Cloud backup company Rubrik, which competes with the likes of Dell EMC, Commvault and others, said it has raised $261 million in Series E funding, bringing its valuation to $3.3 billion. The Palo Alto-based company was previously valued at $1.3 billion as of its last funding round in May 2017.
The funding round includes new investor Bain Capital Ventures, along with existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP. In all Rubrik has raised more than $553 million.
Rubrik says it will use the funding to bolster product development and launches throughout 2019. The company says its products aim to capitalize on the transition to public cloud and help Rubrik claim a bigger slice of the $48 billion data management market.
"Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market," said Rubrik co-founder and CEO Bipul Sinha. "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."
Rubrik said will also expand investment in go-to-market initiatives with the partners including Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, Pure Storage, and others. Since launch, Rubrik has sold its products entirely through channel partners.