A San Francisco-based data infrastructure enterprise recently obtained $319 million in Series E funding from Alphabet’s corporate venture division, GV, and additional investors such as GIC, CapitalG, IVP, and CRV. This successful round has pushed the total fund to a staggering $600 million, earning the company ‘unicorn’ status with a valuation surpassing $1 billion.
The CEO Lorenzo celebrated this achievement as an opportunity to reinvent the data infrastructure industry. According to him, bolstering market presence and investing in development and potential acquisitions are top priorities.
Notably, the Series E funding round signifies a strong vote of confidence from major Silicon Valley stakeholders. It shows the promise and resilience of the tech sector, even amidst turbulent global economic conditions. As a result of this boost, the company is now better positioned to lead the data infrastructure space.
This remarkable financial backing raises the company’s valuation to an impressive $3.5 billion — a 40% increase from last year.
San Francisco data firm’s significant valuation
With a more robust financial standing, the enterprise can now focus on expansion, innovation, and a deeper market penetration.
Following this major fundraising round, GV’s general partner, Michael McBride, will strengthen the company’s board. His wealth of experience in corporate strategy will contribute significantly to the company’s future growth, expanding their strategic horizon and fostering crucial business decisions.
The company’s innovative software system has already captured the attention of several Fortune 500 companies. As enterprises continue to demonstrate interest in advanced data solutions, this startup is well-positioned to cater to an exponential growth in corporate data management.
Already boasting a customer base that includes 25% of Fortune 500 companies, the startup has seen its annual recurring revenue (ARR) exceed $100 million and its customer base grow by triple digits annually. One of the company’s main objectives is to target an even larger portion of the Fortune 500 market, further solidify its standing in the industry.
The company aims to harness this recent influx of funding to spur further growth, advance product offerings, and escalate its research and development initiatives. With strategic plans to further global expansion, this startup is setting the bar high for industry standards and is planning to disrupt the data infrastructure industry.
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