Data protection start-up Druva raises $80 million
Druva, a data-protection start-up that counts NASA and French fashion brand Louis Vuitton among its customers, announced a $80 million growth equity funding, bringing the total amount raised to almost $200 million. The funding was led by Riverwood Capital with participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and other existing venture investors, according to the firm. The Sunnyvale, California-based company said that it would use the investment to dramatically accelerate research and development and expand go-to-market efforts worldwide. “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 of Druva, in a statement. Mr.Singh co-founded the company in 2008 along with Milind Borate and Ramani Kothandaraman, who were his colleagues at tech company Veritas. The three engineers pooled savings of about Rs 30 lakh to launch the company in Pune. The company later shifted its headquarters to California.
Druva said its success is fueled partially by the rapid expansion of the data protection industry, with the market size expected to be $28 billion in 2022 for both cloud-based and on-premises servers. The total data protected by Druva now exceeds 40 petabytes, according to the company.