Silicon Valley-based cloud backup and data protection firm Druva Inc. said on Wednesday it has raised $51 million (Rs 340 crore) in a new round of funding led by existing investor Sequoia Capital India.
Singapore’s EDBI, the corporate investment arm of Singapore Economic Development Board, as well as Blue Cloud Ventures and Hercules Capital were the new investors in this round, Druva said in a statement.
This round also includes contributions from other existing investors including NTT Finance, Nexus Venture Partners and Tenaya Capital, it added.
The company said it will use the capital to accelerate both product innovation and adoption, while enhancing product capabilities across Druva’s secure cloud platform. “In addition, the capital will be used to further drive sales and marketing, and continue the company’s global expansion,” it said.
The round takes the total capital Druva has raised so far to $118 million in five rounds, including angel funding in 2008.
It had raised $25 million in its Series D round in 2014 and an equal amount in Series C funding the year before. In 2011, it raised $12 million in its Series B round of funding.
Druva was founded by IIT Guwahati alumnus Jaspreet Singh along with Milind Borate and Ramani Kothandaraman in Pune in 2008.
Singh, who is also CEO, said: “We are at an inflection point and Druva’s ability to evolve and innovate is proving to be nothing short of a game changer. This new capital enables us to continue to serve customers through notable innovations, partnerships and additional global expansion.”
Druva provides backup solutions to mid-to-large enterprises that have more than 200 users. 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.
“Druva is at the cutting edge of leveraging the cloud to solve data protection challenges for today's enterprises,” said Shailendra Singh, managing director at Sequoia Capital India Advisors. “The team's ability to deliver multiple best-in-class solutions on common scalable architecture makes us very excited about what the future holds.”
Over the past two years, Druva increased its global presence, growing to more than 400 employees and expanding its direct presence, launching subsidiaries in Japan and Germany, while growing its enterprise customer base by more than 1,000. New customers gained during the period included NASA, Chipotle, LiveNation, Hulu, Marriott, Leidos, NBC Universal, ServiceNow, Stanford University and others, the company said.
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