28 Mar 2012 Phoenix - ClearDATA Networks Inc., a health care Cloud computing platform and service provider, 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 health care 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 health care industry.
ClearDATA is serving the $35 billion health care 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 health care 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 health care Cloud computing market segment", stated Robert Abbott, general partner, Norwest Venture Partners. "The health care industry is experiencing tremendous growth as the transition from paper based records and labour 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. Health care 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 Darin Brannan.
"Norwest Venture Partners is the perfect partner for ClearDATA and we are extremely excited to have NVP as an investor", stated 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 health care organisations 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 health care-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 Programme.
"ClearDATA's health care Cloud computing platform and information security services provide an exceptional hosting solution to organisations seeking to securely store and manage their patient information and medical images", stated David DeAngelis, Health and Life Sciences CTO, HP. "Together, HP and ClearDATA are helping health care 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", stated 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 health care 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.