Rubrik Raises $261 Million Series E Funding with $3.3 Billion Valuation

Rubrik, Cloud data management company has raised $261 million Series E funding round from Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. The total equity raised is more than $553 million.

This puts Rubrik at $3.3 billion valuation which is more than double the valuation of $1.3 Billion when it raised $180 Million in Series D funding round in 2017.

According to announcement, Rubrik will use the latest funding to support the launch of major new products planned for 2019 and for general corporate purposes. These new products are geared towards the enterprise transition to the public cloud and the explosion of data.

Rubrik launched many new products such as Polaris, the award-winning and first SaaS platform of record for enterprise data, and Rubrik Andes 5.0, the most comprehensive release to date of the Company's core Cloud Data Management solution. Rubrik also launched purpose-built Rubrik Accelerator product for Azure to provide enterprise data protection and application mobility across data centers to Microsoft Azure cloud.

Executive Opinion:

Former CEO at Symantec and Partner at Bain Capital Ventures, Enrique Salem, 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. When we met Bipul, we were instantly impressed with his vision as well as 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."

Co-founder and CEO at Rubrik, Bipul Sinha, said,  "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. This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise."

The announcement cited IDC estimate of $48 billion data management market and Rubrik is set out to disrupt existing data management with their cloud solutions. Rubrik also said that with 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.