Cloud data management company, Rubrik, has announced that it has raised $180 million in a Series D investment round led by IVP with participation from Lightspeed Venture Partners and Greylock Partners at a $1.3 billion valuation.
According to the company, the current investment brings its total equity raised to $292 million. The company will use the funding to accelerate product development and go-to-market investments worldwide. The company also states that it has built the world’s first Cloud Data Management platform for data protection, search, analytics, archival and copy data management for hybrid and multi-cloud enterprises and has almost reached $100 million in six quarters of selling and has set a record pace of adoption amongst large enterprises globally.
“The paradigm shift to the cloud has taken hold in the Enterprise and no other company is better suited to catalyze this market opportunity than Rubrik,” said Somesh Dash, General Partner, IVP.
“Similar to other hyper-growth IVP investments like AppDynamics, MuleSoft, Pure Storage, and Slack, Rubrik is a market leader with a long-term business model that is disrupting the broader IT industry while acquiring a loyal and enthusiastic enterprise customer base along the way.”
Rubrik states that when it started operations, the data management market had not been innovating for over a decade. What it discovered was that enterprises across the globe are starved for a data management solution that is cloud native.
“We have not even dipped into the $61 million from Series C since we’ve been judiciously fueling our hyper-growth with cash flow. Simply put, Rubrik is growing extremely fast. We’ve grown our employees by more than 15x in the past two years,” said Bipul Sinha, Co-Founder and CEO, Rubrik.
“With accelerating hybrid and multi-cloud IT adoption, enterprises are eager to embrace a cloud native data management platform to manage, recover, and secure data. We see an unprecedented opportunity to double down on our pace of innovation and go-to-market worldwide. As the market leader and pioneer of cloud data management, Rubrik will aggressively invest in the success of our customers as their journey to cloud hastens.”
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