Cohesity gets $250 mn funding led by SoftBank Vision Fund

Dollar spending on technology
The $100 billion SoftBank Vision Fund led a $250 million investment into data storage firm Cohesity, Reuters reported.

California-based Cohesity provides services to help businesses store, manage and protect their data. The investment, which came at a valuation of more than $1 billion, brings the company’s total fundraising to $410 million, said Rob Salmon, president and chief operating officer.

SoftBank, which leads a nearly $100 billion investment vehicle that includes funding from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, Apple, and Qualcomm, among others, has made sizeable investments in ride-hailing firm Uber Technologies, shared office provider WeWork, food delivery startup DoorDash and dog walking app Wag.

Cohesity marks the fund’s second investment in the enterprise software sector, said Deep Nishar, senior managing partner at SoftBank Investment Advisers. Last year it invested in Slack, a workplace messaging service.

SoftBank has also pledged to help Cohesity expand its operations in Asia. Cohesity is looking to add business in Japan, where SoftBank is headquartered, as well as South Korea and India.

Cisco Investments, Hewlett Packard Enterprise (HPE), Morgan Stanley Expansion Capital and Sequoia Capital also joined the round.

Cohesity is on track for more than $100 million in revenue this year. Its main customers include the U.S. Department of Energy, Hyatt Hotels Corp and Piedmont Healthcare.