Druva, a cloud data management company, has raised $80 million of growth equity funding, led by Riverwood Capital, with strong participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. The latest round brings the total revenue raised by the company to approximately $200 million.
Druva will aim to leverage this late-stage investment to accelerate research and development, expand go-to-market efforts worldwide, and lead the industry in redefining how enterprises protect, manage, and use their data.
“We see today’s digital transformation as a data transformation, and protecting data in today’s cloud connected environment requires a fresh approach. Druva’s as-a-service solution eliminates costly and complex infrastructure to quickly and seamlessly protect, govern, and gain intelligence from their data when and where it’s needed,” said Jaspreet Singh, Co-founder and Chief Executive Officer, Druva.
Druva attributes its growth to 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 organizations. Additionally, the company claims that its cloud deployments now span more than 4,000 enterprise customers, including 10 percent of the world’s Fortune 500 companies.
“Cloud Data Protection and Management solutions are massively disrupting the secondary storage industry. 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 organizations re-define 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,” said Jeff Parks, Co-founder and General Partner, Riverwood Capital.
“The effectiveness of Druva’s technology has been lauded by a large list of customers. With high customer satisfaction, strong brand loyalty, proven technology innovation and seasoned leadership team, Druva is best positioned to drive the as-a-service transformation of enterprise data protection and management,” Parks added.
Earlier this month, the company announced the Druva Cloud Platform Tech Preview, which delivers a single view for protection and management of endpoints, servers, and cloud applications. The platform converges Phoenix and inSync cloud solutions, and offers a unified view into services and data.