Silicon valley-headquartered cloud data protection and management solutions firm Druva has raised $80 million led by Riverwood Capital.
The funding round also saw participation from existing investors, such as Sequoia Capital India, Nexus Venture Partners, Tenaya Capital. Singapore’s EDBI, Blue Cloud Ventures and Hercules Capital were the new investors.
In September 2016, the company had raised $51 million led by existing investor Sequoia Capital India. The latest round of investment brings the total fund raised by the company to about $200 million.
Druva will leverage this investment to accelerate research & development and worldwide expansion.
Commenting on funding, chief executive Jaspreet Singh said to ET, “We have a great up-round from the last time. We have almost doubled our valuation from the last round.”
Singh also added, “The market which we are in is heating up quite a bit. In the last six months, close to $350 million has been raised by startups (in this market).”
Founded in 2008 by Jaspreet Singh along with Milind Borate and Ramani Kothandaraman in Pune, Druva is built on public cloud platforms like AWS and Azure, and claims to deliver scale and cost advantages. It helps enterprises reduce the risk, cost and complexity of managing and protecting data.
Amid the increasing threat of cyber attacks such as WannaCry, the investment comes with no surprise. One of the few home-grown product startups, that have made it big globally, Druva counts, Nasa, Akamai and Marriott among its customers, and has more than 4,000 enterprise clients.
The data protection market is expected to touch USD 28 billion in 2022 for both cloud-based and on-premises servers.
The company competes with the global majors in the antivirus space, including Norton, Symantec, Cohesity, Rubrik and Avast, to name a few.