Druva raises $80M in round led by Riverwood Capital, takes total funding to $200M mark
Druva, a leading player in cloud data protection and management, on Tuesday, announced that it had raised $80 million of growth equity funding, bringing the total funds raised by the venture to approximately $200 million. The latest funding investment was led by Riverwood Capital, with participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. In September 2016, Druva had raised a $51-million funding round led by Sequoia India.
Story so far
Founded in 2008 by Jaspreet Singh, Milind Borate and Ramani Kothandaraman, Druva’s solutions intelligently collect data and unify backup, disaster recovery, archival and governance capabilities onto a single, optimised data set.
Druva claims that its success is fueled partially by the rapid expansion of the data protection market, with market size expected to be $28 billion in 2022 for both cloud-based and on-premises servers, in addition to the rapid cloud data protection and management adoption by Global 5000 organisations.
“Druva’s growth can be attributed to the rise of advanced and persistent data threats such as ransomware, changing global data regulations, and the explosion of data in motion driven by enterprise digital transformation initiatives,” said Jishnu Bhattacharjee, MD at Nexus Venture Partners in a statement.
In May 2017, the company had announced its leadership in the cloud server data protection market and claimed that it had realised over 300 percent year-over-year growth in infrastructure data protection revenue. Additionally, Druva remarked that its cloud deployments now span more than 4,000 enterprise customers, including 10 percent of the world’s Fortune 500 companies, such as Continental, Emerson, Flex, Fujitsu and Lockheed Martin.
Jaspreet Singh, Co-founder and Chief Executive Officer, Druva noted that the company's as-a-service solution eliminates costly and complex infrastructure to quickly protect, govern, and gain intelligence from their data when and where it’s needed. He said in a statement,
We see today’s digital transformation as a data transformation, and protecting data in today’s cloud-connected environment requires a fresh approach.
“Cloud data protection and management solutions are massively disrupting the secondary storage industry,” said Jeff Parks, Co-founder and general partner at Riverwood Capital, said in a statement. “Druva delivers an as-a-service protection and management solution for all enterprise data encompassing infrastructure, endpoints, and cloud applications. We are impressed by Druva’s ability to help organisations redefine their data protection and management strategy in a cloud-first world leveraging the performance, scale, ease of use and TCO benefits of the public cloud and SaaS."
Recent developments and future plans
Earlier this month, Druva announced the Druva Cloud Platform Tech Preview, which delivers a single-pane-of-glass view for protection and management of endpoints, servers, and cloud applications. The platform converges Druva Phoenix and Druva inSync cloud solutions and offers a unified view into services and data.
Druva competes with the global majors in the antivirus space, including Norton, Symantec, and Avast. Earlier this year, one of the players in this space, Quickheal, went for a Rs 250-crore IPO in February 2016.
Druva aims to leverage this late-stage investment to accelerate research and development, expand go-to-market efforts worldwide, and redefine how enterprises protect, manage, and use their data.
Related read from 2014: Druva’s tryst with crossing the chasm
Milind, Co-founder and CTO, Druva, believes that the company's patented technology -- including time-indexed metadata, global scale-out deduplication, instant access, auto-tiering, and advanced search and analytics -- has critical capabilities that enable true scale and simplicity for customers who want peace of mind for their businesses' critical data. He said in a statement,
With the proliferation of ransomware and the need for governance and compliance around initiatives like General Data Protection Regulation (GDPR), Druva’s innovations are well positioned to serve this growing market. Druva Cloud Platform is the next generation of cloud data protection and management, completely delivered as a service.