Druva, a company delivering data protection and management for the cloud era, has raised $147 million in new funding as the company rapidly scales in response to accelerated demand for its platform. The new funding round would raise the company’s valuation above $2 billion.
Over the last 12 months, enterprises have moved swiftly to adopt cloud solutions to strengthen business resilience, maintain critical business operations, and support hybrid work models. Based on this demand, Gartner forecasts cloud adoption will reach a five-year compound annual growth rate (CAGR) of 20.7 percent.
As organizations quickly move workloads to cloud environments, adopt SaaS solutions, and combat rising cyber threats, this new investment is intended to fuel continued expansion of the Druva Cloud Platform for data protection.
“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,” said Jaspreet Singh, founder and CEO of Druva. “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.”
$300 Billion in Net Assets
The funding round was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets. It also included participation from existing investors Viking Global Investors and Atreides Management.
“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,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ. “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.”
Customer Base and Management Team
With the ability to deliver faster time to value and help businesses manage, protect, and govern critical data during their digital transformation efforts, Druva Cloud Platform’s customer base has expanded substantially during 2020, while the adoption of multiple Druva Cloud Platform products has increased by 50 percent in the same time period.
In the last year, the company’s data under management has grown by more than 40 percent as Druva supports industry leaders, disruptors, and pioneers including GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.
“We have been extremely impressed by Druva’s talented management team, leading technology, and ongoing innovation in serving the enterprise market,” said Charles Kantor, Managing Director, Neuberger Berman. “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.”