ClearData Networks Inc., the Tempe-based health care cloud-computing software and service provider, has closed on $25 million to expand its sales and marketing team and continue developing its software.
The Series C funding for the high-growth company was an over-subscribed amount, with the company only initially seeking $15 million to $20 million, said CEO Darin Brannan. The company closed on the deal May 18.
“We took on more than we were planning based on good terms and the right investment partners,” Brannan told me by phone Wednesday. “It’s a good time to be raising capital in this market.”
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The company has seen four consecutive years of 100 percent-plus year-over-year subscription revenue growth. With this new funding, ClearData has raised $42 million in under two years.
The money came from Heritage Group, HLM Venture Partners and Flare Capital Partners, along with existing investors Norwest Venture Partners, Merck Global Health Innovation Fund and Excel Venture Management.
The company, which has more than 100 employees now, plans to hire between five and 10 new workers a month for at least six months to deepen its sales and marketing departments
