Data protection startup Druva has raised $51 million led by existing investor Sequoia Capital and new investors Singapore Economic Development Board’s EDBI, Blue Cloud Ventures and Hercules Capital, with participation from investors including NTT Finance, Nexus Venture Partners and Tenaya Capital.
The company has raised $118 million so far and plans to open an initial public offering, albeit without mentioning a timeline. The current funding will be used on enhancing its products, drive sales, marketing and global expansion.
Druva was founded by Milind Borate, Jaspreet Singh and Ramani Kothandaraman in 2008. Two years ago, it raised $25 million from existing investors Sequoia Capital, Tenaya Capital and Nexus Venture Partners for product enhancements, diversify its product portfolio and further expand into international markets. The same investors had also invested $25 million in Druva in October 2013.
It offers data protection services for enterprises with its core product inSync. inSync uploads data from employee phones, tablets, laptops and other devices to its cloud servers. This provides a redundancy in case the said device is lost. It also offers secure file sharing and is built on AWS and Azure infrastructure. Druva’s other product Phoenix provides cloud backup for virtual machines and servers, disaster recovery and testing/ dev environments and data archival.
Currently, the company has 400 employees and an enterprise customer base of 1,000 including NASA, Leica, Hulu, Marriott, ICICI, NASSCOM, Reliance, SBI, Tech Mahindra and Stanford University. It is headquartered in the US and has offices in the UK, Singapore, Australia, Germany, Japan and Pune in India.
Recent developments in the industry:
– Earlier this month, Google has signed a definitive agreement to acquire US-based Apigee, an API management company to enhance its cloud business at about $625 million. In July it bought Anvato, a cloud based platform to scale media processing and workflows in the cloud.
– In May, Microsoft and SAP tied up to offer support for the SAP HANA platform (deployed on Microsoft Azure) to work on Microsoft Office 365 and cloud solutions from SAP.
– In March, Persistent Systems acquired Australia-based PRM Cloud Solutions for an undisclosed amount. In January, it had signed an agreement to acquire Citrix CloudPlatform and CloudPortal business manager products in an asset purchase transaction.