Druva, a Sunnyvale, California-based cloud data protection and backup startup, reported today that it had raised $147 million, bringing the company's post-money value to more than $2 billion. According to Druva, the funds will be used to support various programs, including product creation and regional expansion, as well as hiring, distribution, and customer support.
Enterprises are juggling almost 40% more data than they were a year earlier, and the stakes have undeniably never been higher. Gartner expects that at least 75% of IT operations will experience one or more cyber attacks by 2025. The University of Texas discovered that 94% of businesses that undergo a catastrophic data loss do not recover. These figures are even more concerning in light of high-profile outages such as OVHCloud's earlier this year, which brought down 3.6 million websites ranging from government departments to financial firms and computer game companies.
Druva, founded in 2008 by Jaspreet Singh, Milind Borate, and Ramani Kothandaraman, offers software-as-a-service data security and management products to over 4,000 organizations Zoom, NASA, and Pfizer. Singh, Borate, and Kothandaraman, who met while working at Veritas Software, formally launched Druva in Pune, India, in 2008.
(The word "druva" means "North Star" in Sanskrit.) The business began by offering accounting software to financial institutions before expanding into general enterprise data management.
Druva also provides services for aggregating business data from endpoints, data centers, and cloud workloads for backup and restore, disaster recovery, archival and preservation, compliance reporting, data forensics, and other applications. Druva's InSync product, for example, supports data backup on endpoint devices such as laptops, smartphones, and tablets, as well as platforms such as G Suite and Office 365. Druva Phoenix is the company's solution for physical and virtual file servers, while Druva CloudRanger is designed to solve Amazon Web Services (AWS) environments and workloads. The Druva Storage Platform, a cloud-native backup platform based on AWS that offers a centralized backup repository, powers all of Druva's offerings.
However, Druva, which employs over 800 people, believes that it will continue to stand out in a competitive area. The company reached $100 million in annual recurring sales in December 2019, and it appears to have increased since then, with a 26 percent increase in a client base of thousands of businesses over the last year. In March, Druva crossed 2.5 billion annual backups, experiencing a 40% increase in daily backup activity in the previous 12 months alone. Singh says the platform now performs over 7 million backups per day.
"The global pandemic and unprecedented events of 2020 have ushered in a generational cloud transition for companies, with data's rising importance at the heart of it," Singh explained via email to VentureBeat. "Today's businesses need a new approach to data security that can be applied from anywhere, protect data anywhere, and scale on-demand securely. Only solutions built natively in the cloud can deliver all this functionality."
Druva's new round of funding was led by Caisse de dépôt et placement du Québec, with Neuberger Berman making a substantial investment. Following a $130 million series G round in June 2019, the company's cumulative raised to date is $475 million.