Thursday, 09 April 2020 23:01

Cohesity adds a quarter of a billion to capital

By
Cohesity CEO and founder Mohit Aron Cohesity CEO and founder Mohit Aron

Data management vendor Cohesity has raised US$250 million in series E funding.

Cohesity's latest funding round was led by DFJ Growth, Foundation Capital, Greenspring Associates, and Wing Venture Capital.

DFJ Growth and Greenspring Associates are new investors, as are Baillie Gifford and Sozo Ventures.

Cohesity will apply the funds to R&D, local and international expansion, and further developing alliances and partnerships.

Existing investors Sequoia Capital, SoftBank Vision Fund 1, Hewlett Packard Enterprise and Cisco Investments also supported the series E round, which valued Cohesity at US$2.5 billion.

That's more than double that derived from the series D round less than two years ago.

"Closing a major funding round during these times of economic uncertainty is testament to the promise that our investors see in Cohesity," said Cohesity CEO and founder Mohit Aron.

"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."

Since the series D round, Cohesity has completed its transition to a software business model.

In a year, the company achieved a 150% increase in recurring revenue, a 100% increase in customers, a 100% increase in data under management, and a 135% increase in cloud licensees.

"We are excited to partner with Cohesity because they are attacking a huge market and are simply the best at what they do. They are reinventing data management with extraordinary solutions and a vision for the future that is unlike any other company in the market today," said DJF Growth co-founder and partner, Randy Glein.

"Cohesity has successfully transitioned to a software business model, secured outstanding partners globally, built deep OEM relationships with top technology companies, and is managing data for some of the largest enterprises in the world"

Foundation Capital general partner Ashu Garg said "Data is the most valuable digital asset for enterprises today, yet many organizations struggle to manage, protect, and derive value from it. Cohesity's cutting-edge software makes it easy for customers to solve these challenges in a hybrid cloud world. We believe that's why the company is seeing such rapid adoption and will continue to win favor with enterprises globally."

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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