Cloud-based data protection and data management technology developer Druva on Monday unveiled a new funding round which brought the company an additional $147 million and a new valuation of over $2 billion.
With the new H round of financing, total funding in Druva has reached $475 million. The round was led by Caisse de depot et placement du Quebec, or CDPQ, a Montreal, Quebec-based global investment firm. Existing investors Viking Global Investors and Atreides Management also participated in the funding round.
For Druva, whose Druva Cloud Platform provides consumption-based pricing for protection of SaaS applications such as Microsoft 365, Google Workspace, and Salesforce, the massive funding round is important to invest in growth in what is a $40-billion market for data protection and management, said Jaspreet Singh (pictured), CEO and founder of the Sunnyvale, Calif.-based company.
“We‘re still heavily investing into areas of growth, both from an innovation point of view and from a market expansion point of view,” Singh told CRN. “We are fortunate to have some great investors along the way, and felt like we could go and have this funding to accelerate growth and drive more adoption. In the last year, you’ve seen businesses compounded their investment into cloud-based models. [It’s] good timing for us to drive acceleration, as a matter of fact.”
That growth is being driven by businesses accelerating their migration towards public clouds, with about 80 million applications being moved to or refactored in public clouds, Singh said.
“The shift towards digitalization is happening,” he said. “The trends around ransomware and privacy are happening. Almost 50 percent of companies who are hit by a ransomware attack never makes it through.”
Druva in the last year saw a 50-percent increase in consumption of data on its platform, and doubled the amount of backups delivered to almost two-and-a-half billion backups, Singh said.
“With the growth and momentum in the market and the growth in our platform, this is the right time to double down and invest into better innovation, better channel partners, better marketing options, international expansion, all those areas we had already been doing, but on a larger scale,” he said.