Clumio, a company specializing in data backup and recovery for businesses utilizing the public cloud, has successfully raised $75 million in its Series D funding round. This achievement follows a substantial four-fold increase in annual recurring revenue (ARR) in the previous year, driven by the addition of new clients such as Atlassian, which has integrated Clumio into the cloud-based version of its Jira project management software.
Key Takeaway
Clumio’s $75 million Series D funding will enable the company to expand its market reach and enhance its support for various industries and cloud platforms.
Addressing Critical Challenges
Clumio, along with similar entities like Veeam and Rubrik, aims to tackle several pressing issues. Despite the sustained growth in public cloud expenditure, organizations are confronted with escalating ransomware threats, exemplified by the surge in extortion activities throughout 2023. Additionally, the specter of data center disasters, such as the fire at France’s OVH in 2021, underscores the imperative for robust data protection measures.
Empowering Companies with Automation
Amidst a backdrop of increasingly stringent data retention regulations and the burgeoning generative AI movement, Clumio is well-positioned to thrive by facilitating the automation of data backup and recovery workflows for enterprises.
Enhanced Data Protection
Established in 2017, Clumio primarily focuses on safeguarding workloads within Amazon’s cloud infrastructure, with added support for Microsoft 365 introduced in 2020. While native data backups are available across platforms like AWS, they primarily address accidental data deletion and overwrites. Clumio’s approach involves maintaining production and backup data in separate secure domains, a crucial distinction that many existing backup solutions do not offer.
Future Expansion and Mission
Looking ahead, Clumio is poised to broaden its coverage across various cloud infrastructures and application landscapes. While the company has predominantly centered its efforts on AWS, it is committed to evolving into the go-to backup solution for any cloud and workload, with plans to extend its support to other major cloud providers in response to escalating customer demand.
Adapting to Evolving Risk Landscapes
The surge in ransomware activities in 2023 underscores the criticality of robust backup and recovery systems. Furthermore, compliance with standards such as SOC2 and ISO27001 necessitates the meticulous storage and maintenance of data for auditing purposes. Clumio’s immutable platform and hyper-optimized data plane on AWS are pivotal in addressing these evolving risk landscapes.
Strategic Funding for Market Expansion
Clumio’s Series D funding, led by Sutter Hill Ventures and supported by Index Ventures, Altimeter Capital, and NewView Capital, signifies a pivotal milestone for the company. The $75 million injection will be instrumental as Clumio endeavors to broaden its market presence and fortify its cloud support capabilities.
