Cloud Data Protection and Management solutions provider, Druva, recently announced a $130 million investment led by Viking Global Investors, pushing the 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 such as Riverwood Capital, Tenaya Capital, and Nexus Venture Partners. This investment will be used to power growth and global expansion, in addition to driving new product innovations.
Druva’s success can be attributed to the rapid growth of enterprise cloud adoption, exponential data growth, and an evolving regulatory landscape. In addition to this, the data protection industry has continued to expand. Built on Amazon Web Services (AWS), Druva is a Software as a Service (SaaS) solution in a market dominated by legacy hardware provides, which enables users to reduce costs and complexity. Druva delivers backup, disaster recovery, archival, and analytics solutions that provide 360-degree visibility and control across all environments.
In a press statement, Founder and CEO of Druva, Jaspreet Singh said, “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. 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.”
Harish Belur, the Managing Director of Riverwood Capital, also added, “Riverwood is thrilled to be increasing its investment in Druva. 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.”
To read Druva’s press release, click here.
Latest posts by Tess Hanna (see all)
- Cobalt Iron’s Rodney Foreman on COVID-19 and Data Protection - May 27, 2020
- GDPR 2 Years Later: Insight From Druva and Infoworks - May 26, 2020
- Zerto Research Reveals Infrequent Backup Testing Within Organizations - May 20, 2020