Clumio Secures $75 Million in Series D Funding

Clumio, Inc. secured $75 million in a series D funding round led by Sutter Hill Ventures, along with participation from existing investors Index Ventures and Altimeter Capital, and new investor NewView Capital.

The investment will be used to accelerate the company’s innovation and go-to-market in simplifying backup and recovery for public cloud customers.

The company has now raised a total of $261 million. 

“Few markets are as big as backup and recovery,” said Mike Speiser, Sutter Hill Ventures. “While many legacy vendors offer products for on-premise data protection, backup and recovery at public cloud scale is a significant technical challenge that Clumio is uniquely positioned to solve.”

Clumio also announced a 4x growth in annual recurring revenue (ARR) in 2023, fueled by accelerated enterprise customer acquisition – software powerhouse Atlassian, legal and risk management leader LexisNexis, and recently public fast-casual restaurant chain Cava to name a few. It is now well into double-figures in millions of dollars in ARR, with over 100PB of cloud data protected for hundreds of customers, a net promoter score (NPS) of 86, and a 5-star rating on the AWS Marketplace.

“Customers have reached a point of maturity in the public cloud where backup and recovery of their critical data is now a top priority,” said Poojan Kumar, co-founder and CEO”. “It is foundational to their operational resilience, ransomware recovery, and regulatory compliance needs. Because traditional backup and recovery vendors are not architected for public cloud applications, Clumio is seeing a deluge of demand across cloud databases, data lakes, and high-performance storage. We will use our Series D funding to accelerate our momentum in these areas, across the major cloud providers.” 

“Clumio is doing to enterprise backup and recovery what Snowflake did to enterprise data warehousing,” said Rick Underwood, CRO. “With the explosion of cloud data, customers need a backup solution natively built in the cloud that can leverage and scale with their other cloud services. I witnessed this shift from bolt-on, retrofitted deployments towards hands-off, consumption-based solutions 1rst-hand during my tenure at Snowflake, when the company grew its revenue 30x in 5 years. I am excited to lead Clumio on a similar revenue trajectory.”

When it comes to public cloud backup and recovery, the majority of enterprises today rely on rudimentary tools like snapshots and replicas. However, these lack necessary optimizations, observability, and security for enterprise-level operations, quickly becoming complex and expensive to manage. Clumio – the only serverless backup solution – overcomes these challenges with an autonomous, default-air gapped, and immutable platform that proactively monitors compliance and reduces cost.

“Clumio helped us automate the resilience of Jira Cloud,” said Alex Grach, head of engineering, core engineering services, Atlassian. “Clumio was the only solution that met our needs for high-fidelity backup and restore at scale, both in terms of data volume as well as change-rate. It has also been simple to implement and easy to use.”

In addition to the above highlights, Clumio continued its product innovation with the general availability of S3 Instant Access, a new paradigm for data recovery without having to perform a restore operation. In the incident of a disruption, Amazon S3 customers use this feature to keep their critical applications up and running while a full recovery takes place in parallel. For its streak of innovation and momentum in 2023, the vendor was awarded InfoWorld Technology of the Year in the cloud compliance and governance category.