Data security provider Rubrik filed for an initial public offering (IPO) this week. The vendor plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RBRK,” but did not disclose the size of the offering, according to its filing with the Securities and Exchange Commission (SEC).

Founded in 2014, the company created the Rubrik Security Cloud (RSC), designed with zero-trust principles to secure data across enterprise, cloud and software-as-a-service (SaaS) and applications by detecting, analyzing and remediating data security risks and unauthorized user activities. It also introduced a generative artificial intelligence (genAI) companion for the platform called Rubrik Ruby to speed up the process.

The company’s mission is to capitalize on the early-stage but rapidly evolving data security market. “The legacy backup and recovery market was ripe for such a transformation into data security based on cloud and cybersecurity trends,” Rubrik co-founder and CEO Bipul Sinha wrote in the SEO filing. “Rubrik was founded on a vision to deliver business resilience by securing the most critical asset of any organization — data.”

“Our goal is to lead the data security market which we believe is the future of cybersecurity,” he said.

In the filing, Rubrik disclosed its financial performance and strategic expansions over the past years.

For the fiscal year ending January 31, 2024, the company boasted a software subscription annual recurring revenue (ARR) of $784 million, highlighting a 47% year-over-year growth.

Rubrik also reported its total revenue increased from $599.8 million in the fiscal year of 2023 to $627.9 million in the fiscal 2024.

Despite the revenue growth, Rubrik has faced the typical growing pains of a rapidly scaling business, reporting net losses of $277.7 million in fiscal 2023 and $354.2 million in fiscal 2024, with free cash flow of $15.0 million and $24.5 million, respectively. The company said the net loss was due to its investment in business growth and advancing its solutions to capitalize on its market opportunities.

The company's customer base also has seen an uptick, growing from over 5,000 as of January 31, 2023, to more than 6,100 by the end of January 2024. Rubrik claims it sells to organizations of various sizes that operate across a wide range of industries, including financial services; retail, trade and transportation; energy and industrials; healthcare and life sciences; public sector and education; technology, media and communications; and services, including Barclays, Citigroup, Goldman Sachs, The Home Depot, PepsiCo, Whirlpool, UCSF Health and Denver Broncos.

In the new and intensely competitive data security market, Rubrik’s main competitors are data management and protection vendors, such as Dell-EMC, IBM, Commvault, Veeam and Cohesity; cloud and SaaS data management vendors and other data security and data governance vendors.

Rubrik celebrated its 10th anniversary in January and shared its milestones for 2023 including the acquisition of data security posture management (DSPM) startup Laminar and the collaborations with Microsoft.

Microsoft and Rubrik have built a long-term partnership. The duo ruled out a cloud vault service to combat ransomware and cyber attacks built on Microsoft Azure in 2021. In the same year, Microsoft made an equity investment in a financing round that valued the startup at $4 billion then and supported more than 2,000 mutual customers globally.

The two companies last year unveiled a collaboration to integrate Rubrik Security Cloud with Microsoft Sentinel and Azure OpenAI Service.

In addition to Microsoft, Rubrik last month announced its partnership with another cybersecurity giant — CrowdStrike to unify data-centric attack context from the Rubrik Security Cloud with CrowdStrike’s Falcon XDR platform, aiming to help organizations rapidly detect, investigate and stop attacks targeting sensitive data.