Indian Data Protection Firm Druva Raises $25 Mn
Druva Inc, a company that provides data protection for computer networks on the cloud has raised $25 million in its Series D funding led by Sequoia Capital, Nexus Venture Partners and Tenaya Capital, according to a company statement which says, the funds will be used for research and development for new product enhancements, diversification in the offerings, and geographical expansion into global markets.
“Our business is now at an inflection point. This new round of funding will help advance our agenda and bring innovative solutions to enterprises to manage data beyond the corporate firewall,” said Jaspreet Singh, Founder and CEO of Druva.
InSync, Druva’s core product, is an endpoint-to-endpoint protection security software that enables backing up on the cloud. Devices, including computers, tablets and smartphones, are usually at the end points of networks. The company founded by Jaspreet Singh, Milind Borate, and Ramani Kotandaraman in 2008 in India moved to Mountain View, California, where it set up its second headquarters three years later.
The market for endpoint security is estimated at $10 billion and is growing at a yearly pace of 8.3%, according to the company. Druva’s offerings compete with the offerings from other start-ups such as Copiun Inc. and also technology giants such as Hewlett-Packard, EMC and IBM. The cmpany said it has 3,000 customers, protecting over 2.8 million devices across 76 countries.The total venture capital investment in Druva is now $67 million after its latest round of funding ($25 million) came 10 months later from the same investors.
“More and more corporate data resides outside the firewall with little or no protection. This is an emerging market with virtually unlimited growth potential, and the fact that Druva is in the pole position has been validated by terrific sales growth and client adoption,” said Shailendra Singh, managing director, Sequoia Capital India Advisors adding that Druva has been consistently ahead of the curve with features ranging from global data deduplication to its emphasis on governance, and we’re optimistic it will dominate what promises to be an increasingly important IT category.
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