Rubrik scored a lucrative Series E funding round that raked in $261 million in new investments and pushed its total funding haul to more than $553 million. The company, which provides a cloud data management platform, noted that the latest round pushed its total valuation to around $3.3 billion.

The latest funding was led by new investor Bain Capital Ventures, and included past investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. Bain was part of recent funding rounds from TidalScale, Sysdig, and ObserveIT.

Rubrik CEO Bipul Sinha said the new investment will be used to expand its product and customer portfolios. It currently works with Microsoft, Cisco, Amazon Web Services (AWS), SAP, Nutanix, Oracle, VMware, Google Cloud, and Pure Storage.

The company in November updated its flagship Cloud Data Management platform with support for Oracle, SAP, and Microsoft environments. It also added NoSQL databases such as MongoDB and Cassandra.

Rubrik’s last funding round was in early 2017 when the company hauled in $180 million. That funding round pushed the company’s valuation to $1.3 billion.

Competitive Space

Rubrik is considered a leader in the cloud data management space, which is also referred to by some as hyperconverged secondary storage. It competes against firms like Cohesity, Commvault, and Dell EMC.

Companies in this space provide storage platforms that include file shares, archives, analytics, backups, unstructured content, and test and development data — essentially everything that’s not mission critical. Traditionally, enterprises have addressed their secondary storage needs with bulky backup and storage appliances, with multiple copies of data sprawled across storage infrastructure.

“Secondary use cases are things like data protection, but also other use cases like test-dev platforms, analytics platforms,” IDC analyst Phil Goodwin explained to SDxCentral. “You make a copy of the primary data or the application, and you use it for a secondary purpose.”

Gartner forecasts that more than 80 percent of enterprise data will be stored in scale-out storage systems in enterprise and cloud data centers by 2021, up from 30 percent in 2017.