Rubrik, a data management start-up makes its way to the large enterprises' group by confirming a $180 million round of funds that led the valuation of the company to $1.3 billion. Earlier, this week the news ran out that the startup providing data backup and recovery services at both cloud and on-place environments is likely to raise an investment around $150 million and $200 million.
According to the sources, the round was led by the IVP which also includes Lightspeed and Greylock in the round. IVP is a big-name VC firm that backed certain major tech brands like Snap, Twitter, Slack, Domo, and Dropbox. The company co-founder Bipul Sinha says that the funding started to arrive after the company hit a $100 million run rate in the January of the current year. Rubrik has significant traction and they are trying to double up in order to capture the market demand they were experiencing.
Last year, the company was $600 million when it raised the last round of $60 million investment. While the company is not profitable yet, it generates enough cash to fuel its growth. Bipul Sinha says that the company has not utilized the funds received in the last round yet and is getting strong interest from it. The company is now planning to utilize the funds on boosting up its marketing and engineering strategy.
Mainly, the data management startup’s services run on the appliance that they use to back up, restore and index data. The company, earlier this week released a product that runs natively on cloud platform eliminating the need for the appliance. Sinha tells Techcrunch that this is exactly what shows the future direction of the company. He added that the company is tending to build more cloud-based products to excel their current work.
Rubrik has many competitors like Druva, CommVault and EMC but the giant got successful in pitching itself to the group of large enterprises. The chief reason behind it is its unique and efficient approach to an old problem. Rubrik, the data management startup has made a remarkable story for the people to look forward to an interesting field to choose for a start-up. Sinha being a person of VC-world was always looking for hunting subsequent opportunities in the market and here he is.
The company employs around 330 people currently and is counting 70 to 90 people more on-board in a quarter from now. It will expand largely in engineering and product, sales and marketing and customer support service. The advancement of Rubrik from starting as prospects to now converting almost 75% of them into paying customers is really surprising. With this speed of adoption, we have our eyes on the how would the company excel with the received funding.