Sutter Hill Ventures Leads Oversubscribed Round Joined by New Investor Altimeter Capital and Existing Investor Index Ventures
SANTA CLARA, Calif. – November 19, 2019 – Clumio, innovators of authentic SaaS for enterprise backup, today announced $135 million in series C funding on the heels of its August launch from stealth. In a very short time, the company has realized a strong market response and rapid enterprise customer adoption for its secure backup as a service highlighting the importance of the data protection problem that Clumio set out to solve. This momentum attracted the new round of funding that will enable Clumio to accelerate its vision to deliver a globally consolidated data protection service in and for the public cloud.
Series C is led by Mike Speiser, managing director of Sutter Hill Ventures and new investor Altimeter Capital – a global investment firm notable for funding Okta, Twilio, and Snowflake among other SaaS companies. Index Ventures, an existing investor, is also a participant in the round. This more than triples Clumio’s funding to date for a total of $186M through three rounds.
“Enterprise IT can no longer afford the time, complexity and expense of building and managing data protection solutions on-prem or in the cloud” said Poojan Kumar, Clumio CEO and co-founder. “Unlike legacy backup vendors, Clumio SaaS is born in the cloud. This round of investment allows us to push that advantage as we accelerate our development and go to market strategy while continuing to meet customer requirements for backup, regardless of where the data is.”
IDC estimates the global market for SaaS applications revenues is expected to increase from approximately $100 billion in 2018 to more than $185 billion by 2022. Clumio is uniquely positioned to take advantage of this trend, giving enterprises a fast and effective way to make progress against organizational mandates to move workloads to the cloud or minimize the amount of time they spend on applications and operations that are not core to their businesses. According to IDC, the Data Protection as a Service market – which includes spend on backup, and disaster recovery cloud services – will grow to over $10 billion by 2022. Enterprises have already moved CRM, IT service management, HR and data warehouse workloads to the cloud. Clumio’s mission is to do the same for this large market.
“Similar to Snowflake disrupting the data warehousing market by leveraging the scale, elasticity and economics of the public cloud, Clumio is building a globally consolidated data protection service the right way,” said Mike Speiser, Managing Director, Sutter Hill Ventures. “Harnessing the full power of the public cloud, they are reimagining the backup experience for the enterprise paying particular attention to security, predictable costs and simplicity for their customers.”
This new funding will help Clumio execute in the following areas:
- Accelerate the growth of its engineering team, both at the company’s headquarters in Santa Clara, CA and in its new development center in Bangalore, India
- Expand go to market and service operations in the U.S.
- Add more support for its 100% channel strategy with additional partner resources and programs and build upon momentum in technology partner programs with AWS, VMware and others
- Introduce support for new workloads as Clumio continues to execute against its vision for a globally consolidated data protection service
Clumio is a secure, backup as a service that consolidates the protection of an enterprise data center and any remote sites with no hardware or software to size, configure, manage – or even buy at all. As enterprises move aggressively to cloud, they can use Clumio to protect workloads like VMware Cloud on AWS and native AWS services. Authentic SaaS protects data regardless of where it resides and delivers critical benefits to the enterprise.
Today, Clumio also announced a secure SaaS Backup for AWS that eclipses snapshot only protection strategies to reduce risk of data loss, increase security and lower retention costs.
Learn more about Clumio and #AWSBackup today, November 19th, at 9AM PST when Clumio executives and technical leaders join industry analysts and influencers on a CrowdChat hosted by TheCube.
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