This article originally appeared at The WHIR
The abysmal state of healthcare data security is a huge opportunity for cloud providers focused on providing secure services to healthcare providers. On Thursday ClearDATA announced $25 million in Series C funding to support its continued growth. The company is in it’s fourth year of 100 percent increase in its YOY subscription revenue.
ClearDATA intends to use the funding to maximize growth in the health information technology cloud computing sector. According to Frost & Sullivan estimates in October 2014, the total US healthcare cloud market revenue is at $900 million.Marketsandmarkets estimates the US cloud healthcare market at $6.5 billion by 2018. ClearDATA projects, “IT cloud penetration in the US healthcare industry will grow to 50 percent in the next four to five years, representing approximately $6.5 billion of a $13 billion market for multi-cloud computing and managed services.”
Under this estimate, healthcare cloud would represent half of the overall cloud market.
The difference in these numbers represents a huge opportunity for cloud providers choosing to focus on the healthcare industry. Obviously ClearDATA is on board with this huge growth trend in both the need for services due to increasing regulations and security breaches. Just this year Anthem and Premera were breached by hackers.
“Security breaches, HIPAA and compliance regulations, and data itself are amassing at levels that quickly outgrow the average existing health IT infrastructure,” said Darin Brannan, CEO, ClearDATA. “Healthcare organizations recognize the need for a purpose-built healthcare exclusive provider to properly address these issues—and so do investors. We are excited to continue our momentum in the healthcare cloud market, which this new funding further accelerates.”
The release says ClearDATA solves key market problems such as managed infrastructure with HealthDATA™ cloud and SaaS HIT cloud management. “ClearDATA secures and protects patient health information in a HIPAA-compliant environment for data interoperability, aggregation and access…providing a single interface to manage and monitor resources in real-time across multiple platforms.”