In today’s cloud-focused internet frenzy, cyber security plays an important role in protecting that data stored in remote servers across the globe. Druva is one such data protection and info management service provider, which allows enterprise organisations to protect their proprietary data from intruders. And now to further its cause, the company has today announced that it has added a whopping $51 million to its coffers.
This Series E round of funding has been led by existing investor Sequoia Capital(India), with contributions from existing investors including NTT Finance, Nexus Venture Partners and Tenaya Capital. In addition, the round was also joined by some new investors — Singapore-based EDBI, Blue Cloud Ventures and Hercules Capital.
The latest funding round comes at the heels of a recent investment by existing(then new)backer NTT Finance, the financial arm of Japan-based telecommunications company Nippon Telegraph and Telephone Corporation. This brings the total venture capital raised by the company close to $118 million.
Though Druva has spent the last two years expanding the scope of its cloud protection platform and scaling it across multiple geographies, including the U.S, Europe, Middle East and Asia Pacific region. It now aims to double down and focus on vertical growth.
It plans to use the influx of fresh capital to accelerate both product innovation and adoption, while further enhancing the capabilities of its highly-secure cloud platform. It will also a chunk of money to drive sales and marketing campaigns, and expand its global footprint by serving more local markets in these regions. There will now be a larger focus on Singapore, Australia and European markets — still struggling due to Brexit.
Commenting on the current funding round, Jaspreet Singh, Druva founder and CEO says,
Our customers are entering a new era of public cloud adoption and Druva is at the forefront. The fragmentation of data, combined with increasing regulatory needs, is making enterprises everywhere rethink how information is best managed.
We are at an inflection point and Druva’s ability to evolve and innovate is proving to be nothing short of a game changer. This new capital enables us to continue to serve customers through notable innovations, partnerships and additional global expansion.
But, that’s not all. Banking upon innovation and growth in the coming few months, Druva plans to head to the market to raise even more capital to fund its global expansion. In conversation with ET, Milind Borate, founder and CTO said that the company is now treading a very fine-line and is ripe for an initial public offering.
Commenting on its continued support and partnership with Druva, Shailendra Singh, MD at Sequoia Capital India Advisors says,
Druva is at the cutting edge of leveraging the cloud to solve data protection challenges for today’s enterprises. The team’s ability to deliver multiple best-in-class solutions on common scalable architecture makes us very excited about what the future holds. It has been six years since Sequoia India’s first Series A investment. We are thrilled to continue to partner with Druva to build an enduring company.
In 2008, Druva was founded as a laptop backup service provider by a trio of former Veritas Software execs, Milind Borate, Jaspreet Singh and Ramani Kothandaraman. It has since then branched out and grown into a full-fledged enterprise scale data protection provider. It currently has a customer base of more than 1000, including the likes of NASA, Chipotle, LiveNation, Hulu, Marriott, Leidos, and NBC Universal among others.
The company is based in Sunnyvale, California and has its 400+ strong workforce divided between India and the US. While the engineering team works out of its Pune office in India, the sales, marketing, product and finances are handled by teams in the States.