Palo Alto, California-based cloud data management company Rubrik has announced a $261 capital infusion in Series E investment from a clutch of investors, new and existing. Bain Capital, a US-based alternative asset management platform was the new entrant to back the company while existing backers who pumped more money include VC firm Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP.
The fresh round which takes the total amount raised by the firm to $553 million now values the startup over $3 billion, $3.3 billion to be exact. When it last raised a $180 million investment, the company had hit the unicorn status. The fresh funding will towards building tech to enter the security and compliance services along with the current offering in the data management segment. It will also launch major new products in the coming months.
Started in 2014 by India origin, Arvind Jain, Arvind Nithrakashyap, Bipul Sinha, and Soham Mazumdar, the firm offers enterprise data management and backup services across on-premise, cloud and hybrid networks. Bipul Sinha, the CEO of the firm commenting on the fundraising said, “As we have demonstrated leadership in data recovery, our customers have been demanding new products and services from us. So we’ve raised capital to double down on that.”
Sinha also reveals that the firm is not yet profitable. Talking further on the same, Sinha said, “Our goal is to build a long-term, iconic company, and so we want to become profitable but not at the cost of growth. We are leading this market transformation while it continues to grow.” The firm has offices in the US, India, Ireland, Tokyo and the Netherlands where the total number of employees is more than 1400. In India, the company has an R&D centre in the city of Bangalore along with a sales team.
Bain Capital Ventures' partner Enrique Salem talking about the firm said, “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. He predicted that Rubrik will soon be the market leader in enterprise cloud data management.”
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