Druva Inc raises $25 million in Series D
1 min read . Updated: 07 Aug 2014, 03:04 PM IST
PremiumThe funds will be used for R&D, diversification in offerings, and expansion into global markets
Bangalore: Silicon Valley-based start-up Druva Inc, which provides data protection for computer networks on the cloud, on Thursday said it has raised $25 million in its Series D funding led by Sequoia Capital, Nexus Venture Partners and Tenaya Capital Inc.
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," Jaspreet Singh, founder and chief executive officer of Druva, said.
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.
Jaspreet Singh, Milind Borate, and Ramani Kotandaraman founded the company in New Delhi in 2008. The company moved to Mountain View, California, where it set up its second headquarters, in 2011.
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 Co. (HP), EMC Corp., and International Business Machines Corp. (IBM).
The latest round of funding comes 10 months after the company raised $25 million from the same investors. The total venture capital investment in Druva is now $67 million. “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.
Druva says it has 3,000 customers, protecting over 2.8 million devices across 76 countries.
