Cloud data protection platform OwnBackup has closed a Series E investment of US$240 million bringing the company’s valuation to $3.35 billion.

The series was co-led by Alkeon Capital and B Capital Group, including a secondary investment in the company by BlackRock Private Equity Partners and Tiger Global.

Existing investors Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures also participated.

The company has cumulatively raised nearly $500 million, resulting in a $2 billion valuation increase in six months.

OwnBackup also announced plans to expand its backup and recovery solutions across other cloud platforms later this year, beginning with Microsoft.

The company currently provides cloud data protection, sandbox seeding and data archiving solutions for nearly 4,000 organisations worldwide, including AECOM, Aston Martin, Ciena, Delivery Hero, Guidewire Software, the Make-A-Wish Foundation, Medtronic, Navy Federal Credit Union, Singapore Economic Development Board, and the University of Miami.

With this latest funding round, OwnBackup said it will extend its cloud data protection services to Dynamics 365 later this year to help users meet regulatory requirements and eliminate data disruptions due to user and integration errors.

Sam Gutmann, CEO of OwnBacku, said: “Our commitment to protecting our customers’ data and providing solutions that enable precise, rapid recovery continues to grow. While the cloud is crucial to doing business, the mass adoption of SaaS has resulted in a huge amount of data, and our work with Salesforce, Microsoft and other critical SaaS ecosystems enables companies to thrive in today’s digitally driven world.

“The story of every business is written with data, and this latest round of funding will support our ongoing vision to empower our customers to own and protect their data on any cloud platform.”

Abhi Arun, Managing Partner, Alkeon Capital, said: “Executives are focused on data solutions and their workforce’s ability to access and secure it when and where they need it.

“Likewise, customers demand seamless transfer and control of their data on a platform-independent of their SaaS provider, while maintaining the highest levels of security for their end-users.

“That is why we are thrilled to collaborate with and support OwnBackup’s leadership team as they continue to deliver incredible customer value in the Salesforce ecosystem and beyond.”