SUNNYVALE, Calif. – June 20, 2019 – Druva, Inc., the leader in Cloud Data Protection and Management, today 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, and IDC forecasts that by 2020 it will cost $55 billion* to store and manage “copy data,” while the data protection market will generate revenues of almost $8 billion**. 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 percent. 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 percent of the Fortune 500, such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.
“Riverwood is thrilled to be increasing its investment in Druva,” said Harish Belur, Managing Director, Riverwood Capital. “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.”
“The line between data and business is blurring. The data management market is forecasted 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 to power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers.”
Additional quotes from the industry
“Druva is a leading Advanced Technology Partner in the AWS Partner Network,” said Mike Clayville, Vice President Worldwide Commercial Sales, and Business Development, Amazon Web Services, Inc. “Druva’s solutions powered by AWS are changing the way data is managed and protected at thousands of companies globally. We’d like to congratulate Druva on its latest fundraise, and look forward to innovating with Druva to create new solutions that benefit our customers.”
“The challenges of data management continue to grow as enterprise data becomes more distributed across hosted SaaS, branch offices, public clouds and endpoints; as well as the traditional datacenter,” said Steven Hill, Senior Analyst, 451 Research. “Hybrid IT is rapidly becoming the norm, and companies like Druva that focus on reducing complexity, protecting data and managing information regardless of a physical location can offer strategic advantages over those that are not as evolved.”
“As Druva’s first investor, Sequoia India saw great potential in Jaspreet and the transformative nature of the product the Druva team was building,” said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore. “Druva’s product capabilities and market adoption have continued to surprise us ever since. We remain excited about Druva’s cloud-native architecture for enterprise data protection at scale and believe it will be a category-defining company for data protection in the cloud era.”
*IDC Market Glance: Copy Data Management, 2Q18, doc # US43745318 April 2018
**Worldwide Data Protection and Recovery Software Market Shares, 2017: Slower Growth, doc # US42666018 August 2018
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Druva delivers Data Protection and Management for the cloud era. Druva Cloud Platform is built on AWS and offered as-a-Service; customers drive down costs by up to 50 percent by freeing themselves from the burden of unnecessary hardware, capacity planning, and software management. Druva is trusted worldwide by over 4,000 companies at the forefront of embracing the cloud. Druva is a privately held company headquartered in Sunnyvale, California and is funded by Sequoia Capital, Viking Global Investors, Tenaya Capital, Riverwood Capital and Nexus Partners. Visit Druva and follow us @druvainc.
Senior Manager, Public Relations