Cloud Data Protection: Cohesity Raises $250M Series E Funding at $2.5B Valuation
Cohesity, a data management and backup solutions provider, has raised $250 million in a Series E funding led by venture capital firms DFJ Growth, Foundation Capital, Greenspring Associates and Wing. The company will use the funding to further its research and development, build new capabilities and expand globally, according to a prepared statement.
The Series E funding comes after Cohesity achieved the following milestones in the first half of fiscal year 2020:
- 150 percent year-over-year increase in recurring revenue.
- 135 percent increase in new and existing customers that have licensed its cloud capabilities.
- 100 percent increase in customers and data under management.
With the Series E funding, Cohesity’s total financing to date exceeds $650 million, the company stated. The funding also increases Cohesity’s total valuation to $2.5 billion, which is more than double the valuation from the company’s Series D financing round in June 2018, the firm says.
Cohesity Adds to Its Leadership Team
Along with its Series E funding, Cohesity recently made several hires that could help the company accelerate its growth.
Cohesity in January appointed Commvault veteran Martin Gibbons as its head of channel in EMEA. Gibbons is responsible for developing Cohesity’s EMEA partner and helping the company increase its growth and share of the EMEA data management market.
Also, Cohesity in October 2019 hired Bill Lipsin as its VP of global channel sales. Lipsin has more than 25 years of enterprise channel, sales and marketing expertise and now manages Cohesity’s go-to-market strategy, channel programs, enablement and distribution channels.
Amid the lofty valuation, Cohesity competes in an extremely crowded market. Key rivals include Druva, Rubrik and Veeam, among others.