US-based data management software provider Cohesity secured $250m today in a series E round featuring computing technology manufacturer Hewlett Packard Enterprise (HPE), networking technology producer Cisco and telecommunications and internet group SoftBank.
DFJ Growth, Foundation Capital, Greenspring Associates and Wing Venture Capital co-led the round, which included Baillie Gifford, Sequoia Capital and Sozo Ventures. Cisco and SoftBank took part through Cisco Investments and SoftBank Vision Fund 1 respectively.
Cohesity has built a software platform that organises vast amounts of an organisation’s data in order to prevent the fragmentation that can take place with large quantities of diverse information. Customers can also buy specialised applications from Cohesity’s marketplace.
The round more than doubled the company’s valuation to $2.5bn and lifted its total funding to $660m. Vision Fund led its $250m series D round in mid-2018, which included HPE, Cisco Investments and Qualcomm Ventures, a subsidiary of mobile semiconductor manufacturer Qualcomm.
Sequoia Capital, Wing Venture Capital, investment banking firm Morgan Stanley’s Expansion Capital unit, Artis Ventures, Trinity Ventures and Battery Ventures also contributed to the series D funding.
Cohesity raised $90m in a 2017 series C round co-led by Sequoia Capital and GV, a corporate venturing subsidiary of internet and technology group Alphabet, and backed by Cisco Investments, HPE and Qualcomm Ventures, at a reported $500m valuation.
The round also featured Artis Ventures, Battery Ventures, Foundation Capital, Trinity Ventures, Wing Venture Capital, Accel and DHVC.
Qualcomm Ventures and Artis Ventures co-led the company’s $55m series B round, disclosed alongside a $15m series A when it emerged from stealth in 2015. GV, Battery Ventures and Trinity Ventures were also series B investors while Sequoia Capital led its series A round.
Mohit Aron, founder and chief executive of Cohesity, said: “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.”
