Rubrik Inc. raised $41 million in a new funding round as it seeks to lure customers away from bigger providers of data backup software and services.
The company is backed by executives who led the last generation of the technology. John Thompson, the former chief executive officer of Symantec Corp., which bought backup vendor Veritas, is Rubrik’s top investor. Other investors include Mark Leslie, who was Veritas’s founding CEO and Frank Slootman, who ran backup company Data Domain, now part of EMC Corp. It’s EMC and Veritas that Rubrik counts as its main rivals.
Bipul Sinha, a venture capitalist who co-founded Rubrik, is the startup’s CEO. He’s selling a product that combines the two kinds of software customers buy from Veritas and Data Domain with hardware purchased from companies like Dell Inc. into an appliance that allows customers to protect and recover data in the event of a disaster.
“This is a massive, massive market opportunity and therefore it is ripe for reimagining the possible,” Thompson said.
The backup and recovery technology market, which Rubrik is aiming for, is estimated by IDC to be worth more than $47 billion this year. The industry hasn’t had seen significant innovation in the last decade, according to Sinha, who aims to take the company public in the next several years.
Rubrik has raised $51 million, including a financing round in February. The company declined to disclose its valuation.
For now, Rubrik has 20 customers testing the product, with some of them soon to become paying clients. The company has 40 employees, many of them from Google Inc. and Facebook Inc., whose cloud-enabled and consumer-friendly technology is a model for Rubrik, Sinha said.
Rubrik’s investors also include Greylock Partners and Lightspeed Venture Partners. The company is also introducing a backup and recovery appliance called the Rubrik r300 Series Hybrid Cloud Appliance on Tuesday.
Rubrik could also see stepped up competition because Veritas will soon become an independent business after a planned split from Symantec.