Data backup unicorn Rubrik Inc. today announced that it has reeled in $261 million from a group of blue-chip investors to carve out a bigger slice of the data management market.

The round saw the participation of Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP. Their investment brings Rubrik’s valuation to an impressive $3.3 billion, more than double what it was when the startup last raised funding in 2017. It has received a total of $553 million in venture capital to date.

Today’s big valuation bump seems to suggest that Rubrik is successfully maintaining the momentum it built up in previous years. Last February, the startup disclosed that it was on track to reach an annual revenue run rate of $300 million thanks to rapid enterprise adoption of its products.

Rubrik’s flagship offering is a software platform that functions as a centralized hub for managing a company’s data protection activities. It provides the ability to schedule backups, archive infrequently used records, identify inefficient use of storage resources and quickly recover files in the event the originals become unavailable. Administrators can use these features to protect both on-premises and cloud systems.

This support for different types of workloads is a particularly big selling point. Enrique Salem, managing director of Bain Capital Ventures, named the startup’s one-stop-shop approach as a key factor in his decision to back the round.

“Whereas legacy approaches traditionally focus on leveraging software to handle data backup and recovery, and then leave the file system layer to secondary storage providers, Rubrik offers a unified, next-gen solution that doesn’t ignore, or discriminate, data context,” Salem explained.

Last year, Rubrik started expanding its focus to other aspects of enterprise data management besides backup. The startup introduced a product called Polaris that enables central management of records spread out across their companies’ data centers, cloud environments and branch offices.

Rubrik will use the new $261 million to step up product development efforts on this front. Chief Executive Bipul Sinha (pictured, top right, with Rubrik’s three other co-founders) told Bloomberg that the startup plans to build new services for securing records and ensuring they’re stored in compliance with privacy regulations.

Another way Rubrik might use the capital is by investing in acquisitions. In early 2018, the startup marked its first deal with the purchase of fellow backup provider Datos IO Inc. for an undisclosed sum. It used Datos IO’s technology to launch a product for protecting records in NoSQL databases.

Last April Sinha sat down with SiliconANGLE co-founder John Furrier to talk about how he aims to make Rubrik the standard for data management:

Photo: Bain Ventures