When Asheem Chandna drove as much as Rubrik’s workplace in Palo Alto on a Friday night time in early 2015, he was wanting ahead to studying what the younger firm that had but to construct its product would present him. The Greylock accomplice wasn’t disenchanted.

The corporate’s CEO, Bipul Sinha, drew Rubrik’s plan to revamp the information administration and restoration market on a whiteboard. “The outdated versus new structure he introduced was very compelling,” Chandna stated. “Based mostly on my data of the sector, I knew it might be constructed into a big enterprise.”

That was a prescient name. On Thursday, 9 years after that assembly, Rubric started its life as a publicly traded firm with a market cap of over $6 billion. Greylock holds a 13% stake, according to the latest SEC filings. By the shut of market Friday, with shares priced at $38, these almost 19.9 million shares had been price over $756 million. 

However Chandna says it was rather more than Rubrik’s need to tackle the arcane information restoration market that motivated him to steer Rubrik’s $40 million Sequence B in Might 2015. (The Sequence B spherical bought for $2.45/share, adjusting for splits, in accordance with these SEC paperwork. Whereas Greylock additionally participated in later rounds at greater costs, Chandra’s returns on this one are hefty.) 

“The longer I do what I do, the extra I essentially consider that enterprise is a folks enterprise,” stated Chandna, who has been an investor for over 20 years and has an enviable observe report of profitable exits. He has helped incubate Palo Alto Networks in Greylock’s places of work and was on the almost $100 billion-worth firm’s board till final yr. Chandna was additionally an early investor in AppDynamics, Sumo Logic and Arista Networks.

Chandna seems for people who find themselves not solely motivated and impressive, however are additionally self-aware of their weaknesses, and may recruit individuals who can get issues carried out in areas that aren’t the founder’s robust fits.  

One other important ingredient for a founder is grit. “If you happen to had expertise that was enough, however barely inferior to my expertise, however you had been very self-aware and chronic, you’ll beat me,” he stated.

That’s what he noticed in Sinha. Rubrik’s founder had a lifelong dream of beginning an organization. When he based the information administration and restoration startup in 2013, he couldn’t discover robust engineers who wished to come back work there, Chandra recalled. The enterprise he was making an attempt to construct was inherently not horny on the time. 

Regardless of having been an investor with Lightspeed for 4 years earlier than launching Rubrik, recruiting expertise turned out to be a giant problem for Sinha. However he didn’t hand over. He pinged engineers on LinkedIn after which invited them for espresso blocks away from the place they labored.

“Startup journeys are very laborious, even for probably the most profitable firms,” Chandna stated. “I would like individuals who received’t take ‘no’ for a solution.”

Maybe it was Sinha’s grit and ambition that compelled him to take his firm public regardless of the lukewarm IPO atmosphere.

“Rubric has slightly below $800 million in annualized recurring income,” Chandna stated, “That’s bigger than most firms that went public within the final a few years. I feel they simply wished to get on with it.”

Chandna declined to say if he expects different Greylock portfolio firms to comply with Rubrik’s lead however added emphatically that the agency’s best-performing late-stage companies are Irregular Safety, Cato Networks, Discord, Figma and Lyra Well being.

We shall be following their destiny intently.