Cohesity, a data management software company backed by SoftBank Group Corp's Vision Fund, said on Tuesday it has confidentially filed for an initial public offering (IPO) in the United States.
The San Jose, California-based company was valued at $3.7 billion after a funding round in March. Besides Japanese conglomerate SoftBank, Cohesity also counts venture capital firms DFJ Growth and Foundation Capital among its investors.
The company, which claims to help businesses manage their data in a simpler and more cost-effective way, serves customers in sectors ranging from financial services, healthcare, government, pharmaceutical, retail, and technology.
Network gear maker Cisco Systems Inc, the National Aeronautics and Space Administration (NASA) and Siemens AG use Cohesity's platform.
The company was the second-ever investment for the $100 billion SoftBank Vision Fund, which has also invested in companies such as Uber Technologies Inc and DoorDash Inc.
The market for IPOs in the United States has continued to be on a tear as pandemic-era stimulus measures and idle cash propel stocks to sky-high valuations. Enterprise software makers Freshworks Inc and Samsara Inc have cashed in on these upbeat conditions to list their shares earlier this year.
Check out latest DH videos here