Cloud data protection Startup, Dhruva Raises $130 Million in Investment

Cloud data protection and management startup, Druva raised USD $130 Million in the latest investment funding round. The investment was led by Viking Global Investors.

The other participants in the latest investment round include Neuberger Berman and Atreides Management along with existing investors Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.

The announcement noted that the funding will be used to fuel the company's global growth and to power newer product innovations in the cloud environment.

Executive Opinion

Managing Director at Riverwood Capital, Harish Belur said, "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."

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."

Druva's Growth

The announcement noted the IDC (International Data Corporation) forecast, which says that till 2020 it will cost $55 billion to store and manage "copy data" while the data protection market will generate revenues of almost $8 billion.

Such rapid growth of enterprise cloud adoption, a massive proliferation in data, and an evolving regulatory landscape are the main reasons noted in the announcement for Dhruva's growth. Druva provides Amazon Web Services (AWS) powered cloud data protection SaaS solution and the company further claims to bring down costs by 50 per cent as compared to legacy solutions.

Druva’s has a patented technology delivers all-in-one backup, disaster recovery, archival and analytics solutions at a single click. The platform also provides 360-degree visibility and control across all environments.

To date, 4,000 enterprise customers including 10% of Fortune 500, such as Flex, Hitachi, Live Nation, Marriott and Pfizer, use Dhruva's platform solution, says the announcement.

With the latest investment, Dhruva has raised a total of USD $328 Million till date.