Seed investor Indian Angel Network has co-invested $250,000 (Rs98.25 lakh) in Pune-based start-up Druvaa Software Pvt. Ltd, which has developed a product that provides continuous data back-up. This is Indian Angel Network’s first investment in a start-up that has not yet seen any revenue—an unusual event in India.
Indian Angel Network’s Rehan yar Khan and now a board member of one-year-old Druvaa, said: “Being an angel is now understood by the angels themselves. Angel investing requires coming in early and doing a lot more investments—20 to 30 per year.”
Druvaa’s product will be targeted at medium-sized firms in sectors that rely heavily on data accuracy, such as financial services. Khan said the angels made the investment because they believe this product to be the “next generation in global back-up.” Currently, most firms back-up data periodically, but Druvaa’s system allows continuous back-up.
Founders—Borate and Ramani Kothandaraman—were earlier working on a similar product for US-based Veritas (which was bought by Symantec Corp.). That product, Borate said, “was too costly to license, install and administer and companies don’t have the manpower or technical expertise (to do this).”
The Veritas product costs $500,000, according to Khan, whereas Druvaa’s will cost $25,000. The initial market will be India, but founders and investors expect it to have a global reach.