Druva, a startup in Cloud Data Protection and Management segment has raised $147 million in funding.
The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ) which is a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets. The round, which raises the company’s valuation above $2 billion included participation from existing investors Viking Global Investors and Atreides Management. The company said.
With organisations moving workloads to cloud environments, adopting SaaS solutions and constant rise in cyber threats, this new investment will accelerate the expansion of Druva Cloud Platform to meet the current needs of the organisations.
Enterprises have been adopting cloud solutions over the last 12 months in order to strengthen their business, maintain critical business operations and support hybrid work models.
The company further added that based on this demand, Gartner Inc. forecast that cloud adaptation will reach a five- year compound annual growth rate (CAGR) of 20.7 per cent.
As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, industry watchers opine, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service.
“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses. The working-from-home dynamic experienced globally has further accentuated the need for cloud based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance”, said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ.
Durva Cloud Platform’s customer base has expanded during 2020, while the adoption of multiple Durva Cloud Platform products has increased by 50 percent.
“We have been extremely impressed by Druva’s talented management team, leading technology, and ongoing innovation in serving the enterprise market. We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long- term success. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory”, said Charles Kantor, Managing Director, Neuberger Berman.
Jaspreet Singh, founder and CEO, Druva said, “The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it. Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform.”
“The last 12 months have underscored how organizational agility is at a premium, and IT leaders are increasingly turning to cloud technologies to increase business resilience and velocity. Companies able to simplify complex data protection processes, particularly by leveraging the cloud, can gain strategic advantage through better data availability and Druva Cloud Platform is architected to make it a compelling choice for organizations navigating cloud migrations”, added Phil Goodwin, Research Director, IDC.