Data backup startup Rubrik raises funds at $1.3B valuation

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(Bloomberg) -- Rubrik, a maker of data backup and recovery software, said it raised $180 million dollars, valuing the startup at $1.3 billion.

The investment round was led by Institutional Venture Partners and also included funds from Lightspeed Venture Partners and Greylock Partners. The Palo Alto, California-based company has raised a total of $292 million and has now become a unicorn, a startup worth more than $1 billion.

The company aims to provide a new generation of cloud-compatible backup and recovery software to replace older products from Dell Technologies Inc.'s EMC and Carlyle Group LP's Veritas. Rubrik has hundreds of customers and after a year and half with its product on the market, is approaching $100 million in annualized bookings, Chief Executive Officer Bipul Sinha said.

Earlier this week the company said its software can run directly on cloud products from Inc. and Microsoft Corp., so customers of those services can use Rubrik to catalog and back up their data.

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