AWS cloud backup protector Clumio has pulled in $75 million of additional funding.
The company, founded in 2017, protects data in S3, EC2, EBS, RDS, SQL on EC2, DynamoDB, and Microsoft 365. It last raised money in 2019 with a $135 million C-round, and the total raised now amounts to $262 million.
Co-founder and CEO Poojan Kumar said in a statement: “Because traditional backup and recovery vendors are not architected for public cloud applications, Clumio is seeing a deluge of demand across cloud databases, data lakes, and high-performance storage. We will use our Series D funding to accelerate our momentum in these areas, across the major cloud providers.”
That means Clumio is going to extend its cloud coverage from AWS to Azure and GCP. It said it will use the new cash to “accelerate the company’s innovation and go-to-market.”
Clumio said it enjoyed a 4x growth in annual recurring revenue (ARR) in 2023, fueled by more enterprise customer wins, such as software provider Atlassian, legal and risk management supplier LexisNexis, and restaurant chain Cava. Clumio is now well into double-digit millions of dollars in ARR, it said, with more than 100 PB of cloud data protected for hundreds of customers, a net promoter score (NPS) of 86, and a five-star rating on AWS Marketplace.
CRO Rick Underwood claimed: “Clumio is doing to enterprise backup and recovery what Snowflake did to enterprise data warehousing … I witnessed this shift from bolt-on, retrofitted deployments towards hands-off, consumption-based solutions first-hand during my tenure at Snowflake, when the company grew its revenue 30x in five years. I am excited to lead Clumio on a similar revenue trajectory.”
Underwood succeeded Mike Haas, who was CRO from October 2022 to December 2023. Haas came on board after VP Sales Brian O’Shea – who joined in September 2018 – resigned in August 2022. The 4x ARR growth occurred during Haas’s tenure. He is now CRO at Apache Airflow supplier Astronomer.
Clumio is facing competition from Druva, which said it passed the $200 million ARR point in September last year. Its SaaS backup service protects on-premises and public cloud customers, though we don’t know its AWS-based ARR. Other SaaS backup suppliers include Commvault and HYCU. If Clumio has built up a solid presence in the AWS customer base, that will provide a good foundation for expansion to other public clouds, particularly as customers adopt a multi-public cloud strategy.
This D-round was led by Sutter Hill Ventures, with participation from existing investors Index Ventures and Altimeter Capital, and new investor NewView Capital.
Comment
The funding round comes shortly after Cohesity announced it was buying the Veritas enterprise backup assets. The data protection market is suddenly getting interesting again.
