Silicon Valley firm valued at $3.3bn after huge raise
A Silicon Valley cloud firm has raised a huge $261 million in funding and achieved a valuation of $3.3 billion.
Data management company Rubrik has now raised a total of more than $553m after welcoming on board new investor Bain Capital Ventures with ‘strong participation’ from existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP.
“Rubrik has differentiated itself as the industry pioneer and leader in the large and growing cloud data management market at an unprecedented speed,” said Ravi Mahtre, partner at Lightspeed Venture Partners.
“We believe Rubrik will fundamentally change the way enterprise IT operates over the next decade.”
Rubrik will use the new funding for general corporate purposes, continued future innovation and to support the launch of major new products planned for 2019 which it says will capitalise on the sweeping enterprise transition to public cloud and the explosion of data.
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“This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise,” said co-founder and CEO Bipul Sinha.
“Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market.
“Now, with thousands of customers around the world, industry-leading customer satisfaction ratings, and numerous analyst and industry awards, we have customers asking us to solve new challenges.”
Rubrik said it will also expand investment into its activities with partners Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud and Pure Storage.
“Rubrik has won the trust and loyalty of large enterprise customers around the globe by offering a simple and reliable solution that solves the challenge of protecting and managing data in a hybrid cloud world,” said Enrique Salem, former CEO at Symantec and Partner at Bain Capital Ventures.
“When we met Bipul, we were instantly impressed with his vision as well as the skill and tenacity of his team.
“Given my experience leading the largest enterprise data protection company, we are confident that Rubrik is positioned to win and be the market leader in enterprise cloud data management.”