Cloud data management startup Rubrik doubles its valuation to more than $3.3 billion with new $261 million Series E funding
Founded just five years ago, Rubrik, enterprise and cloud data management startup that helps businesses to manage data explosion across private and public clouds, see its valuation double to more than $3.3 billion with new $261 million Series E funding raise. The latest round was led by new investor Bain Capital Ventures, and with strong participation from existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. This brings total equity raised to more than $553 million.
According to the public release, 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. The new products will help the company to further capitalize on the sweeping enterprise transition to public cloud and the explosion of data. IDC estimates the overall data management market spend at $48 billion. Rubrik will also expand investment in go-to-market activities with the Company’s partners including Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, Pure Storage, and others.
Founded in January 2014 by Arvind Jain, Arvind Nithrakashyap, Bipul Sinha, and Soham Mazumdar, Rubik offers live data access for recovery and application development by fusing enterprise data management with web-scale IT, and eliminating backup software. Rubrik delivers a single software platform to manage and protect data in the cloud, at the edge, and on-premises. Enterprises choose Rubrik’s Cloud Data Management software to simplify backup and recovery, accelerate cloud adoption, and enable automation at scale. As organizations of all sizes adopt cloud-first policies, they rely on Rubrik’s Polaris SaaS platform to unify data for security, governance, and compliance.
“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.”
Bain Capital Ventures LLC is the venture capital division within Bain Capital, which has approximately $60 billion of assets under management worldwide. The firm’s early-stage investments have included Staples, LinkedIn, Kiva Systems, and Shopping.com.
“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,” said Bipul Sinha, Co-founder and CEO at Rubrik. “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.”