just host their data in the cloud, although that remains key," he said. "Now organizations are seeing they can use the cloud to aggregate massive data sets for quality predictive analytics, to collaboratively conduct clinical research and to scale virtual care, patient engagement and more."

