Clumio Raises $135 Million in Series C

Clumio, Inc. announced $135 million in series C funding on the heels of its August launch from stealth.

In a short time, the company has realized a market response and rapid enterprise customer adoption for its secure backup as a service highlighting the importance of the data protection problem that Clumio set out to solve.

This momentum attracted the new round of funding that will enable Clumio to accelerate its vision to deliver a globally consolidated data protection service in and for the public cloud.

Series C is led by Mike Speiser, MD, Sutter Hill Ventures, and new investor Altimeter Capital Mangement, a global investment firm notable for funding Okta, Twilio, and Snowflake among other SaaS companies.

Index Ventures, an existing investor, is also a participant in the round.

This more than triples Clumio’s funding to date for a total of $186 million through 3 rounds.

“Enterprise IT can no longer afford the time, complexity and expense of building and managing data protection solutions on-prem or in the cloud,” said Poojan Kumar, CEO and co-founder. “Unlike legacy backup vendors, Clumio SaaS is born in the cloud. This round of investment allows us to push that advantage as we accelerate our development and go to market strategy while continuing to meet customer requirements for backup, regardless of where the data is.”

IDC estimates the global market for SaaS applications revenues is expected to increase from approximately $100 billion in 2018 to more than $185 billion by 20221.

Clumio is positioned to take advantage of this trend, giving enterprises a fast and effective way to make progress vs. organizational mandates to move workloads to the cloud or minimize the amount of time they spend on applications and operations that are not core to their businesses.

According to IDC, the data protection as a service market – which includes spend on backup, and DR cloud services – will grow to over $10 billion by 2022. Enterprises have already moved CRM, IT service management, HR and data warehouse workloads to the cloud.

Clumio’s mission is to do the same for this market.

“Similar to Snowflake disrupting the data warehousing market by leveraging the scale, elasticity and economics of the public cloud, Clumio is building a globally consolidated data protection service the right way,” said Mike Speiser, MD, Sutter Hill Ventures. “Harnessing the full power of the public cloud, they are reimagining the backup experience for the enterprise paying particular attention to security, predictable costs and simplicity for their customers.“

New funding will help start-up execute in following areas:
• Accelerate the growth of its engineering team, both at the company’s HQs in Santa Clara, CA and in its new development center in Bangalore, India
• Expand go to market and service operations in USA.
• Add more support for its 100% channel strategy with additional partner resources and programs and build upon momentum in technology partner programs with AWS, VMware and others
• Introduce support for new workloads as the company continues to execute vs. its vision for a globally consolidated data protection service

Clumio is a secure, backup as a service that consolidates the protection of an enterprise data center and any remote sites with no hardware or software to size, configure, manage – or even buy at all.

As enterprises move aggressively to cloud, they can use the product to protect workloads like VMware Cloud on AWS and native AWS services. Authentic SaaS protects data regardless of where it resides and delivers critical benefits to the enterprise.

At same time, the firm also announced a secure SaaS Backup for AWS that eclipses snapshot only protection strategies to reduce risk of data loss, increase security and lower retention costs.

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