ClearDATA Networks Inc , the leading healthcare cloud computing platform and service provider today announced it secured M 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 % 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 http://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
About ClearDATA
ClearDATA Networks Inc is the market leader for healthcare cloud computing and information security services for healthcare providers software vendors and VARs and % dedicated to the healthcare field ClearDATA’s HealthDATA Suite of Cloud Computing Solutions enable providers to fully automate protect and securely manage healthcare medical records applications IT infrastructure and digital storage The company provides HITECH HIPAA-compliant cloud hosting of infrastructure with managed services offsite backup and disaster recovery medical image backup and VNA healthcare information security and world-class support For more information call , email sales(at)cleardata(dot)net or visit http://www cleardata net
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