Clearsense and its scalable data platform will be the only company representing Northeast Florida at the 2019 Florida Venture Capital Conference Jan. 31-Feb. 1 in St. Petersburg. The bulk of the 16 companies presenting at the conference are headquartered in Southeast Florida.
The conference helps late-stage companies ramp up growth through equity fundraising. Companies have raised $4.5 billion since the conference started in 1984.
Jacksonville-based Clearsense provides a swath of data tools, allowing clients to combine, curate, govern and analyze various datatypes. It will enter the conference having raised $7.2 million of a $10 million raise.
"For the open round that we have right now, we have about $2.8 million left, but I think we'd consider taking $5 million if we found the right partner," Clearsense CEO Gene Scheurer told the Business Journal.
Clearsense spun out of another Jacksonville-based company Scheurer founded, Optimum Healthcare IT, in 2012, and consequently has a focused primarily on health care clients. Optimum recorded $150 million in revenue last year with 72 major hospitals and health care systems as clients, according to Scheurer.
"It was a nice, natural progression to move them over [to Clearsense]," said Scheurer.
However, Clearsense is now broadening its target market beyond health care.
"Now, we are going agnostic," said Scheurer. "The challenges are the same essentially in health care and other fields. [Clients want] the ability to curate that data, govern it and make sense of it, whether for efficiencies, for revenue generation or just a source of truth."
Scheurer noted the company has $40 million in revenue in its pipeline and has already begun pitching to non-health care companies.
Growth going forward will require a larger footprint, but Scheurer expects that footprint to grow primarily in Jacksonville and Florida.
"We're a technology company, and I think there's a stereotype that only really good technology companies can come out of the West Coast," said Scheurer. "One of our missions is to change that perspective and really make some waves in the Florida market and prove that there is just as good technology talent on the East Coast, in Florida and the Southeast as there is on the West Coast."
Scheurer attributes Clearsense's success in the data management industry, which is highly competitive, to a proven and time-tested product.
"The differentiator for our product is it's not theoretical; it's in production, it works," said Scheurer. "This weekend alone, with some of our clients, we've ingested over 4 billion rows of data in three days."
That data was then formatted to customer's preferences, Scheurer noted, allowing it to be quickly analyzed, fed into AI systems or filtered through reporting tools.