Druva raises US$25M in Series D funding led by Sequoia Capital
The investment will underwrite research and development, diversification of product portfolio, and expansion to global marketsBy Twishy Shahi 07 Aug, 2014
Indian enterprise backup solutions firm Druva has secured US$25 million in Series D funding led by Sequoia Capital, with participation from existing investors Nexus Venture Partners and Tenaya Capital.
The funding will underwrite R&D for new enhancements to its proprietary inSync platform, diversification of the Druva product portfolio, and further expansion into global markets.
“More and more corporate data resides outside the firewall with little or no protection. This is an emerging market with virtually unlimited growth potential, and the fact that Druva is in the pole position has been validated by terrific sales growth and client adoption, multiple global awards as well as favourable analyst reports,” said Shailendra Singh, Managing Director, Sequoia Capital India Advisors, who has served on the board of Druva since early 2010.
“We first backed Druva when it had a single digit number of employees, and the company has materially exceeded our expectations in the last few years. Druva has been consistently ahead of the curve with features ranging from global data deduplication to its emphasis on governance, and we’re optimistic it will dominate what promises to be an increasingly important IT category,” he added.
The Sequoia-led round comes 10 months after a US$25 million Series C installment from the same investors, bringing the total venture capital investment in Druva since 2010 to US$67 million.
“Our business is now at an inflection point. We have established the value of our inSync platform, gone beyond data protection with the addition of critical governance capabilities, begun building an ecosystem with partnerships that will leverage inSync-captured data to meet a range of needs, and launched an initiative to expand our offerings for protecting data at the edge of the enterprise. This new round of funding will help advance our agenda and bring innovative solutions to enterprises to manage data beyond the corporate firewall,” said Jaspreet Singh, Druva Founder and CEO.
Founded in 2008, the Pune and Silicon Valley-based Druva, helps in managing data outside the corporate firewall, thereby reducing the loss of corporate information assets and addresses organisations’ compliance, governance, forensics and eDiscovery needs. Its customers include Dell, Hitachi, Kronos, Pfizer, Reckitt Benckiser, RHI and Shire, among others.