Keepit tops USD $100 million ARR on AI truth cloud

Keepit has surpassed USD $100 million in annual recurring revenue, a milestone it links to the rollout of its AI Truth Cloud strategy.

The SaaS data protection provider said the mark follows more than 13-fold growth since One Peak first backed the business in 2020, representing a compound annual growth rate of more than 55%.

Keepit is presenting the revenue milestone as part of a broader argument that backup data is becoming more central to how companies manage information used by artificial intelligence systems. As AI tools increasingly create, alter and pass information between systems, organisations need an independent record of their data, it says.

Co-founder and chief executive officer Morten Felsvang said the company's model is built around keeping customer data separate from the large cloud providers that often host the original software services.

"Reaching $100 million in ARR validates what we've always believed: that organizations everywhere need data protection that doesn't depend on the same hyperscalers that host their data," said Morten Felsvang, co-founder and chief executive officer, Keepit.

"We've built this company to grow without sacrificing the things that matter: independence, sovereignty, immutable storage, and the trust of our customers. As our AI strategy fully comes to life, that momentum will continue," Felsvang said.

AI and backup

Keepit argues that AI is shifting backup from a recovery tool to a reference point for what data is accurate and recoverable. It says this matters because AI systems can change enterprise records, and later systems may act on those changes whether or not they are correct.

Its service stores copies of customer data in an independent cloud infrastructure and keeps them in a way that allows version tracking and point-in-time restoration. That means customers can restore a single item or a broader software environment without relying on the original SaaS provider.

Co-founder and chief visionary officer Frederik Schouboe described that shift as a change in what customers expect from data protection.

"Backup used to answer one question: Can we get the data back?" said Frederik Schouboe, co-founder and chief visionary officer, Keepit.

"AI is making companies ask something bigger: Can we trust the data our business is running on? This means data protection is no longer a cost of doing business, but rather the foundation of doing business you can trust," Schouboe said.

Independent cloud

A central part of Keepit's pitch is that it does not store backed-up customer data on infrastructure owned by Microsoft, Google or Amazon. Instead, it says it runs its own vendor-neutral cloud across independent data centres.

The structure is intended to preserve access to customer data if the original SaaS platform becomes unavailable. Keepit also says it helps customers meet data sovereignty and residency requirements across different jurisdictions, particularly in regulated sectors.

The company protects data from software platforms including Microsoft 365, Google Workspace and Salesforce. It sells through resellers, managed service providers and aggregators, and says it serves organisations ranging from small businesses to large enterprises.

Keepit has 700 employees, offices across Europe and the Americas, and data centres in seven regions. It listed customers including Luminus, Porsche Holding Salzburg, Carlsberg, HDI, KU Leuven, Oxford University Innovation, Saxo Bank, freenet and Emmi.

The revenue threshold places Keepit among a relatively small group of privately held software companies in the data protection market to disclose nine-figure recurring revenue while still emphasising growth. The company is linking that commercial progress to customer demand for data recovery, cyber resilience and greater separation from the large cloud platforms that dominate enterprise software.

It also reflects a wider shift in the backup market, where providers are trying to show that archived data can serve operational as well as protective roles. Keepit argues that immutable and recoverable records are becoming more valuable as businesses use AI systems that can alter live datasets and spread those changes through connected workflows.

For customers with deep SaaS estates, the issue is not only whether lost data can be recovered after ransomware or accidental deletion, but whether a reliable historical record exists when automated systems produce disputed or flawed outputs. Keepit's case is that independent copies of enterprise data can serve as that record when companies need to identify what changed, when it changed and which version should be restored.

It says customers retain access to their data even if they lose access to their primary SaaS provider.