Rubrik raises $261 million in Series E at $3.3 billion valuation
Data management startup Rubrik will use the funds to focus on innovation, and to support the launch of new products planned for 2019.
Cloud data management company Rubrik announced a $261 million Series E investment at a $3.3 billion valuation with new investor Bain Capital Ventures, and with strong participation from existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. This brings the total equity raised to more than $553 million.
The world’s largest enterprises continue to adopt Rubrik’s cloud data management solutions at a record pace. IDC estimates the total spend in the overall data management market at $48 billion.
“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 Enrique Salem, former CEO at Symantec and Partner at Bain Capital Ventures.
“When we met Bipul, we were instantly impressed with his vision and 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,” Enrique Salem says.
Rubrik, which has over 1,400 employees worldwide, will use the new funding for corporate purposes, continued future innovation, and to support the launch of new products planned for 2019. These new products will further capitalise on the sweeping enterprise transition to public cloud and the explosion of data. 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.
“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 Bipul Sinha, Co-founder and CEO at Rubrik. “This new capital will speed up the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise,” he adds.
New products bolster growth
Rubrik’s rapid growth has been bolstered by a number of new products and solutions, including the launch of Polaris, the award-winning and first SaaS platform of record for enterprise data, and Rubrik Andes 5.0, the most comprehensive release of the company’s core cloud data management solution.
Rubrik also deepened its partnership with Microsoft through the launch of Rubrik Accelerator for Microsoft Azure, an offering purpose-built for Azure to provide enterprise data protection and application mobility across data centres to Microsoft Azure cloud.
Over the past year, Rubrik has received several prestigious awards celebrating the company’s innovation, market adoption, and culture. For the second year in a row, the company won the VMworld Best of Show Award for both the US and Europe, along with its third consecutive Gold Award, in security, for its new SaaS-based Application, Polaris Radar. In November 2018, Rubrik was recognised as a 2018 Gartner Peer Insights Customers’ Choice for Data Centre Backup and Recovery Solutions. For the second year in a row, Rubrik was named to the Forbes Cloud 100 and recognised in the top 10 of LinkedIn’s Top Startups list. Rubrik also deepened its commitment to the channel through the introduction of the Rubrik Velocity Channel Partner Programme, which provides new and expanded opportunities for partners to capitalise on Rubrik’s momentum and massive market opportunity.
“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. That’s why it is one of the capstone investments in Lightspeed’s global portfolio,” Ravi adds.
“In less than five years, Rubrik has delivered on its vision to simplify how businesses around the world keep and use their data, resulting in unprecedented growth,” says Asheem Chandna, Partner at Greylock Partners.