Data management startup Rubrik raising $200 million; valued at $1 billion

Rubrik, a data backup and management startup, is in talks to raise $150-200 million to cater strong demand for its storage and data management products. IVT, the VC firm which has also backed Snap and Twitter, is expected to be the lead the funding round along with the existing investors including Greylock, Khosla, Lightspeed and others. Till now, the company has raised $112 million funding since its inception.

The startup pitches itself at large enterprises with a specifically hybrid product that is used in situations like disaster recovery, but also general IT security and daily backups. It competes in the industry with other enterprise services firms such as Druva, CommVault and EMC.

It is offering itself as an enterprise that use apps and data stored across a mixed environment that blend on-premises services and services in the cloud. 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 is making it one of the “hyper growth” firm.