IVP is excited to announce its investment in Rubrik, a company that is revolutionizing how Enterprises manage, recover, and secure all their data across private and public clouds. IVP is the lead investor in a $180M Series D financing and we are thrilled to partner with the entire Rubrik team.
IVP is a leading later-stage venture capital firm based in Menlo Park, CA, and has been fortunate enough to partner with talented entrepreneurs to help build disruptive Enterprise companies such as AppDynamics (CSCO), Dropbox, MuleSoft (MULE), Pure Storage (PSTG), Slack, Tanium, and now Rubrik. We believe Rubrik is a truly exceptional company poised to become a foundational component of the modern Enterprise. Here are ten reasons why:
1. Exponential Data Growth
Other than its employees, a business’s most valuable asset is the data it collects. Data is being created at unprecedented levels — 90% of the data in the world today has been created in the last two years alone, according to a recent study conducted by IBM. Traditional methods to manage this growth are neither sufficient nor economical. Moreover, as Enterprises augment their data centers with public and private cloud deployments, the complexity of managing data grows exponentially.
2. Cloud Adoption
Existing data protection solutions are not scalable and simply do not meet the needs of modern IT environments. With cloud adoption accelerating, there is a massive need in the market for a new solution, purpose-built for the cloud. Rubrik has developed the world’s first cloud data management platform for hybrid and multi-cloud Enterprises, which allows IT organizations to fully realize the flexibility and cost advantages offered by the cloud.
3. Revolutionizing a Massive Market
Securing and managing data are top pain points for IT administrators. The burdens of cost, complexity, and lack of agility have plagued the data protection market for over a decade. Rubrik’s cloud native solution is truly revolutionary and is poised to disrupt the massive and antiquated data management market.
4. Enabling New Use Cases
The quantity of data is growing and the complexity of managing it is increasing. The need for modern Enterprises to leverage data is more important than ever. Legacy systems to backup and recover data were viewed at best as an “insurance policy,” set in place with the hope it never had to be used. Rubrik’s elegant software approach helps modern Enterprises leverage data to make better and faster business decisions. Rubrik’s solution also transcends legacy products by enabling innovative use cases such as disaster recovery, test/dev, and analytics.
5. Part Enterprise, Part Consumer
Rubrik’s DNA is part Enterprise and part Consumer. The beauty of the Rubrik product is that while it solves a core Enterprise infrastructure problem, it does so with the elegance and simplicity of a Consumer application. The ease of deployment and Apple-like user interface accelerates time-to-value for customers and is a key differentiator in the market.
6. Unprecedented Early Traction
In February, Rubrik announced it was approaching a $100M annual run rate in only six quarters of selling. This puts Rubrik on pace to become one of the fastest growing Enterprise companies of all time! This rapid adoption is evidence of Rubrik’s strong value proposition and product differentiation. The company has also scaled its workforce to more than 330 employees worldwide and is on track to add 70 to 90 additional hires each quarter.
7. Strong Focus on Utilizing the Channel
Not only does Rubrik have differentiated technology, but they have nailed the go-to-market execution to date. This is a killer combination. Rubrik has attracted an experienced group of leaders who have built impressive sales, marketing, and support organizations across five continents. Rubrik has also leveraged the channel to serve its several hundred Enterprise customers worldwide across all verticals, including the financial services, retail, legal, government, and healthcare.
8. World-Class Founding Team
Rubrik is led by its exceptional founding team, Bipul Sinha (CEO), Arvind Jain (VP Engineering), Arvind Nithrakashyap (CTO), and Soham Mazumdar (Chief Architect). This team has experience working together previously at landmark tech companies like Google, Facebook, Microsoft, and Oracle. Thanks to their deep domain expertise and broad networks, they have recruited an incredible team of proven technologists, executives, investors, and advisors to join their mission.
9. Exceptional Investors & Advisors
As dedicated later-stage investors, we look to partner with existing investors to help build great companies. Rubrik’s early investors, Lightspeed Venture Partners, Greylock Partners, and Khosla Ventures, are three of the top venture capital firms in Silicon Valley. We’ve co-invested alongside each of these firms on several occasions and can’t find enough good things to say about each of them. We worked directly with Rubrik board members Ravi Mhatre from Lightspeed and Asheem Chandna from Greylock through our mutual investment in AppDynamics, which recently sold to Cisco Systems for $3.7B. Rubrik has also attracted interest from industry veterans like John Thompson, Frank Slootman, and Mark Leslie, who have built and scaled a number of $1B+ Enterprise Infrastructure companies.
10. Because They Let Us
IVP is proud to be the lead and only new outside investor in Rubrik’s latest round of financing. Gaining access and earning the trust of elite entrepreneurs at hyper-growth companies remains critical to our investment model. Rubrik has achieved amazing accomplishments since its inception and we look forward to helping the entire Rubrik team in their next stage of growth. We are thankful to be on board for what promises to be an exhilarating ride!
Somesh Dash is a General Partner at IVP, a later-stage venture capital firm based in Menlo Park, CA. Michael Giampapa is an Associate at IVP.