Druva, a start-up based in Sunnyvale, California, announced $147 million new funding for its Cloud Data Protection and Management solutions.
The Druva Cloud Platform, which the company describes as the largest cloud-native SaaS platform operating at scale, enables organizations to centrally protect data, including cloud environments and leading SaaS applications such as Microsoft 365, Google Workspace and Salesforce.
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. The round, which raises the company’s valuation above $2 billion, 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.”
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, Regeneron Pharmaceuticals, and Zoom.
“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, 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.”
