Rubrik tops $3B valuation following latest funding round

Data management start-up Rubrik has raised US$261 million in its latest funding round led by Bain Capital Ventures, valuing the company at US$3.3 billion.

Existing stakeholders – Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP – also participated in the Series E round of funding.

The Palo Alto-based company, which provides cloud-based data back-up and recovery services, has so far raised US$553 million, including the latest funding round.

Rubrik said it would use the proceeds for future innovations and for launching new products.

“Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market,” said Bipul Sinha, co-founder and CEO of 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.”

Last February, Rubrik acquired Datos IO, which provides cloud-based data management platform that enables organisations to protect application data.

“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,” added 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.”

Founded in December 2014, Rubrik’s customers include Cisco, Expedia Group, UC San Diego, ASL Airlines, U.S. Department of Commerce and U.S. Department of Defense.

Bain Capital Ventures, the venture capital arm of the Boston-based Bain Capital, invests in start-ups ranging from security and cloud infrastructure to logistics.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)