Druva, software-as-a-service platform headquartered in Sunnyvale, California has raised a $130 million investment led by Viking Global Investors, pushing its total capital raised to $328 million. The funding round included participation from new investors including certain funds advised by Neuberger Berman and Atreides Management, as well as existing investors Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.
Founded by Jaspreet Singh and Milind Borate, Druva Cloud Platform is built on Amazon Web Services (AWS) and currently has more than 700 employees. 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.
The company will utilise the investment to fuel growth and global expansion, as well as drive new product innovations. The company’s success has been fueled by the rapid growth of enterprise cloud adoption, a massive proliferation in data and an evolving regulatory landscape. The company’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.
Jaspreet Singh, founder, and CEO stated, “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.”
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. Harish Belur, Managing Director, Riverwood Capital said, “Riverwood is thrilled to be increasing its investment in Druva.” He also added, “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. We look forward to Druva’s next phase of growth and are excited to be a part of the journey.”
Over the years, Druva has built itself to be the leader in Cloud Data Protection and Management. The Managing Director from Sequoia Capital (India) Singapore said that being the company’s first investor, Sequoia India saw great potential in Singh and the transformative nature of the product that the Druva team was building.
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