Startup News: Sources say cybersecurity firm Rubrik plans to go public in 2024

Sources say cybersecurity firm Rubrik plans to go public in 2024

Rubrik, a cybersecurity firm backed by Microsoft, is planning to launch an IPO next year, sources close to the company told Reuters.

According to Reuters, the Palo Alto, Calif.-based company is working with Goldman Sachs, Barclays Plc and Citigroup for its planned stock market debut, said sources for Reuters who requested anonymity.

Rubrik, which was valued at $4 billion as of August 2021 following an investment of an undisclosed amount from Microsoft, may raise more than $750 million in its IPO, sources told Reuters, though that amount may change based on market conditions. The company hasn’t released any statements confirming or denying these reports.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. According to Reuters, the company serves more than 5,000 enterprise customers, including chip-maker Nvidia Corp. and Home Depot. Rubrik has said that its annual recurring revenue tied to software subscriptions surpassed $500 million in January.

Firms that have provided financing for the company besides Microsoft include Bain Capital Ventures, Greylock Partners, IVP, Khosla Ventures, and Lightspeed Venture Partners.

Instabase has raised fresh funds, doubling value to $2 billion

Instabase, a leader in applied artificial intelligence for business enterprises, has announced a Series C funding round and the launch of “AI Hub,“ a repository of AI apps focused on content understanding.

Last week’s $45 million Series C funding round, which brought Instabase’s valuation to $2 billion, was led by Tribe Capital, with participation from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures.

The San Francisco-based company also publicized its “AI Hub” platform, a self-service solution that democratizes access to content understanding capabilities. For example, this technology allows an individual to have interactive conversations, get answers to questions, and summarize content such as documents, spreadsheets, and even images.

Founded in 2015, Instabase helps enterprises transform unstructured data into structured data so that processes, such as client onboarding and mortgage processing, can be automated end-to-end.

Flexport closes its takeover of Shopify’s logistics arm

Flexport, a leading supply-chain management company, has closed its acquisition of Shopify’s logistics arm, a month after it announced its plans.

The acquisition deal also includes a technology company Deliverr, which specializes in shipping services according to FreightWaves, a logistics and supply chain trade publication. Shopify bought Deliverr in 2022 for $2.1 billion and the new deal will allow Flexport to fulfill all aspects of end-to-end delivery.

According to FreightWaves, the acquisition positions Flexport to compete with Amazon on home delivery with a more holistic port-to-porch logistics system designed for small and medium-size merchants.

In describing the deal last month, Flexport CEO Dave Clark called Shopify’s logistic assets the “last piece” that the San Francisco-based company needed to extend its reach from the manufacturer to the end consumer.

Founded in 2013, Flexport ‘s last known valuation was $953 million. Canada-based Shopify, which is publicly-traded, is an e-commerce platform that allows businesses to build online retail outlets, helping with various functions including payments and marketing.

About the Author

John Kimelman is a veteran journalist who has worked at Barron’s and CNBC covering such topics as investing and commercial banking. Mr. Kimelman has received compensation from Forge Global, Inc. for authoring this article. Read more from John.

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