Enterprise backup solutions firm Druva raises $25M in Series D funding from Sequoia, others
Pune and Silicon Valley-based enterprise backup solutions provider Druva Inc has raised $25 million in a Series D round of funding, led by Sequoia Capital with participation from existing investors including Nexus Venture Partners and US-based Tenaya Capital.
Druva will use the funds to enhance its R&D for its inSync platform (an integrated suite of endpoint data protection and governance solutions that safeguards corporate information assets on desktops, laptops, tablets and smartphones), diversify its product portfolio and further expand into global markets.
The new round of funding comes barely 10 months after the firm raised an equal amount in its Series C funding from the same group of investors. With the latest round, the total funds raised by the firm so far touched $67 million.
"We have established the value of our inSync platform beyond data protection with the addition of critical governance capabilities, have begun building an ecosystem with partnerships that will leverage inSync-captured data to meet a range of needs, and have launched an initiative to expand our offerings for protecting data at the edge of the enterprise," said Jaspreet Singh, founder and CEO of Druva. "This new round of funding will help advance our agenda and bring innovative solutions to enterprises to manage data beyond the corporate firewall."
The company was founded in 2008 by the trio of Jaspreet Singh, Milind Borate and Ramani Kothandaraman. Druva provides backup solutions to mid-to-large enterprises that have more than 200 users through inSync. The suite integrates automated endpoint backup, IT-managed file sharing, encryption and other data loss prevention capabilities, and a centralised audit trail of all data content and movement for governance, compliance, eDiscovery and forensics.
The firm claims that it has 3,000 customers with 2.8 million devices across 76 countries now under protection. Its customers include Dell, Hitachi, Kronos, Pfizer, Reckitt Benckiser, RHI and Shire, among others.
"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 of Sequoia Capital India.
(Edited by Joby Puthuparampil Johnson)