SaaS startup Druva raises $147 million from CDPQ, Neuberger Berman

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.

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Rapid cloud adoption fuels 100% data center workload revenue growth in Asia Pacific and Japan for Druva

Druva, a leading cloud data protection and management company, announced its data center workload revenue has grown more than 100% in the last twelve months.

Based in California, Druva’s impressive growth can be attributed to its providing support to over 135 enterprises in Asia Pacific and Japan. This includes helping Adani Wilmar in India, Gold Peak in Hong Kong, and NTT Data and UNIADEX in Japan navigate their digital transformation.

“As businesses in Asia Pacific and Japan adopt remote operating models, there is an urgency to adopt new technologies, maintain business continuity and secure organisational and dispersed workforce data,” said Pete Yamasaki, Druva’s Regional Vice President for Asia Pacific and Japan.

It is no surprise by now that businesses are turning to cloud computing to reimagine their operations, especially in the trying times in the pandemic-hit world. And that’s not the only trend, as governments across the world are enforcing data protection regulations with greater stringency to ensure their citizens’ most sensitive details are safe and secure, even on the cloud.

“Regardless of the industry, sector or legacy, companies are turning to the cloud for the scale and technology it has to offer,” added Mr. Yamasaki.

Druva identified more than 700 businesses in Asia Pacific looking to ‘break free from the shackles of the data center and embrace a cloud-first approach for rising data protection needs’, as they ‘move away from investment-heavy and legacy approaches to data protection’.

“Druva’s powerful platform has enabled the region’s expanding businesses to protect data where it is being created – in the cloud – from anywhere with on-demand scalability, robust compliance capabilities and industry-leading security standards,” said Mr. Yamasaki.

To further accelerate Druva’s growth in the region, the company is also expanding its partner program, Druva Compass, to continue to empower digital transformation through enhanced training.

“Customers are increasingly drawn to the public cloud infrastructure as they embark on their digital transformation journey,” said Nathan Lowe, the Managing Director ASI Solutions, a Druva Compass certified partner in Australia.

In the unprecedented COVID-19 situation, Druva’s partners will be critical for the successful deployment of their technology for reliant customers looking to take the digital transformation leap.

“With Druva’s service-oriented model, we can easily add new data sources and make decisions based on our business objectives rather than the restrictions of our legacy backup solution,” said Wai Chung, IT backup administrator for AmorePacific in Hong Kong.

As businesses in Asia Pacific and Japan are managing far more data than two years ago and are being pushed to adopt remote working models under the COVID-19 pandemic, cloud data protection is fast becoming a significant concern to prevent the rising number of threat actors from accessing their data. 

A mid-year report by market intelligence firm IDC projected revenue from cloud systems and services in Asia Pacific to outpace both the Americas and the EMEA region by 2024. Druva Inc.’s latest revenue number serves as strong evidence on the region’s growth potential.

The success of platforms such as Druva once again highlight the importance that businesses place on data protection. Compared to traditional hardware architectures, companies now want security and scalability in the same way that it is being created, on the cloud.

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