Rubrik welcomes $261m funding for new market expansion
Cloud data management specialist Rubrik recently celebrated a significant financial feat.
The company announced a US$261 million Series E investment at a $3.3 billion valuation with new investor Bain Capital Ventures. Existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP were also strong contributors.
According to Rubrik co-founder and CEO Bipul Sinha, this brings total equity raised to more than $553 million.
“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,” says Sinha.
“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.”
The company asserts its latest round of funding will go towards general corporate purporses, continued future innovation, and to support the launch of major new products set to be unveiled this year.
“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,” says Bain Capital Ventures partner and former Symantec CEO Enrique Salem.
“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.”
Rubrik is confident the aforementioned new products set for imminent release this year will further capitalise on the explosion of data and rapid enterprise transition to public cloud. Research from IDC certainly paints a pretty picture of the market, as overall data management spend is estimated to be around $48 billion.
Sinha says the company is also looking to expand its investment in go-to-market activitieis with its major partners, including Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, and Pure Storage, among others.
“Rubrik has differentiated itself as the industry pioneer and leader in the large and growing cloud data management market at an unprecedented speed,” says Ravi Mahtre, Partner at Lightspeed Venture Partners.
“We believe Rubrik will fundamentally change the way enterprise IT operates over the next decade. That’s why it is one of the capstone investments in Lightspeed’s global portfolio.”
Rubrik currently has more than 1,300 employees around the world with three locations in the US, as well as Ireland, the Netherlands, India, and Tokyo.