Druva raises $130 million to power data protection for the cloud era
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Druva announced a $130 million investment led by Viking Global Investors, pushing total capital raised to $328 million. The round also included 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.
Druva’s success has been fueled 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, enabling customers to eliminate complexity and drive down costs by up to 50 per cent.
Druva’s patented technology delivers all-in-one backup, disaster recovery, archival and analytics solutions that deploy in a single click and provide 360-degree visibility and control across all environments. To date, over 4,000 enterprise customers have placed their trust in Druva, including 10 per cent of the Fortune 500, such as Pfizer, Flex, Marriott, Live Nation, and Hitachi.
“Riverwood is thrilled to be increasing its investment in Druva,” said Riverwood Capital MD Harish Belur “Since our original investment around two years ago, the company's growth and success have 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. We look forward to Druva’s next phase of growth and are excited to be a part of the journey.”
“The line between data and business is blurring. The data management market is forecasted to be worth $55B 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 Druva CEO Jaspreet Singh. “Today’s funding will help Druva to power data protection for the cloud era and accelerate our momentum to better serve the needs of enterprise customers.”