Rubrik Finalizes $180M in Funding and Achieves Unicorn Status with $1.3B Valuation

Cloud data backup and recovery startup Rubrik has announced the finalization of $180M in funding led by Institutional Venture Partners with additional participation from Lightspeed Venture Partners and Greylock Partners. Rubrik delivers backup and recovery software that runs on both on-premise IT infrastructures as well as public clouds such as Amazon Web Services and Microsoft Azure. Rubrik specializes in hybrid cloud backup and recovery software solutions that recognize the needs of customers to manage, automate and orchestrate backup and recovery deployments across on-premise and cloud-based platforms.  The company competes directly with storage solutions offered by EMC and Veritas and already claims close to $100M in annualized revenue. Rubrik’s incipient success underscores the need for innovation in the storage space as it pertains to hybrid cloud environments and the concomitant value of a business solution that streamlines and simplifies backup and recovery processes for the enterprise. The $180M funding round brings the total funding raised by Rubrik to $292M and further gives it the mythical “unicorn” status accorded to startups valued at over $1 billion. With an extra $180M in the bank, expect Rubrik to ramp up its product development cycle and enhance its ability to compete with legacy solutions offered by competitors. Meanwhile, the larger backdrop to the story of Rubrik’s success is the need for disruption in enterprise storage and the potential of Rubrik’s product offerings to initiate a seismic shift in the consumption and management of storage for backup and recovery use cases.