Druva, the global major in cloud data protection and management, on Tuesday announced $80 million of equity funding, bringing the total raised to approximately $200 million.
The latest round was led by Riverwood Capital, with strong participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. Druva will leverage this to accelerate research and development, expand go-to-market efforts worldwide, and lead the industry in redefining how enterprises protect, manage, and use their data.
Druva’s growth is fuelled by the rapid expansion of the data protection market, estimated to be $28 billion in 2022 for both cloud-based and on-premises servers, in addition to the rapid cloud data protection and management adoption by top 5,000 firms. In May, the firm announced 300 per cent year-on-year growth in infrastructure data protection revenue. Additionally, Druva Cloud deployments now span more than 4,000 enterprise customers, including 10 per cent of the world’s Fortune 500 firm.
“Cloud data protection and management solutions are massively disrupting the secondary storage industry,” said Jeff Parks, co-founder and general partner at Riverwood Capital.