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Report: Rubrik is raising a new funding round worth up to $200M
Eight months after securing $62 million from investors, data protection specalist Rubrik Inc. is reportedly negotiating another funding round that could end up being worth more than three times as much.
TechCrunch, which broke the news on Monday, claims that the company is seeking to raise between $150 million and $200 million at a $1 billion valuation. The publication cited anonymous sources as saying that the move comes amid “strong” demand for Rubrik’s data management platform, which is positioned as an replacement to the multiple specalized systems that the average firm uses to protect its information.
The startup claims that its software can halve backup-related capital expenses by reducing the need for external hardware and management tools. Once a company has set up its Rubrik deployment, administrators can handle the different tasks involved in protecting their data through a centralized interface. The platform offers a choice between keeping backups on-premises or in the cloud and packs an extensive set of controls for customizing how records are handled.
Rubrik has used $112 million that it’s raised so far to build a strong installed base for the system. The startup counts auto giant Wabash National Corp., real-estate giant Jones Lang LaSalle Inc. and several other publicly traded companies among its customers, along with numerous smaller organizations.
The tipsters who broke the news didn’t specify who led the round, but TechCrunch named Institutional Venture Partners as a potential candidate. The firm has built a strong reputation for backing enterprise technology companies thanks to investments in the likes of Akamai Technologies Inc., Slack Inc. and AppDynamics Inc., which was recently sold for $3.7 billion to Cisco Systems Inc.
If the leak proves true, ISV’s name will help expand the already impressive list of investors that back Rubrik. The lineup includes Lightspeed Venture Partners, Greylock and Khosla Ventures, which led the startup’s $62 million raise last year.
Rubrik declined to comment about the new funding rumors.
Image: Rubrik
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