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AZ Tech Beat | September 17, 2019

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ClearDATA Secures $7M in Series B Funding

ClearDATA Secures $7M in Series B Funding
Tishin Donkersley

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ClearDATA Networks, a Tempe-based company and the leading healthcare cloud computing platform and information security services for healthcare providers, software vendors and VARs, secured $7M in Series B Funding from Norwest Venture Partners (NVP) and Excel Venture Management.

The funding will be used to expand market base, sales and operations and help heath care providers share information seamlessly across all platforms regardless of location. With the $35M billion Healthcare IT market up for grabs, the industry is shifting towards electronic records and it is great timing for ClearDATA to take the reins, scale, and help healthcare providers move into the 21st Century.

CEO Darin Brannan shared with AZ Tech Beat his thoughts about what this raise means for ClearDATA and Arizona’s tech ecosystem, “I believe this raise is a significant event for the Arizona tech market, by adding another high-growth venture-backed tech company to the Arizona businesses arena I think we help elevate the visibility of the tech community in AZ. We are one of only a very small handful of companies with this moniker – ‘high growth venture backed’ – in AZ. It suggests we were selected among, likely over, 1,000 tech companies to be the winning company that can achieve a billion dollar market value in the next 4-6 years by attaining the market leader position.”

With this raise, Brannan looks to create jobs for Arizona, “The market opportunity we are chasing and the catalyst drivers for our business model are indicative of a huge potential to build the market leading company in a short period of time. This opportunity is similar to the massive market shifts in other industries that led to successful IPO companies that I have founded in the past. If we continue to achieve our objectives, this means employment for several hundred employees and possibly into the thousands based on how quickly we can scale. This investment will be used to both expand operations and sales and marketing,” he continued.

Their product HealthDATA™ is a suite of cloud services that can cater to small-to-institutional healthcare facilities such as, HIPAA compliant cloud, offsite backup and disaster recovery, virtual desktop infrastructure, medical image storage/VNA, and HIPAA and cloud security services.

According to an article by HealthCare IT News, the top five trends in healthcare IT today include: sponsored mobile apps, healthcare institutions shifting to the cloud, remote patient monitoring, integrated applications and telehealth for rural areas.

Learn more about ClearDATA here.

Norwest Venture Partners (NVP) here.

Excel Venture Management here.