Data management startup Rubrik is raising up to $200M on a $1B valuation

Make way for another juggernaut amongst enterprise startups: Rubrik, a data backup company that only emerged from stealth in 2015, is in the process of raising between $150 million and $200 million on a valuation of $1 billion as the company enters a period of strong demand for its storage and data management products, according to sources.

TechCrunch first learned of the new fundraise via an anonymous tip. We then confirmed the details with a source close to the company. From what we understand the round is not yet closed.

It’s not clear who will be leading the round but one name we’ve heard floated is IVP — the high-profile VC firm that has been a prominent backer of major tech brands like Snap and Twitter, but also a number of key enterprise startups like Slack, Domo and Dropbox.

Other potential investors could include Rubrik’s existing investors: Greylock, Khosla and Lightspeed, where cofounder and CEO Bipul Sinha was a venture partner prior to Rubrik. Other founders include Arvind Jain (ex-Google engineer), Soham Mazumdar (an engineer founder who sold Tagtile to Facebook and also is an ex-Googler); and Arvind Nithrakashyap (a storage and distributed system expert who is an alum of Rocketfuel and Oracle).

To date the company has raised $112 million, including most recently a $60 million round led by Khosla a year ago.

There are a number of companies competing in the area of enterprise back up services including Druva, CommVault and EMC, and like these Rubrik pitches itself at large enterprises with a specifically hybrid product used in situations like disaster recovery, but also general IT security and daily backups.

What’s notable about Rubrik is that it aims itself at enterprises that use apps and data stored across mixed environments that blend on-premises services and services in the cloud (the most common architecture these days). It provides a way to retrieve data from both in equally fast times. Rubrik also moves data from one environment to the other while keeping it indexed (which also makes retrieval more efficient).

The product is “really resonating” with businesses right now, a source tells us, and it’s put the company into “hyper growth mode.” Hence the push for funding to seize the moment.

It follows a bigger and recent trend in enterprise startup funding at the moment too, which totalled $5 billion in the first quarter of 2017 across 237 deals. This figure was up 80 percent compared to the previous four quarters of decline.

Rubrik declined to comment for this story.