Just yesterday we shared the news about Petroleos Mexicanos or PeMex for short being hit with ransomware with a deadline of November 30th to pay a $5M ransom.

The company is scrambling to erase and reinstall operating systems.

The company has 128,000 workers! Certainly, all haven’t been infected but the mind boggles at the amount of time needed to wipe that many machines. We would estimate 90 minutes or perhaps more per machine!

The worst-case scenario – assuming every worker had one PC which needed to be wiped and restored would be 96 man-years.

The point is ransomware is getting worse – costs are going up – payments which are made could go to terrorist groups like ISIS and potentially get your organization fined.

The best defense is a strong backup solution.

This is why companies like Clumio – who handle enterprise backup are growing and in this case received a $135 series in funding. The series C is led by Mike Speiser, managing director of Sutter Hill Ventures and new investor Altimeter Capital – a global investment firm notable for funding Okta, Twilio, and Snowflake among other SaaS companies. Index Ventures, an existing investor, is also a participant in the round. This more than triples Clumio’s funding to date for a total of $186M through three rounds.

You may recall reading just a month ago on TMCnet that the City of Davenport, Iowa, selected Clumio secure backup as a service.

“Enterprise IT can no longer afford the time, complexity and expense of building and managing data protection solutions on-prem or in the cloud,” said Poojan Kumar, Clumio CEO and co-founder. “Unlike legacy backup vendors, Clumio SaaS is born in the cloud. This round of investment allows us to push that advantage as we accelerate our development and go to market strategy while continuing to meet customer requirements for backup, regardless of where the data is.”

IDC estimates the global market for SaaS applications revenues is expected to increase from approximately $100 billion in 2018 to more than $185 billion by 2022. Clumio gives enterprises a fast and effective way to make progress against organizational mandates to move workloads to the cloud or minimize the amount of time they spend on applications and operations that are not core to their businesses. According to IDC, the Data Protection as a Service market – which includes spend on backup, and disaster recovery cloud services – will grow to over $10 billion by 2022.

“Similar to Snowflake disrupting the data warehousing market by leveraging the scale, elasticity and economics of the public cloud, Clumio is building a globally consolidated data protection service the right way,” said Mike Speiser, Managing Director, Sutter Hill Ventures. “Harnessing the full power of the public cloud, they are reimagining the backup experience for the enterprise paying particular attention to security, predictable costs and simplicity for their customers.”

This new funding will help Clumio execute in the following areas:

• Accelerate the growth of its engineering team, both at the company’s headquarters in Santa Clara, CA and in its new development center in Bangalore, India
• Expand go to market and service operations in the U.S.
• Add more support for its 100% channel strategy with additional partner resources and programs and build upon momentum in technology partner programs with AWS, VMware and others
• Introduce support for new workloads as Clumio continues to execute against its vision for a globally consolidated data protection service

Clumio is a secure, backup as a service that consolidates the protection of an enterprise data center and any remote sites with no hardware or software to size, configure, manage – or even buy at all. As enterprises move aggressively to cloud, they can use Clumio to protect workloads like VMware Cloud on AWS and native AWS services. Authentic SaaS protects data regardless of where it resides and delivers critical benefits to the enterprise

Today, Clumio also announced a secure SaaS Backup for AWS that eclipses snapshot only protection strategies to reduce risk of data loss, increase security and lower retention costs. 

Without business continuity – you really don’t have a business. Clumio allows managers and business owners to sleep soundly at night, knowing their data is safely protected.

See the only Cybersecurity vendors that matter at the ITEXPO #TECHSUPERSHOW.

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