Sunday, October 22, 2017

Slack, Snapchat backers invest $180m in Rubrik (but cloud player has “not even dipped into” the last funding round)

CEO talks of “unprecedented opportunity” to double down the company’s pace of innovation and go-to-market worldwide.

Cloud data management provider Rubrik has raised $180m Series D funding without having used a penny from its previous multi-million-dollar round.

The round was led by IVP with participation from Lightspeed Venture Partners and Greylock Partners, bringing total equity raised to $292m as the company’s valuation hits $1.3bn.

IVP have also previously invested in large companies including Slack, Snapchat, AppDynamics, Pure Storage and MuleSoft.

Bipul Sinha, co-founder and CEO at Rubrik, said: “When several investors approached us to pre-empt the next round of funding, my co-founders and I saw the opportunity to double down on accelerating our business at a rate that the industry has not seen before.

“The market demand is there and we can further amplify our innovation lead by investing heavily in R&D. To date, we have rolled out eight product releases with the latest managing data for cloud-native applications while delivering cross-cloud data mobility.

“This financing allows us to accelerate our innovation pace and build a global brand, all while upending a stagnant industry of legacy players.”

Sinha also said the company has “not even dipped into the $61m from Series C” as it has been using its cash flow to expand the business.

He said: “With accelerating hybrid and multi-cloud IT adoption, enterprises are eager to embrace a cloud native data management platform to manage, recover, and secure data.

“We see an unprecedented opportunity to double down on our pace of innovation and go-to-market worldwide.”

Somesh Dash, General Partner at IVP, said: “Similar to other hyper-growth IVP investments like AppDynamics, MuleSoft, Pure Storage, and Slack, Rubrik is a market leader with a long-term business model that is disrupting the broader IT industry while acquiring a loyal and enthusiastic enterprise customer base along the way.”

Read more on “Rubrik: Edging mission critical data management with the cloud