Cloud data management startup Druva today said it scored a $130 million funding round, pushing its total capital raised to $328 million and its valuation past $1 billion.

“Even though we are not a classic storage company, we sell into the storage market and this latest funding places us in the top 10 in terms of most private funding ever raised by a storage startup,” said Druva CEO Jaspreet Singh in emailed response to questions. “Additionally, we are competing in the $55 billion data protection and management market, which has been led by a select group of legacy companies for the last 30 years that rely on outdated on-premises hardware or software technology."

Singh is referring to IDC’s market numbers, which forecast the data protection and management market will reach $55 billion by 2020.

Viking Global Investors led the latest funding round, which also included participation from new investors including certain funds advised by Neuberger Berman and Atreides Management, and existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.

Druva doesn’t plan to raise any additional funding, Singh said. The company is on track to reach $100 million in annual recurring revenue this year, and an initial public offering is likely in the company’s future, he added.

“We feel a public offering is likely Druva’s most appropriate course, but we are focused on continuing our global expansion and supporting customers as they prepare for the cloud era given the rapid market growth,” he said. “We will monitor industry conditions and make decisions based on what best positions Druva for future growth and success.”

Druva developed a software-defined storage (SDS) platform for data protection and management, and Singh said the company will use the latest investment to “drive new product innovations, including data analytics, data discovery, compliance, and solutions to address the complex and distributed nature of today’s data.” It also plans to expand globally with a focus on Australia, the U.K., Germany, and France.

The company claims that more than 4,000 enterprise customers use its software-as-a-service (SaaS) platform, which is built on Amazon Web Services (AWS). This includes 10% of the Fortune 500 — with customers such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.

The technology includes all-in-one backup, disaster recovery, archiving, analytics, and visibility across environments. Druva has focused in particular on its relationship with AWS. It’s an “advanced technology partner” for AWS, and a year ago it bought startup CloudRanger, which provides AWS backup and disaster recovery, for an undisclosed price.

About five months after the acquisition it partnered with AWS to offer Druva Cloud Platform on AWS Snowball Edge, the cloud giant’s data transfer and compute device.