ClearDATA Secures $26 Million Series E Funding to Expand Healthcare Cloud Platform

VCBeat (WeChat ID: vcbeat) has learned that on November 20, 2018 (U.S. local time), ClearDATA, a cloud healthcare computing platform based in Texas, southern United States, announced the completion of a $26 million Series E financing round. The round was co-led by two new investors, Humana and Health Care Service Corporation, with participation from existing investors Norwest Venture Partners, Merck Global Health Innovation Fund, Heritage Group, and HLM Venture Partners. With this latest round, the company has raised approximately $80 million across six funding rounds. Its post-Series E valuation has not been disclosed.

The newly injected capital will help ClearDATA continue to scale its business and expand its service offerings, improve customer success rates, and bolster its sales team and marketing resources, thereby sustaining its high-growth trajectory.

ClearDATA, founded in 2011, is dedicated to providing secure and reliable cloud computing services for the healthcare sector. Its proprietary DecOps automation technology enables healthcare providers to manage medical data in compliance with HIPAA requirements. Since completing its initial funding round in 2012, ClearDATA’s core subscription service—its primary revenue source—has achieved 100% year-over-year growth.

Image source: ClearDATA official website

The persistent challenges surrounding patient information and medical data security have long been a major hurdle in the healthcare sector. In recent years, this market has attracted increasing attention and favor from investors, giving rise to numerous specialized data security solution providers, including ClearDATA’s main competitors such as Nasuni, Coretelligent, and SoftNAS. Among them, Massachusetts-headquartered Nasuni has raised over $122 million across nine funding rounds from its backers.

“Humana’s Chief Information Officer Brian LeClaire, one of the lead investors in this funding round, stated, ‘We are leveraging contemporary technologies and infrastructure to advance our integrated healthcare delivery model. In this process, we are increasingly utilizing the computing power, analytics capabilities, and scalability of public cloud solutions to accelerate the delivery of better outcomes and experiences for our members and providers. This is also one of the primary reasons why we chose to become a ClearDATA customer and investor.’”

This year, ClearDATA also added new partners, including Google Cloud Platform and Microsoft Azure, to its Amazon Web Services ecosystem to enhance its business model.

ClearDATA, founded in 2011 and headquartered in Texas, USA, is a post-startup medical cloud computing service provider. Its proprietary DecOps automation technology enables healthcare providers to manage medical data in compliance with HIPAA requirements.

Humana (NYSE: HUM), founded in 1964 and headquartered in Kentucky, USA, is a well-established healthcare company that was listed on the NASDAQ Stock Exchange in 1993. The company’s services cover families, the elderly, military personnel, and self-employed individuals. To date, Humana has acquired 16 companies, most recently purchasing Kindred Healthcare for $410 million.