ClearDATA Networks, Inc. has received a $14 million funding infusion that is set to help the company expand its position and offerings in the healthcare cloud computing space. The company, which is a service provider that also offers a cloud computing platform tailored to the healthcare market, will use the Series B funding to maximize growth and opportunities in the Health Information Technology (HIT) cloud computing arena.
As a service provider working exclusively in the healthcare industry, ClearDATA already has a solid position serving more than 300,000 healthcare professionals. The company’s cloud computing platform, which is HIPAA compliant, secures tens of millions of healthcare records for organizations ranging from hospitals to healthcare software and service vendors.
The HIT market is booming, with MarketsandMarkets estimating global healthcare IT revenues will grow from $99.6 billion in 2010 to $162.2 billion by 2015. Government support and stimulus packages have played a strong role in market growth, as well as implementation of nationwide health records in the U.S., Europe and China. And healthcare providers and hospitals are rapidly discovering the benefits of streamlining procedures like billing, medical imaging and diagnostic information.
"The IT demands on healthcare organizations are greater than ever -- and they will continue to grow as big data and analytics take hold in the industry," said Darin Brannan, CEO of ClearDATA. "Our investors recognize the escalating need for hosting and services in the cloud that can help these organizations reduce IT costs while improving productivity, reliability, security, regulatory compliance, business continuity and agility."
"ClearDATA has the potential to be an important data steward for protected health information in the health care industry," added Joe Volpe, investment principal for Merck Global Health Innovation Group, which participated in the funding round. "As the need to analyze vast amounts of data increases, big data presents opportunities to improve patient health."
ClearDATA offers the HealthDATA suite of cloud computing solutions, which is designed to let customers automate, protect and securely manage healthcare medical records, IT infrastructure, applications and digital storage. The company also acts as a service provider, providing cloud hosting of infrastructure along with managed services, offsite backup and disaster recovery. ClearDATA also offers medical image backup and VNA, healthcare platform as a service (PaaS) and healthcare information security.
Edited by
Cassandra Tucker
