DRUVA RAISES Series B FROM SEQUOIA CAPITAL & INDIAN ANGEL NETWORK
Riding on its impressive growth, the company plans to expand its footprint in US & Europe
New Delhi, India – April 6, 2010: Druva Software, a leading provider of Continuous Data Protection and Disaster Recovery products, today announced that it has received a Series B round of funding from Sequoia Capital and the Indian Angel Network (IAN). Sequoia Capital and IAN will together invest up to $5mm in this round.
Druva is a profitable software product company that registered over 300% growth in the financial year that just ended and will use the capital for fueling its expansion in global markets.
Druva, best known for its two award winning products Druva inSync, for laptops in anenterprise environment and Druva Phoenix, for remote servers has already acquired customers in more than 20 countries in the last two years. Druva has existing sales offices in the US and Europe which will be expanded to match increasing demand from clients in those markets. Druva’s R&D team has extensive experience in data storage products, and has incorporated next generation data de-duplication technologies to provide optimized data protection across the enterprise.
“Our unique approach towards data de-duplication, both for corporate offices and remote users, allows better storage and provides significant savings in terms of time and bandwidth requirements. Our client base is increasing rapidly and this funding from Sequoia Capital and Indian Angel Network comes at an opportune time as we look at expanding our operations into other geographies,” said Jaspreet Singh, CEO and co-founder, Druva.
Shailendra Singh, Managing Director, Sequoia Capital said, “We are excited to back Druva, whose clients are selecting them over established vendors in countries they have never set foot in or sometimes without as much as a sales call. Their highly differentiated products and internet-based sales model, makes this a disruptive business opportunity. We are committing Sequoia’s global network of resources to help Druva scale quickly.. We hope that Druva’s success will inspire more entrepreneurs to build world-class software products in India.”
Rehan yar Khan of IAN adds "Druva signals the fact that world-class software product companies are starting to emerge from India. Our network will continue to closely support Druva to grow it into a world leader " Rehan yar Khan (IAN) who was on the Board of Directors of Druva, has now been joined by Shailendra Singh (Sequoia Capital)
Founded in 2007, Druva Software is a leading provider of Continuous Data Protection and Disaster Recovery solutions. Since inception, Druva has released two award winning products - Druva inSync and Druva Phoenix. Druva is privately held and backed by Sequoia Capital, Indian Angel Network (IAN), and Accord International (HK).
For more information, kindly visit: http://www.druva.com/
About Sequoia Capital
Sequoia Capital currently manages funds capitalized at close to US $1.8 billion and invests across venture, growth and late stage opportunities in India. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams.
Over the last 9 years, Sequoia Capital has invested in more than 50 Indian companies including Café Coffee Day, Comviva (Bharti Telesoft), Dr Lal Pathlabs, Edelweiss, Firstsource, GVK Biosciences, Idea Cellular, Ind-Barath Power, Just Dial,Shaadi.com and SKS Microfinance. Sequoia Capital operates out of offices in Bangalore, Mumbai and New Delhi.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers. Sequoia Capital maintains dedicated teams in the US, China, India and Israel.
For more information, kindly visit: http://www.sequoiacap.com/india
About Indian Angel Network
Indian Angel Network is India's first & largest Angel network with successful entrepreneurs and high profile CEOs comprising the who's who of Indian industry, invests in and nurtures early stage businesses across India, which have potential to create disproportionate value.
For more information, kindly visit: http://indianangelnetwork.com