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Cloud Computing Startup Clumio Raises $75 Million in Series D Funding
Clumio, a cloud computing startup focused on data protection and backup solutions for enterprises, has announced that it has raised $75 million in its latest funding round. The Series D investment was led by Sutter Hill Ventures, with participation from Index Ventures, Altimeter Capital, and NewView Capital.
Key Highlights of the Funding Round
- Clumio’s ARR (Annual Recurring Revenue) has quadrupled since 2022 to reach double-digit millions of dollars.
- The company had previously raised around $186 million in total funding, with a significant portion coming from its Series C round in 2019.
- Clumio’s latest cash injection is roughly half the amount it received in its 2019 raise, reflecting the challenging economic landscape.
Market Opportunity and Regulatory Environment
The market for cloud computing and data protection solutions continues to grow rapidly, driven by increasing demand for AI and machine learning applications. Clumio’s products are well-positioned to address this need, particularly as regulations around data protection and AI development continue to evolve.
- The EU AI Act has introduced strict provisions for traceability, requiring companies to document the origins of data used in model development.
- This increased focus on data responsibility and regulation could drive demand for Clumio’s services, particularly among businesses developing complex AI applications.
Founder’s Perspective
Clumio founder and CEO Prasad Khandekar commented on the funding round and market trends. "The macro environment is quite challenging, but we’re excited about the opportunity to address the growing need for data protection and backup solutions in the cloud."
Future Plans and Expansion
With its latest funding, Clumio plans to expand its market reach and bolster its industry coverage. The company will use the investment to further develop its products and services, as well as increase its presence in key markets.
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