Qumulo Locks Down $125M Financing, $1.2B Valuation
Data storage company Qumulo has landed a big win. The company announced $125 million in Series E funding, bringing Qumulo’s funding to $351 million and placing the firm at a total valuation in excess of $1.2 billion. The funding round was led by BlackRock, a global investment firm based in New York. BlackRock was joined by returning investors such as Highland Capital Partners, Madrona Venture Group, and Kleiner Perkins, as well as new investors such as Amity Ventures.
“We continue to be impressed by Qumulo’s ability to innovate, execute and accelerate its business to meet some of the world’s toughest enterprise requirements,” said Samir Menon, a director at BlackRock. “Qumulo’s disruptive model has defined an entirely new category that tackles the formidable challenge of creating and managing digital content at a scale and performance that is only getting bigger. This investment allows our clients to benefit from the technologic trends driving increasing digitization and cloud-based collaboration across the business landscape.”
The new funding comes on the heels of a string of new partnerships and wins for Qumulo in 2020. Over the last few months, Qumulo expanded its partnership with SaaS data management company Igneous and partnered with both OvationData (an oil and gas data company) and AutonomouStuff (a robotics and automation company). Qumulo also launched the next generation of its hybrid cloud file storage tool (Qumulo Hybrid File Software v3) and was named Data Storage Company of the Year in the 2020 Data Breakthrough Awards. Furthermore, Qumulo earned itself some extra headlines in 2020 by offering its cloud-native file software for free to public and private sector research organizations working to fight against the COVID-19 pandemic.
“This latest investment is a great recognition of our category leadership and unique capabilities to help customers create, manage, and gain value from their file data at scale. It will help Qumulo accelerate our ability to serve the world’s leading enterprises with the freedom, control and performance that organizations need now more than ever,” said Bill Richter, CEO of Qumulo. “We see rapidly increasing demand driven from content creators which span artists creating Hollywood blockbusters, to researchers solving global pandemics, to engineers putting rockets into space. Qumulo today is trusted to manage more than 150 billion mission-critical files that are at the core of innovation and progress.”
Qumulo says the additional funding will go toward “global market expansion, strategic partnerships, and to accelerate innovation of its platform to democratize file data management in multi-cloud environments.”