Druva Announces $80 Million in Growth Equity Funding

PRESS RELEASE

Sunnyvale, Calif. – Druva, a leader in cloud data protection and management, today announced $80 million of growth equity funding, bringing the total raised to approximately $200 million. The latest funding investment was led by Riverwood Capital, with strong participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. Druva will leverage this late-stage investment to dramatically accelerate research and development, expand go-to-market efforts worldwide, and lead the industry in redefining how enterprises protect, manage, and use their data.

Druva’s success is fueled partially by the rapid expansion of the data protection industry, 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. In May, the company announced its leadership in the cloud server data protection market, realizing more than 300% year-over-year growth in infrastructure data protection revenue. Additionally, Druva Cloud deployments now span more than 4,000 enterprise customers, including 10% of the world’s Fortune 500 companies.  

"Cloud Data Protection and Management solutions are massively disrupting the secondary storage industry," said Jeff Parks, co-founder and general partner at Riverwood Capital. "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 redefine 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.  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."

"We see today’s digital transformation as a data transformation, and protecting data in today’s cloud-connected environment requires a fresh approach," said Jaspreet Singh, co-founder and chief executive officer at Druva. "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."

Druva Drives High Value With Druva Cloud Platform

Earlier this month, Druva announced the Druva Cloud Platform Tech Preview, which delivers a single-pane-of-glass view for protection and management of endpoints, servers, and cloud applications. The platform converges the award-winning Druva Phoenix and Druva inSync cloud solutions, and offers a unified view into services and data. Simplified global search and centralized visibility and control reduces costs and complexity for managing enterprise data.

"With the proliferation of ransomware and the need for governance and compliance around initiatives like GDPR, Druva’s innovations are well positioned to serve this growing market. Druva Cloud Platform is the next generation of cloud data protection and management, completely delivered as a service," said Milind Borate, co-founder and chief technology officer at Druva. "Druva’s unique, patented technology including time-indexed metadata, global scale-out deduplication, instant access, auto-tiering, and advanced search and analytics are critical capabilities that enable true scale and simplicity for customers that want peace of mind for their businesses-critical data."

Venture Capital Support

"Druva’s tremendous growth can be attributed to the rise of advanced and persistent data threats such as ransomware, changing global data regulations, and the explosion of data in motion driven by enterprise digital transformation initiatives," said Jishnu Bhattacharjee, managing director at Nexus Venture Partners. "We see Druva’s innovative cloud-first approach as the only way forward. We are thrilled to have continued backing team Druva over the years."

"Druva has far surpassed what we could have imagined it to be when Sequoia made the early stage investment, driven by their product roadmap and superior technology. Druva’s evolution into a platform versus a single product company is, in our view, a huge inflexion point in the company’s journey that could catapult the company into a mainstream and large data protection infrastructure player," said Shailendra J Singh, managing director at Sequoia Capital (India) Singapore Pte. Ltd.

"Data growth is doubling every year and is expected to exceed 40 zetabytes in the next 24 months," said Tom Banahan, managing director at Tenaya. "This startling reality combined with the acceleration of SaaS application and cloud infrastructure adoption is the backdrop for the disruption in secondary storage. Organizations now need seamless solutions to solve their most complex data protection problems and we believe Druva’s vision aligns with this enormous opportunity."

"Organizations are forging ahead in their digital transformation initiatives and at the center of these efforts are the company's most precious assets, data. At the same time, the rise of new and emerging threats such as ransomware are compounding the challenge of protecting this distributed data," said Rami Rahal, founder and managing partner at Blue Cloud Ventures. "Druva delivers a unique approach to solving this urgent problem and their customer traction gives us confidence as this market heats up."