TLDR:
- Clumio secures $75 million in Series D funding round led by Sutter Hill Ventures
- Company reports 4X growth in annual recurring revenue (ARR) in 2023
Clumio, a provider of data backup and recovery for public cloud customers, has secured $75 million in a Series D funding round. The round was led by Sutter Hill Ventures, with participation from existing investors Index Ventures and Altimeter Capital, and new investor NewView Capital. The funds will be used to accelerate innovation and go-to-market efforts in simplifying backup and recovery for public cloud customers. This brings Clumio’s total funding to $261 million.
In 2023, Clumio reported 4X growth in annual recurring revenue (ARR), driven by increased enterprise customer acquisition, including companies like Atlassian, LexisNexis, and Cava. Clumio now has over 100 petabytes (PB) of cloud data protected for hundreds of customers, a net promoter score (NPS) of 86, and a 5-star rating on the AWS Marketplace.
According to Mike Speiser of Sutter Hill Ventures, Clumio is uniquely positioned to solve the technical challenges of backup and recovery at public cloud scale. Clumio’s CEO, Poojan Kumar, highlighted the importance of backup and recovery in public cloud environments, especially for operational resilience, ransomware recovery, and regulatory compliance needs. With the Series D funding, Clumio plans to focus on cloud databases, data lakes, and high-performance storage solutions.
Clumio’s Chief Revenue Officer, Rick Underwood, compared the company’s impact on enterprise backup and recovery to what Snowflake did for enterprise data warehousing. By offering a serverless backup solution, Clumio aims to provide an autonomous, secure, and cost-effective platform for enterprise-level operations in the public cloud.
