This past week, we announced that we raised $180 million at a $1.3 billion valuation. The round is led by IVP (same folks who invested in Slack, Snapchat, AppDynamics, MuleSoft) with strong participation from our existing investors Lightspeed Venture Partners and Greylock Partners.
Why raise another round?
We have not even dipped into the $61 million from Series C since we’ve been judiciously fuelling our hyper-growth with cash flow. Simply put, Rubrik is growing extremely fast. We’ve grown our employees by more than 15x in the past two years. We’ve expanded to 5 continents in 5 quarters. We approached $100 million in bookings in just six quarters of selling. We’ve amassed a customer base numbering into several hundred enterprises, with huge penetration into the Fortune 500 and large governments.
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 8 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.
It was quite evident when we started Rubrik that the data management market had not been innovating for over a decade. What we have discovered is that enterprises across the globe are starved for a data management solution that is cloud native. We have already experienced entire US states, national governments across the Atlantic Ocean, global insurance companies, world-renowned retail brands, Hollywood studios, national sport teams, hospitals, law firms, and more rip out fragmented, legacy solutions in favour of Rubrik.
Backup solutions offered by existing players, even those founded in the last few years, can’t deliver the recovery speeds, policy-driven automation, and data access required by businesses investing heavily in digital initiatives. Today’s backup solutions weren’t built on a cloud-native architecture and weren’t designed to scale at the speed and complexity at which business is done today.
Rubrik’s value proposition goes far beyond simplifying backup and recovery. It’s about delivering instant data access for recovery, analytics, compliance, and search. It’s about digital businesses provisioning data for application development, no matter where the apps reside, with just a click. Rubrik Cloud Data Management liberates data from the underlying infrastructure and allows customers to automate, orchestrate and secure data across datacenter and clouds.
For any enterprise operating in today’s 24x7x365 world, in which a few seconds may make or break the bottom line, data mobility and access is fundamental to business survival. This is the essence of Rubrik’s value and the fundamental driver behind the unprecedented adoption of Rubrik.
We would not be able to come this far without the support of our customers, partners, and community. On behalf of everyone at Rubrik, I sincerely thank you for your faith and championship. Your delight is what we live for.
Author – Bipul Sinha