Data Management Startup Rubrik Raises New Funds Valuing It at $3.3B

Dina Bass (Bloomberg) -- Rubrik Inc., a maker of data backup and recovery software, raised $261 million in its latest funding round, valuing the startup at $3.3 billion as it expands into new data management markets. 

The investment involved Bain Capital Ventures, a new backer, as well as funds from existing investors such as Lightspeed Venture Partners and Greylock Partners. Rubrik has raised a total of more than $553 million, the company said Tuesday.

The Palo Alto, California-based startup is selling a modern version of backup and recovery software that can handle both data stored in company networks and in the cloud to customers like the U.S. Department of Defense and Cisco Systems Inc. A previous financing round was used to expand globally and add customers – the company now has thousands, said Chief Executive Officer Bipul Sinha. Rubrik will use these funds to build new products, including services that allow customers to analyze their data to bolster network security and compliance with privacy regulations.  

Rubrik, which aims to eventually go public, has spent the last year adding executives with public company experience, like former Atlassian Chief Financial Officer Murray Demo and a chief information officer from VMware. Microsoft Corp. Chairman John Thompson is a board member.