Rubrik valuation tops $3bn after latest funding round

Vendor raises additional $261m to aid product launches this year

Backup player Rubrik has hit a valuation of $3.3bn (£2.57bn) following its latest funding round.

The vendor claims it will use the cash for "general corporate purposes", as well as to support the launch of new products this year.

Rubrik CEO Bipul Sinha said: "Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market.

"Now, with thousands of customers around the world, industry-leading customer satisfaction ratings, and numerous analyst and industry awards, we have customers asking us to solve new challenges.

"This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise."

Rubrik recruited some industry big hitters last year, with Microsoft chairman John Thompson and former Cisco CEO John Chambers joining as a board member and board adviser respectively.

Sinha (pictured) has made no secret of his desire to see Rubrik list as a public company, but told CRN last year that he has set no deadline for when he expects this to happen.

This latest funding round was led by Bain Capital and also saw participation from existing investor Lightspeed.

Rubrik has now raised over $550m in funding, according to data from Crunchbase.