Qumulo Raises \(125M in Series E Funding, Reaches \)1.2B Valuation
Seattle-based cloud storage leader Qumulo has secured a \(125 million Series E investment, catapulting its valuation to \)1.2 billion. This latest funding round underscores the growing demand for scalable data storage solutions in today’s digital-first economy.
Key Investment Details
- Lead Investor: BlackRock
- Participating Firms: Highland Capital Partners, Madrona Venture Group, Kleiner Perkins, and newcomer Amity Ventures
- Total Funding to Date: $351 million
- Valuation Growth: More than double its 2018 Series D valuation ($93M round)
Pandemic-Proof Growth in Unstructured Data Solutions
Despite economic uncertainties, Qumulo demonstrated remarkable resilience:
- Achieved nearly 100% year-over-year growth by April 2020
- Surpassed pre-COVID revenue projections
- Attracted significant investor interest during market volatility
CEO Bill Richter emphasized the strategic significance: “A billion-dollar valuation during this complex global environment speaks volumes about our technology’s relevance as organizations accelerate digital transformation.”
Market Drivers Fueling Expansion
Two major trends are propelling Qumulo’s success:
- Explosion of Unstructured Data: Remote work and digital operations have created unprecedented storage demands
- Cloud Migration Wave: Enterprises increasingly adopt hybrid cloud solutions where Qumulo excels
Scaling Operations with Purpose
The company currently serves 400 enterprise customers with 300+ employees, planning to add 100 more by year-end. Richter highlights their commitment to diversity:
“We implemented structured hiring practices to eliminate bias and break the cycle of ‘club membership’ recruiting. This opens opportunities to broader talent pools.”
From Hardware Roots to Cloud Leadership
Founded in 2012, Qumulo initially focused on market research before launching its first storage appliance in 2014. The company has since evolved into a hybrid cloud leader, adapting to changing enterprise needs.
This funding round positions Qumulo to capitalize on the $50B+ enterprise storage market as organizations worldwide prioritize scalable, efficient data management solutions.
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