Cloud data protection and management company Druva on Monday announced that it has raised $147 million led by CDPQ, a global investment group. The latest funding also has a significant investment by New York-based Neuberger Berman, and takes the companyâ€™s valuation to $2 billion.
Founded by CEO Jaspreet Singh and Milind Borate (co-founder and CTO) in Pune in 2008, the entire R&D work at the company is being done from India.
Druva which has now moved its headquarters to Sunnyvale, California, said in a statement that the new investment will fuel continued expansion of its cloud platform to meet today's unprecedented needs, and extend the company's industry leadership as it defines tomorrow's data protection.
"The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and dataâ€˜s increasing value is at the very heart of it," said Singh.
"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," he added.
The round also included participation from existing investors Viking Global Investors and Atreides Management.
"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," said Alexandre Synnett, Executive Vice President and CTO, CDPQ.
Druva Cloud Platform's customer base has expanded substantially during 2020, while the adoption of multiple Druva Cloud Platform products has increased by 50% in the same time period.
In the last year, the company's data under management has grown by more than 40% as Druva supports industry leaders, disruptors, and pioneers including GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.