Sequoia, Nexus in $80m round for India’s Druva
Indian cloud data security and information management solutions provider Druva has raised an $80 million funding round from investors including Sequoia Capital India and Nexus Venture Partners.
US-based Riverwood Capital led the round, with participation by existing investors including Tenaya Capital. The company will use the new capital for research and development and to expand go-to-market efforts worldwide.
The latest round brings Druva’s total capital raised to nearly $200 million. Sequoia has participated in every funding round to date, according to AVCJ Research. Nexus first invested in the company’s $12 million Series B round in 2012 and has taken part in every subsequent round including last year’s $51 million investment led by Sequoia.
Founded in 2008, Druva currently has more than 400 employees in India and the US, along with its recently launched subsidiaries in Japan and Germany. It provides backup and cloud data solutions to corporate customers, focusing on medium to large-size enterprises.
The company’s products are meant to enable efficient information sharing within organizations and between companies and their customers. Services also include ensuring secure file storage and transparency of data trails for governance and compliance purposes.
Druva has over 4,000 corporate and government clients worldwide, including NBC Universal, Marriott and NASA. The company protects more than 40 petabytes of data.
“Protecting data in today’s cloud-connected environment requires a fresh approach,” said Jaspreet Singh, Druva’s co-founder and CEO, in a statement. “Druva’s solution eliminates costly and complex infrastructure to quickly and seamlessly protect, govern, and gain intelligence from their data when and where it’s needed.”
The data protection industry has expanded rapidly in recent years due to the increasing importance of digital information to the global economy. The market size of the data protection industry is expected to reach $28 billion by 2022.
A number of Asian start-ups in the sector have received VC support, such as US and Singpaore-based CounterTack and Beijing-based Hansight. For many such start-ups emerging economies present attractive growth prospects compared with developed markets, where technology has had more time to mature.
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