On Tuesday, Silicon Valley startup Rubrik, has raised funding of $41 million in Series B, after few months following its announcement of initial funding round and started an early-access program. The funding was led by Greylock Partners with other participants like Lightspeed Venture Partners and existing angel investors.
The startup Rubrik is known for is all-in-one approach to enterprise backup and recovery and announced its platform of Converged Data Management in late this March along with its initial funding. The technology used in the platform works to ‘eliminate backup software’ by blending enterprise data management and Wed-scale IT. This latest fund announcement was linked with the product launch of r300 Series hybrid cloud appliance. The new product Rubrik r300, a 2U unit containing up to four x86 nodes, comes pre-configured with the Rubrik Converged Data Management software.
The recent investment adds to a total investment of $51 million in just 15 months since its inception. The company with 40 employees and 20 early access customer is seen as serious potential by the investors. The company’s co-founder and CEO Bipul Sinha was a partner at Lightspeed Venture Partners, one of the investor company.Rubrik has come up with the solution to solve large enterprise’s problem of hybrid back up. The new product r300 Hybrid Cloud Appliance addresses the problem with a hardware solution.
Sinha spotted the enterprise problem and saw a large scope for change. “We were investing the space and found that a majority are on-premises, thinking about cloud.” He saw the opportunity in them when he was helping the potential clients on how to recover files in an efficient way. This product consists of features generally found in the backup solution such as policy setting, reduplication and search. Zero-time restores, the ability to bring back a requested file instantly without delay, is what makes it stand apart.
According to him, public cloud services like Amazon Web Services do not suit the large enterprises because of their recovery time. “You can back up to cloud but not recover from it. What we have done is allowed businesses to use public cloud in a secure way without sacrificing speed to recovery.” He says the recovery speed is the big differentiator when compared with the offerings of the competitors and that is the one that makes a lot of difference to the problem.
With the latest funding, the company plans to widen its market ability and scale-up its offerings. Sinha hopes the company’s market share to touch great heights in the forthcoming years.