New Jersey-based data protection solutions provider OwnBackup on Tuesday announced raising $240 million in a Series E funding round at a valuation of $3.35 billion.
Alkeon Capital, B Capital Group, BlackRock Private Equity Partners, Tiger Global, Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures took part in the funding round, which brings the total raised by the company to roughly $500 million.
OwnBackup provides a cloud-to-cloud data protection platform designed for backing up and restoring software-as-a-service (SaaS) and platform-as-a-service (PaaS) data. The company says its platform provides protection against data loss caused by human error, integration issues, rogue applications, and malicious intent. OwnBackup says 4,000 organizations around the world use its solutions.
The platform is currently available to Salesforce customers, but the company plans on using the new investment to expand to Microsoft Dynamics 365 later this year.
“We’re pleased to partner with OwnBackup and give Dynamics 365 customers an additional layer of protection for their data,” said David Totten, CTO at Microsoft. “By enabling organizations to automate the backup process and restore the precise data they need in minutes, OwnBackup’s solutions will help Dynamics 365 customers run more business-critical workloads while eliminating the risk of data loss.”
OwnBackup achieved unicorn status in February, when it announced a $167.5 million Series D funding round at a valuation of nearly $1.4 billion. Now it claims its valuation increased by $2 billion in the last six months.
In June, OwnBackup announced the acquisition of Nimmetry, a company that provides a platform for integrating SaaS-based data using a microservices architecture. OwnBackup said the deal accelerates its multi-cloud strategy and helps it expand its reach into India, where Nimmetry has a significant presence.