Cloud data protection unicorn Druva has raised $147 Mn in a funding round led by Canada’s Caisse de depot et placement du Quebec (CDPQ). The round also saw participation from investment management firm Neuberger Berman.
With the funding round, the California-based software-as-a-service (SaaS) company has reached a valuation of over $2 Bn. The round also saw participation from existing investors such as Viking Global Investors and Atreides Management. The funds would be used for product development and investing in new routes to market, as well as expanding in geographies such as the Nordics and Australia.
Druva’s patented cloud architecture transforms backup data into an asset, making it more open and accessible so customers can streamline governance, improve cyber resiliency, and gain critical insights to uncover opportunities and expedite decision making.
Notably, Druva counts US space agency NASA and drug-maker Pfizer as some of its clients. However, the company’s journey is a story of pivots. In 2019, cofounder and CEO Singh told Inc42 that Druva discussed the need for pivot towards a cloud model with investors, sought fresh funding from Nexus and only in 2013, became the Druva it is now. The company offers cloud data protection and information management, leveraging the public cloud to offer single-pane-of-glass controls to protect, preserve, and discover information.
With Covid making remote work a necessity, Druva has seen a growth in its customer base. The company’s cloud platform products have seen a 50% increase in use over the last year, while its data management has grown by 40%, according to an ET report.
“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,” Druva CEO Singh told Business Standard.
Before the recent funding, Druva had raised $328 Mn in eight funding rounds from 14 investors. It had last raised funds in June 2019 — $130 Mn in a round led by Viking Global Investors, which had catapulted the company to unicorn status.
“This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform,” Singh added.