Data protection and management service provider Druva has raised $80 million in fresh funds from a clutch of investors led by Riverwood Capital, the company said in a statement on Tuesday. Existing investors including Sequoia Capital, Nexus Venture Partners and Tenaya Capital also participated.
Founded in 2008 by former Veritas executives Jaspreet Singh and Milind Borate and former Symantec executive Ramani Kothandaraman, the company has so far raised close to $200 million, making it one among the best funded homegrown software as a service (SAAS) company, along with Freshworks.
Globally, Druva competes with the likes of Cohesity, which has raised about $160 million from investors including Sequoia Capital and Qualcomm Ventures, and Khosla Ventures and Greylock Partners-backed Rubrik, which has so far raised about $290 million.
The fresh funds will be deployed to accelerate research and development and expand operations to multiple countries.
"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. 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,” he added.
The company estimates the data protection market at $28 billion by 2022.
Druva claims more than 300 percent growth in infrastructure data protection revenue in the last one year. It serves more than 4000 customers including Continental, Emerson, Flex, Fujitsu and Lockheed Martin.
The company protects more than 40 petabytes of data.
"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 at Druva. “Druva eliminates costly and complex infrastructure to quickly and seamlessly protect, govern, and gain intelligence from their data when and where it’s needed."