Data storage startup Cohesity has raised $250 million in funding, more than doubling its valuation to $2.5 billion.
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The new round was led by DFJ Growth, Greenspring Associates, Foundation Capital and Wing Venture Capital, according to a statement from the company. Previous investors including Sequoia Capital and SoftBank Vision Fund 1 also participated in the round, as did others.
“Closing a major funding round during these times of economic uncertainty is testament to the promise that our investors see in Cohesity,” CEO Mohit Aron said in a statement. “More enterprises globally are abandoning legacy offerings in favor of our modern, software-defined approach to data management that is incredibly simple to use—critical during these challenging times as customers are looking to reduce total cost of ownership while enabling remote IT teams.”
The company, which gets rid of data fragmentation by consolidating data onto a single platform, counts Wendy’s, the San Francisco Giants and LendingClub as customers, according to the company’s website.
Total funding for the company now comes to more than $650 million. It last raised $250 million for its Series D in June 2018, according to Crunchbase, with SoftBank as the lead investor.
The funding comes after Cohesity saw rapid customer and revenue growth in the first half of fiscal year 2020. Compared to the first half of fiscal year 2019 (August 2018 through January 2019), Cohesity has seen its recurring revenue increase by 150 percent and its customers and data under management increase by 100 percent, according to a statement from Cohesity.
Illustration Credit: Li-Anne Dias