Pharmaceutical firm Merck & Co has invested in US-based cloud healthcare software developer ClearData as part of a $12m round, participating through its Merck Global Health Innovation Fund.
Norwest Venture Partners (NVP), Excel Venture Management, Heritage Group, HLM Venture Partners and Flare Capital Partners also contributed capital, the round’s six backers all having invested in ClearData’s $25m series C round in mid-2015.
Founded in 2009, ClearData has built a secure cloud software platform for healthcare data that is used by more than 350,000 healthcare professionals. It plans to use the capital to fund continued expansion in the market and the growth of its product.
Darin Brannan, ClearData’s CEO, said: “Combining the technology aspect of the cloud with the healthcare aspects of compliance, comprehensive security and regulatory support has resulted in continued market traction with 98% year-over-year growth in our core subscription services.
“This is testament to our success in helping healthcare leverage the public cloud for agility, scale and cost while enhancing security and compliance.”
Merck GHI, Excel Venture Management and NVP also took part in ClearData’s series B round, which closed at $14m in 2013, after NVP had supplied an undisclosed amount of funding for the company the year before.