Rubrik valued at $3.3 billion in latest Bain Capital-led funding

(Reuters) - Data management startup Rubrik Inc said on Tuesday it raised $261 million in its latest funding round led by Bain Capital Ventures, valuing the company at $3.3 billion.

Existing stakeholders - Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP - also participated in the Series E round of funding.

The Palo Alto-based company, which provides cloud-based data backup and recovery services, has so far raised $553 million, including the latest funding round.

Rubrik said it would use the proceeds for future innovations and for launching new products.

“This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise,” co-founder and Chief Executive Officer Bipul Sinha said.

Last February, Rubrik acquired Datos IO, which provides cloud-based data management platform that enables organizations to protect application data.

Founded in December 2014, Rubrik’s customers include Cisco Systems Inc, Expedia Group Inc, UC San Diego, ASL Airlines, U.S. Department of Commerce and U.S. Department of Defense.

Bain Capital Ventures, the venture capital arm of the Boston-based Bain Capital, invests in startups ranging from security and cloud infrastructure to logistics.

Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel