Data-Protection Startup Druva Raises $51 Million in Fundingby
Investors include Sequoia India, EDBI, Blue Cloud Ventures
Latest venture round brings total funding to $118 million
Druva, a data-protection startup that counts IKEA and NASA among its customers, raised $51 million in a new venture funding to expand its business globally.
The latest financing round brings Druva’s total capital raised to $118 million, the company said in a statement Wednesday. The new investment was led by existing investor Sequoia India and joined by new backers including Blue Cloud Ventures, Hercules Capital and EDBI, the investing arm of the Singapore Economic Development Board. Other existing investors such as NTT Finance, Nexus Venture Partners and Tenaya Capital also contributed to the latest round.
Data protection, especially in the cloud, has emerged as a key focus among global investors. Atlanta-based Ionic Security Inc. in June raised $45 million in new funding from Amazon.com Inc., Goldman Sachs Group Inc. and Hayman Capital. The global cloud storage market is projected to reach $75 billion by 2021 from $23.8 billion in 2016, according to MarketsandMarkets.
“The fragmentation of data, combined with increasing regulatory needs, is making enterprises everywhere rethink how information is best managed,” Jaspreet Singh, Druva’s founder and chief executive officer, said in the statement. “This new capital enables us to continue to serve customers through notable innovations, partnerships and additional global expansion.”
Druva, which was founded in India, incorporated in Singapore and has its corporate headquarters in Sunnyvale, California, has expanded its global presence in the past two years, opening subsidiaries in Japan and Germany. It has more than 400 employees and 1,000-plus corporate customers, including Hulu LLC, Marriott and Stanford University.