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Cloud Data Protection and Management start-up, Druva, on Thursday raised a $130 million investment led by Viking Global Investors, pushing total capital raised to $328 million.
The new late stage investment has put Sunnyvale, California-based Druva, which has its entire R&D set-up in Pune, in the coveted Unicorn club, with its valuation crossing a billion dollars.
The round had participation from new investors, including certain funds advised by Neuberger Berman and Atreides Management, as well as existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners. The investment will be used to fuel growth and global expansion, as well as drive new product innovations, the company said.
Druva’s success has been fuelled by the rapid growth of enterprise cloud adoption, a massive proliferation in data, and an evolving regulatory landscape. At the same time, the data protection industry has continued to expand significantly, with a market size expected to reach $55 billion by 2020 according to IDC.
Built on Amazon Web Services (AWS), Druva is a SaaS solution in a market dominated by legacy hardware vendors. The company has over 4,000 enterprise customers, including 10 per cent of the Fortune 500 companies, such as Pfizer, Flex, Marriott, Live Nation, and Hitachi.
Harish Belur, Managing Director, Riverwood Capital said, “Since our original investment around two years ago, the company's growth and success has surpassed our expectations. Druva's unique approach to the large and growing data protection market is transformative to the industry and is validated by some of the world’s largest companies and the most demanding customers.”
“The data management market is forecast to be worth $55 billion next year, yet the landscape is dominated by solutions that are 20 years old. Druva is disrupting the way enterprises protect and leverage their data with a modern, cloud-native SaaS platform,” said Jaspreet Singh, founder and CEO, Druva. “Today’s funding will help Druva power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers.”
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