Rubrik has unveiled a huge US$261 million (A$362 million) round of funding, giving it the kind of financial backing that would send other companies to the IPO trough, although the company's chief executive said an IPO is not a goal.
The new E-Series funding of US$261 million brings total funding in Rubrik to over US$553 million, and gives the developer of cloud data management technology a US$3.3 billion valuation.
Bipul Sinha, Rubrik co-founder and CEO, told CRN that the new funding validates his company's focus on developing a data management platform and on focusing exclusively on the channel for sales.
"Our ambition is to become the data management platform for governments and for the largest enterprises in the world, and this can only be done though the channel," Sinha said. "As the world is getting more complex with cloud and other new technologies, people need a trusted adviser who… understands the holistic needs of the customer."
Sinha said that despite the large valuation Rubrik has received because of the investments, the company does not have an IPO as one of its goals, although that will happen eventually.
Going public depends on the state of the market and the readiness of the company considering an IPO, he said.
"We want to be a public company," he said. "But our goal is not to go public. It is not healthy for us to focus on going public. Our core focus is on customer success, innovation and corporate culture."
Sinha said the same thing when asked about profitability.
"We want to become a profitable company," he said. "But not at the cost of growth. Now we're taking advantage of the market condition to build the company… We're focused on the opportunity in front of us: becoming a fast-growing, responsible company. We can become profitable at any time."
Much of the funding from the new round will be used to invest in developing Rubrik's technology around security, compliance and governance, Sinha said.
"The first act of Rubrik was to build comprehensive technology for backups and protecting customers' data," he said. "Now we're focusing on data intelligence. Last year, we released Rubrik Radar with its focus on intelligence and machine learning."
Sinha said Rubrik's competitors are still mainly at that first-stage focus on backing up data. "Our strategy is to become a core backup and recovery company, but more important add services on top of that," he said. "Backup and recovery is just a starting point."
Rubrik's new funding round includes funding from the company's previous investors including Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP, as well as new investor Bain Capital Ventures.