Take the money, but the valuation could bite you
I think management is doing the right thing. If cheap money is available, take it. The only problem is that they are now priced beyond perfection. Rubrik is catching up to Pure's valuation. Pure has had a much longer and sustained history of growth and is addressing a much larger market. To grow into their valuation Rubrik's financials have to be considerably better than Pure. That's a tall order given the smaller size of the secondary storage market and other fast growing competition such as Cohesity and Veeam (not to mention AWS).
When the bumps happen up ahead the extra money cushion will come in handy, but employees and later investors could become unhappy if a future round or an IPO takes the valuation down instead of up.