Druva, CommVault and EMCRubrik, a startup that provides data backup and recovery services for enterprises across both cloud and on-premises environments, has closed a $180 million round of funding that values the company at $1.3 billion. The news confirms a report we ran earlier this week noting that the company was raising between $150 million and $200 million.
IVP (as we noted sources told us might be the case) led the round, with Lightspeed and Greylock also participating.
The funding, co-founder Bipul Sinha told us, comes as the company hit a $100 million runrate in January of this year. “We’ve had significant traction and wanted to double down to capture the market demand that we were experiencing,” he said.
The company last year was valued at $600 million when it raised its last round of $60 million, and while it’s not yet profitable, the cash it has been generating has been enough to fuel its growth up to now.
“We have not touched the capital from our last round,” said Sinha. “We have 60 million in the bank right now and we were not looking to raise capital, but we got a very strong preemptive interest across multiple investors and we decided to pull the trigger to double down on engineering and marketing.”
Rubrik’s services today mainly run using an appliance that an enterprise uses to back up, restore, and index data across both on-premises and cloud-based environments — a hybrid that represents the norm for most large organizations. Earlier this week, the company released a new product that runs natively in the cloud, bypassing the need for…