- Cohesity announced it has raised $250 million in Series E funding led by DFJ Growth, Foundation Capital, Greenspring, and Wing at a $2.5 billion valuation
Cohesity announced it has raised $250 million in Series E funding led by DFJ Growth, Foundation Capital, Greenspring Associates, and Wing Venture Capital. DFJ Growth and Greenspring Associates are new investors along with Baillie Gifford and Sozo Ventures.
This round of funding also includes broad support from existing investors including Sequoia Capital and SoftBank Vision Fund 1 as well as strategic investors Hewlett Packard Enterprise and Cisco Investments.
Now Cohesity is valued at $2.5 billion, which is more than double the valuation from the company’s Series D round less than two years ago. Including this funding round, Cohesity has raised a total of over $650 million.
What does Cohesity do? Cohesity is driving a new era in solving a major challenge facing business, which is mass data fragmentation. The vast majority of enterprise data — including backups, archives, file shares, object stores, and data used for dev/test and analytics — is mostly in fragmented infrastructure silos. This makes it harder to protect and expensive to manage.
Cohesity consolidates these silos onto one web-scale platform, spanning from the data center to edge to cloud, and uniquely empowers organizations to run apps on that platform. This makes it easier than ever to back up and extract insights from data.
This funding round comes at a time while Cohesity is seeing rapid growth as a software-defined data management company. What does Cohesity do? Cohesity simplifies the way businesses back up, manage, protect, and extract value from their data in the data center, at the edge, and in the cloud.
Cohesity will utilize the new investment to advance research and development. And Cohesity will build new capabilities to serve some of the largest enterprises in the world. Plus the company will also continue to broaden its reach and awareness both domestically and internationally while extending its relationships with alliances and partners.
Key Quotes:
“Closing a major funding round during these times of economic uncertainty is testament to the promise that our investors see in Cohesity. 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.”
-Cohesity CEO and founder Mohit Aron
“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. 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. We are excited to be a part of Cohesity’s journey and look forward to helping the company, and its world-class team, scale into the category-defining company built to last.”
-DFJ Growth co-founder and partner Randy Glein
“Foundation Capital is excited to continue investing in Cohesity — a company that is transforming data management. 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.”
Ashu Garg, general partner at Foundation Capital
“Cohesity’s latest funding round is a testament to its business strategy and the value its software-defined data management platform provides to customers and partners. Cohesity’s web-scale platform has a unique architecture to help organizations consolidate and manage their data from a single point of view while supporting powerful apps that make data more useful and productive.”
-Phil Goodwin, research director at IDC
