Companies

Druva raises $147 million to extend its market leadership

Our Bureau | Updated on April 19, 2021

The round has raised the company’s valuation above $2 billion

Bengaluru, 19 April

Druva Inc, the leader in Cloud Data Protection and Management, has announced a $147 million fundraise as the company rapidly scales in response to accelerated demand for its platform. The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets.

Also read: Indian start-up ecosystem witnesses $106-billion value creation by 44 unicorns

The round, which raises the company’s valuation above $2 billion, also included participation from existing investors Viking Global Investors and Atreides Management. Druva is a privately held company headquartered in Sunnyvale, California with its R&D facility in Pune. It is funded by Sequoia Capital, Viking Global Investors, CDPQ, Neuberger Berman, Tenaya Capital, Riverwood Capital and Nexus Partners. The company has raised $475 million since its inception in 2008.

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it,” said Jaspreet Singh, founder and CEO, Druva. “Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform.”

Over the last 12 months, enterprises have moved swiftly to adopt cloud solutions to strengthen business resilience, maintain critical business operations, and support hybrid work models. Based on this demand, Gartner, Inc. forecasts cloud adoption will reach a five-year compound annual growth rate (CAGR) of 20.7 percent. As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service. Only solutions built natively in the cloud will be able to successfully deliver all this functionality and, 40 percent of organizations will supplement or completely replace traditional backup applications with cloud-based solutions by 2022, according to Gartner, Inc.

With the ability to deliver faster time to value and help businesses manage, protect, and govern critical data during their digital transformation efforts, Druva Cloud Platform’s customer base has expanded substantially during 2020, while the adoption of multiple Druva Cloud Platform products has increased by 50 percent in the same time period. In the last year, the company’s data under management has grown by more than 40 percent as Druva supports industry leaders, disruptors, and pioneers including GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.

Published on April 19, 2021

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