CloudMine just raised $7.3 million - Technical.ly Philly

Growth

Apr. 14, 2017 10:12 am

CloudMine just raised $7.3 million

The round hasn't closed, says CEO Brendan McCorkle, and there's some “exciting news” in the pipeline.
Inside CloudMine’s Center City office.

Inside CloudMine's Center City office.

(Photo by Juliana Reyes)

Update: CloudMine raised a Series A1, not a Series B, as we previously reported. (4/17/17, 5:29 p.m.)

Center City-based CloudMine just whipped up some more venture dollars: the health IT company is raising a Series “A1” round and has so far raised $7.3 million from a mix of former and new investors.

(Here’s some context on what an A1 round means: essentially, it’s an extension of the original A round under new financial terms, rather than a new financial vehicle, like a Series B.)

“It’s mostly going towards continuing to reinforce what we’re doing,” said CEO Brendan McCorkle. “Lots of research and development, as well as marketing which is recent for CloudMine.”

CloudMine, which is currently just shy of 30 full-timers, has raised a couple of rounds, mostly from local investors: a $5 million Series A led by Safeguard Scientifics in 2015 (including local investors like MentorTech Ventures, Dreamit, Robin Hood and Ben Franklin) and then a follow-up debt round worth another $2.25 million.

This time around, local investors like Safeguard and MentorTech Ventures also joined the round along with some “new angels” McCorkle declined to mention for the time being.

McCorkle said he was “very excited about getting additional fuel for the business,” and once again hinted at some bigger news in the pipeline for CloudMine (remember in January last year, when he said “something big” was coming?).

We’ll keep you posted.

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