Cohesity Earns $250 Million in Series E Funding
Cohesity has announced $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, as are Sozo Ventures and Baillie Gifford. This round also includes support from existing investors, such as Sequoia Capital and SoftBank Vision Fund 1, as well as strategic investors Hewlett Packard Enterprise and Cisco Investments. Currently, 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. With the new funding, Cohesity’s total funding since inception is over $650 million.
This funding is reflective of the traction Cohesity is seeing in the market as a software-defined data management company. The provider simplifies the way organizations manage, back up, protect, and extract value from their data in the data center, at the edge, and in the cloud.
Since Cohesity’s last funding round, it has completed the transition to a software business model. Comparing the first half of FY 2019 (August-January) to the first half of FY 2020, Cohesity has:
- Achieved a 150 percent increase in recurring revenue,
- Seen a 100 percent increase in customers and data under management, and
- Earned a 135 percent increase in the number of Cohesity’s new and existing customers that have licensed the company’s cloud capabilities.
In a press statement, CEO and Founder of Cohesity, Mohit Aron said, “closing a major funding round during these times of economic uncertainty is a 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 will leverage this new investment to advance research and development. The company will also continue to expand its reach and awareness both domestically and internationally, while extending its relationships with alliances and partners.
Learn more about Cohesity.