Data security solutions provider Druva has raised $25 million in Series D funding from Sequoia Capital, Nexus Venture Partners and Tenaya Capital. Druva will utilize the funds for expanding the company's focus on managing data outside the corporate firewall.
The Sequoia-led round comes 10 months after a $25 million Series C installment from the same investors, bringing the total venture capital investment in Druva since 2010 to $67 million.
Headquartered in California, the company has office in Pune, India as well. Druva is a startup founded by 3 IITians - Jaspreet Singh, Milind Borate and Ramani Kothandaraman in 2008.
The new funding follows a period of rapid growth that has solidified Druva's status as the leading provider of data protection and governance solutions for laptops, tablets and smartphones. Since the last round in October 2013, the company’s enterprise customer base has surged from 2,100 to 3,000 with 2.8 million devices in 76 countries now under protection. New customers gained during the period included Dell, Hitachi, Kronos, Pfizer, Reckitt Benkhiser, RHI, Shire and hundreds of other organizations drawn by inSync's unique integration of automated endpoint backup, data loss prevention, IT-managed file sharing and data governance tools.
Over the last 10 months, Druva has also expanded its role as a pioneer in endpoint data governance with new capabilities designed to help Fortune 500 companies manage exceptionally large data volumes. Achievements have included key enhancements for faster cloud-based backup and restore, introduction of the market's first eDiscovery enablement solution for data stored on enterprise endpoints, and an industry-first partnership with eDiscovery pioneer Recommind that expedites litigation-related endpoint data review and analysis.
Druva also launched a channel program to rapidly scale the business and grew its workforce from 200 to an expected 300 by the end of the year, including expanding its global sales and field engineering teams to support increasing international demand.
The Series D funding will underwrite R&D for new inSync enhancements, diversification of the Druva product portfolio, and further expansion into global markets.
"Our business is now at an inflection point. We have established the value of our inSync platform, gone beyond data protection with the addition of critical governance capabilities, begun building an ecosystem with partnerships that will leverage inSync-captured data to meet a range of needs, and launched an initiative to expand our offerings for protecting data at the edge of the enterprise," said Jaspreet Singh, Druva founder and CEO. "This new round of funding will help advance our agenda and bring innovative solutions to enterprises to manage data beyond the corporate firewall."
"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, multiple global awards as well as favorable analyst reports," said Shailendra Singh, Managing Director at Sequoia Capital India Advisors, who has served on the board of Druva since early 2010. "We first backed Druva when it had a single digit number of employees, and the company has materially exceeded our expectations in the last few years and we hope that it will continue to do so in the future. 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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