ClearDATA, an Austin, Texas-based security and compliance company in the healthcare cloud, announced it has raised $26 million to expand product its product innovation, continue growth trajectory, and enhance customer success.
Health insurance company Humana participated in this round as a new investor along with Health Care Service Corporation (HCSC) — which is known for offering Blue Cross and Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma, and Texas.
What is ClearDATA known for? The company has a mission to make healthcare better through its cloud computing platform and services. Through the platform, ClearDATA enables healthcare organizations to use public cloud environments in order to deliver faster and more reliable IT along with protecting healthcare data by ensuring compliant and secure environments.
Humana Chief Information Officer Brian LeClaire said that the health insurance company leverages contemporary technology and infrastructure in order to advance its integrated care delivery models and the company is using computing analytic power and scalability of the public cloud to accelerate its ability to deliver better outcomes to members and providers, which is why they are an investor and customer of ClearDATA.
And HCSC’s Executive Director of Corporate Development & Venture Investments Sahil Choudhry said that ClearDATA provides automated safeguards for protecting patient information and provides a “compelling economic value that may help dramatically lower the cost of operations.”
“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,” added ClearDATA CEO Darin Brannan. “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.”
Existing investors Norwest Venture Partners, Merck GHIF, Excel Venture Management, Heritage Group, HLM Venture Partner, and Flare Capital Partners also returned for this round. And ClearDATA has seen 100% year-over-year growth for its core subscription services since it received initial funding in early 2012.