Why Qumulo has become the latest data unicorn

Qumulo is a Seattle, Washington-based firm offering a scalable data platform for enterprises utilising multi-cloud environments.

Digital transformation can run into roadblocks when it comes to managing files, especially when the introduction of cloud systems fractures existing storage systems. QUmulo’s file management system claims to make the management of such file data simpler, with features such as collaboration, real-time visibility and scalability.

Since its foundation in 2012, the company has raised around $350mn across seven funding rounds. Its latest $125mn Series E, announced yesterday, pushed it to tech unicorn status, meaning a startup valued at over $1bn. The round was led by funds managed by BlackRock, with participation from Highland Capital Partners, Madrona Venture Group, Kleiner Perkins and others.

In a press release, Bill Richter, CEO of Qumulo, said: “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.

“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 said it would use the funding to scale globally, as well as accelerate innovation.

“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, Director in BlackRock Private Equity Partners. “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.”