Cohesity, a US data storage and enterprise software company with office in Singapore, announced raising $250 million in a Series E funding round that brings the company’s total value at $2.5 billion, more than double the valuation 21 months ago.
In a statement, the company said its latest funding round was led by DFJ Growth, Foundation Capital, Greenspring Associates, and Wing Venture Capital. Existing investors Sequoia Capital and SoftBank Vision Fund 1 and strategic investors Hewlett Packard Enterprises and Cisco Investments also participated in the fundraising activity.
Based in California, Cohesity provides services to help businesses store, manage, and protect their data. In 2018, the Vision Fund led a $250-million investment into the company at a valuation of more than $1 billion.
The vast majority of enterprise data — backups, archives, file shares, object stores, and data used for dev/test and analytics — sits in fragmented infrastructure silos that make it hard to protect, expensive to manage, and difficult to analyze. Cohesity consolidates silos onto one web-scale platform to allow organizations to run apps on that platform — making it easier than ever to back up and extract insights from data.
The successful fundraising is not common at a time when global uncertainty grips the overall tech investment space. Mohit Aron, CEO and founder of Cohesity, said the funding round is a testament to the “the promise that investors see in the company”.
“More enterprises globally are abandoning legacy offerings in favour 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,” Aron added.
The company will use the fresh funding to advance research and development – building new capabilities to serve some of the largest enterprises in the world, according to the announcement.
Additionally, Cohesity will also continue to broaden its reach and awareness both domestically and internationally, while extending its relationships with alliances and partners.