Rubrik offers live data access for recovery and application development by fusing enterprise data management with web-scale IT and eliminating backup software.
This marks the end of a decade-long innovation drought in backup and recovery, the backbone of IT. Within minutes, businesses can manage the explosion of data across private and public clouds. The company was founded in 2014 in Palo Alto, California.
Financial Data Rubrik
- Total funding: $553 million
- Final round: $ 261 million — Series E
- Latest Valuation: $ 3.3 billion
- Last round share price: $ 23,55
- Last round date: January 2019
- Key Investors: Bain Capital, Greylock Partners, Institutional Venture Partners
Company overview
- More than 200 customers spend $ 1 + million per year on Rubrik’s
flagship products. Among others, there are 8 companies from Fortune
100 list in the telecommunications, insurance, and aerospace industries. - The company serves more than 3200 clients, among which you can find
Verizon, Mazda, Cisco, Adobe, Expedia, Toyota - Company is included in top 10 companies in Forbes Cloud 100 list
- The company has won numerous awards in the data security industry.
Gartner Peer Insights nominated Rubrik “Best in Backup and Recovery
Solutions” in 2020 and 2021 - In December 2020, Rubrik won a $ 10 million tender to build a mission-critical data transit for a secret agency under the US government.
- Using the Rubrik platform, CIS Companies received $ 13 million in
potential savings and 32 days of additional productivity time. - The company is constantly expanding its range of cloud services through
partnerships and acquisitions. The recent expansion of its partnership
with NetApp is set to increase sales of its products. - In December 2020, Rubrik acquired Igneous, a developer of an
unstructured data backup platform. - In February 2020, Rubric acquired Opas AI, an AI technology that
recognizes application behavioral patterns to provide its customers with
more proactive responses and shorter problem-solving cycles.
Market overview
According to VMR research, the global data protection market was
valued at 198.5 billion in 2020. The main players in the market are IBM,
McAfee, Dell, NetApp, Oracle and others. The list of the market includes
many verticals: data recovery, archiving, data cryptography, protection
against viruses, etc.
Rubrik also operates in the Data protection SaaS market, which is
forecasted to expand at a CAGR of 31.3%
Rubrik also operates in a narrower backup and recovery market that Report Linker predicts is going to expand to $ 15.2 billion by 2027. Amid the COVID-19 crisis, the global market is estimated at $ 8.4 billion in 2020.
Financial performance
- The company is ending fiscal 2020 with an annual gross profit of $ 600
million, driven by strong dynamics in the corporate market. - About half of the revenue comes from customers who spend $ 1 million
or more on Rubrik services. - In 2017, the company had revenues of $ 100 million, in 2018 – $ 300
million. - The company’s revenue growth was stimulated by the transition to the
subscription business model. Rubrik managed to switch almost 70% of
customers to an annual subscription by early 2021.
- The capital raised in the last round was aimed at expanding geography and launching new products (such as Rubrik Go, a subscription service).
FOUNDERS AND MANAGEMENT
The founder of the company, Bipul Sheena, worked as a software engineer at IBM before founding Rubrik. Thereafter, he was director in charge of several products at Oracle related to databases and middleware.
Dan Rogers was named the first president of the company following his leadership as Director of Marketing at ServiceNow and Symantec and previous leadership positions at Salesforce and AWS. Kiran Choudari was named CFO after leading Atlassian’s successful IPO.
Risks
- Reputational risk. With intense competition in the industry and low
number of customers, major errors or data leaks can negatively impact
a company’s customer base. - Competition from with tech corporations may negatively affect the
company’s revenue growth. - Regulation on the storage, transmission and processing of data can
increase the pressure on the margins of the company, as well as the
industry.
How to buy Rubrik
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