Data protection startup Druva has raised $80 million in equity funding, led by Riverwood Capital, with participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and other existing venture investors. The fresh funds will be used for accelerating research and development activities, and for expanding marketing efforts globally, the company said in a statement.
The company provides information or data security solutions for enterprises with its core product named ‘inSync’. The product automatically uploads data from employee phones, tablets, laptops and other devices to its cloud servers. This allows an enterprise to quickly recover critical data in case primary backups go corrupt or if a central server fails. Druva had plans to open an initial public offering while raising their last round, but a timeline was not mentioned.
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. The company claims to serve over 4,000 organizations globally with over 25 Peta Bytes of data under its management along with a 400 employee global workforce. It is headquartered in the US and has offices in the UK, Singapore, Australia, Germany, Japan and Pune in India.
Druva was founded by Milind Borate, Jaspreet Singh and Ramani Kothandaraman in 2008. Till date, Druva claims to have raised close to $200 million in funding:
- In September last year, it raised $51 million led by Sequoia Capital and Singapore Economic Development Board’s EDBI, Blue Cloud Ventures and Hercules Capital, among others.
- Two years ago, it raised $25 million from Sequoia Capital, Tenaya Capital and Nexus Venture Partners for product enhancement, diversify its product portfolio and to further expand into international markets.
- The same investors had also invested $25 million in Druva in October 2013 for expanding the company’s cloud infrastructure.
There has been an increasing focus on data security in India after the recent ransomware attacks followed by instances of data leaks and breaches from companies like Jio, BSNL and Zomato. The telecom regulator TRAI is also consulting on data protection after these leaks and security breaches. As pointed out by this Forbes article, the Data Security Council of India (DSCI), an industry body looking into data protection, recently incubated 80 cyber security start-ups in India alone, which are all possible competition to Druva. A list of this can be found here.