Cohesity lands massive $250m funding

Firm claims it has doubled its valuation in less than two years

Data management vendor Cohesity has landed an eye watering $250m (£199m) in funding.

The series E round, led by DFJ Growth, Foundation Capital, Greenspring Associates and Wing Venture Capital, has led Cohesity to claim it is now valued at $2.5bn.

The vendor claims its valuation has doubled in the last 21 months, since its last series D funding round where it also raised $250m.

It brings Cohesity's total funding to $650m and reflects the traction it is seeing in the market, it claims.

"Closing a major funding round during these times of economic uncertainty is testament to the promise that our investors see in Cohesity," said Mohit Aron, CEO and founder of Cohesity.

"More enterprises globally are abandoning legacy offerings in favour of our modern, software-defined approach to data management that is incredibly simple to use -- critical during these challenging times as customers are looking to reduce total cost of ownership while enabling remote IT teams."

In the first half of its fiscal 2020, Cohesity claims it has seen a 150 per cent year-on-year increase in recurring revenue, a 100 per cent increase in customers and a 135 per cent increase in customers using its cloud capabilities.

The new funds will be put towards R&D as well as towards domestic and international expansion.