Another big valuation for a startup. Raising $180M from some well known venture funds to go along with previous funding, Rubrik now has a valuation of………..$1.3 Billion. Rubrik has cloud-compatable backup and recovery software that can replace older systems from company’s such as Dell, EMC, etc. After being around for about a year and a half Rubrik has built a good client base with $100M in bookings, but $1.3 Billion? Wonder how that would play on Shark Tank.
Rubrik, a maker of data backup and recovery software, said it raised $180 million, valuing the startup at $1.3 billion.
The investment round was led by Institutional Venture Partners and also included funds from Lightspeed Venture Partners and Greylock Partners. Palo Alto, California-based Rubrik has raised a total of $292 million and has now become a unicorn, a startup worth more than $1 billion.
The company is targeting its new generation of cloud-compatible backup and recovery software to replace older products from Dell Technologies Inc.’s EMC and Carlyle Group LP’s Veritas in a $50 billion market. Rubrik has hundreds of customers and after a year and a half with its product on the market, is approaching $100 million in annualized bookings, Chief Executive Officer Bipul Sinha said, based on results from the company’s quarter ended in January.
Rubrik said earlier this week its software can run directly on cloud products from Amazon.com Inc. and Microsoft Corp., so customers of those services can use Rubrik to catalog and back up their data. Rubrik is relying on its ability to provide backup for both data stored on-site at a company, called on-prem, and in the cloud, since most customers have some combination.
The startup is benefiting because “people hate their existing solution and because of the cloud enablement that Rubrik brings,” Sinha said in an interview. “We have the ability to orchestrate and automate their data from on-prem into the cloud…”