ClearDATA Raises $26 Million in Funding to Modernize and Protect Healthcare IT in the Cloud; Humana and Health Care Service Corporation Join as New Strategic Investors
ClearDATA®, a leading security and compliance expert in the healthcare cloud, completed a financing round of $26 million to expand product innovation, enhance customer success and continue its high growth trajectory. Two new strategic investors participated in the financing round, including Humana Inc. (NYSE: HUM), a leading health and well-being company, and Health Care Service Corporation (HCSC), which operates Blue Cross and Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma and Texas.
Returning investors include Norwest Venture Partners, Merck GHIF, Excel Venture Management, Heritage Group, HLM Venture Partner and Flare Capital Partners.
Since the initial funding in early 2012, ClearDATA has experienced approximately 100 percent year-over-year growth in its core subscription services (a majority of its revenue). ClearDATA’s mission is to make healthcare better, every single day, by creating the world’s most innovative company designed to modernize and protect healthcare. The company modernizes healthcare with its cloud computing platform and services, enabling healthcare organizations to use the powerful public cloud environments to deliver fast, agile, and reliable IT as well as protects healthcare data by ensuring ultra-secure and compliant IT environments.
With this new round of funding, the company plans to help more healthcare organizations safely move to public clouds and accelerate the adoption of advanced technologies throughout healthcare, creating better patient outcomes for all. To achieve this ClearDATA will specifically invest in:
Continuing to scale and expand its services to meet market demand.
Expanding its customer success capabilities to better support larger enterprise customers that are accelerating their adoption to the healthcare cloud.
Continuing to expand sales and marketing resources to meet market demand.
For healthcare organizations to successfully scale services and personalize care, they are reliant on better data sharing and interoperability. ClearDATA enables these capabilities in a secure and compliant environment across the three main public clouds. Additionally, ClearDATA supports the myriad of opportunities to transform and innovate in the cloud from machine learning and artificial intelligence to addressing social determinants of health.
"ClearDATA is working successfully to address the rapid IT evolution in healthcare. 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," said Darin Brannan, ClearDATA’s Chief Executive Officer. “Maintaining our growth and thought leadership to serve more customers requires continuous investments in systems, tools, processes, and talent to better support our next phase of growth, and ultimately help our customers innovate and evolve faster. Strategic investors have a vested interest in helping us maintain this thought leadership position, and we are incredibly grateful for their support.”
“At Humana, we are leveraging contemporary technology and infrastructure to advance our integrated care delivery model. Increasingly, we are using the computing and analytic power and scalability of the public cloud to accelerate our ability to deliver better outcomes and experiences to our members and providers,” said Brian LeClaire, Chief Information Officer, Humana. “That is why we chose to be both a customer of, and investor in, ClearDATA. 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.”
“Investments by HCSC Ventures support growth in transformational companies that share our goals of improving quality of care, lowering medical and administrative costs, and reducing complexity in the healthcare industry,” said Sahil Choudhry, Executive Director, Corporate Development & Venture Investments at HCSC. “There is a pressing need for new, innovative solutions to advance privacy, security and compliance in the healthcare industry, particularly as more and more data are created and analyzed. ClearDATA provides automated safeguards that protect patient information and also provides a compelling economic value that may help dramatically lower the cost of operations.”
ClearDATA has consistently pushed the boundaries of traditional healthcare innovation, while rapidly growing its customer base and global offerings. This year, the company enhanced its business model to incorporate multi-cloud solutions by adding new partnerships to their Amazon Web Services offering, including Google Cloud Platform and Microsoft Azure. The expansion addresses healthcare organizations’ growing need to leverage varying cloud-based technologies for their unique business needs.
To learn more about how ClearDATA is making healthcare better every single day, visit https://www.cleardata.com.
Healthcare professionals across the globe trust the ClearDATA HITRUST-certified cloud to safeguard their sensitive data and power their critical applications available across the major public cloud platforms. For healthcare organizations, customers receive one of the most comprehensive Business Associate Agreements (BAA) in the industry, combined with market-leading healthcare-exclusive security and compliance solutions, and multi-cloud expertise. ClearDATA’s innovative solutions protect customers from data privacy risks, improve their data management, and scale their healthcare IT infrastructure, enabling the industry to focus on making healthcare better by improving healthcare delivery, every single day.