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Norwest Venture, Excel Venture back oversubscribed $14m ClearDATA Series B round

5 Dec 2013

ClearDATA cloudA trio of venture capital investors have helped healthcare cloud computing platform ClearDATA Networks close its oversubscribed $14m Series B funding round.

Norwest Venture Partners, Excel Venture Management and Merck Global Health Innovation Fund took part in the round, which the company said would be used to maximise its growth and momentum in the market.

ClearDATA hosts data and applications for hospitals and healthcare providers, as well as healthcare software and service sellers, and currently serves more than 300,000 healthcare professionals.

Norwest general partner Robert Abbott said, “ClearDATA is addressing major issues in the healthcare industry by providing meaningful cost reductions and improving the manageability and security of healthcare data and applications.

Merck Global Health Innovation Group investment principal Joe Volpe added, “ClearDATA has the potential to be an important data steward for protected health information in the health care industry.

“As the need to analyze vast amounts of data increases, ‘Big Data’ presents opportunities to improve patient health.”

Right at the start of the year Norwest led a $33m Series B financing round for Health Catalyst, a company which specialises in healthcare data warehousing, with participation from Sequoia Capital and Sorenson Capital.

Health Catalyst says its platform enables hospitals and health systems to better manage cuts in Medicare and Medicaid rates, and more easily shift to managing patient populations under new care models.

It said its business had more than doubled in size in each of the past three years while expanding its product line from eight stand-alone solutions to a platform of over 40 integrated products.

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