Data security and management software has been made available as a service by Druva Saas. The $145 million raised at a $2 billion value demonstrates the great success of this program. The instrument garnered $475 million in financing during the course of its existence.
The round was led by CDPQ, which also included Neuberger Berman. CDPQ is the organization in charge of managing the pension fund for Quebec. Atreides Management and Viking Global Investors, previous investors, contributed money to the transaction as well.
Midway through 2019, Druva received a $130 million round headed by Viking at a roughly $1 billion value. It was noted at the time that the business was competing in a sizable market with its software-as-a-service (SaaS) backup service. The company’s $51 million funding round from 2016 and its $80 million round from 2017 were both covered.
Since then, SaaS has continued to expand quickly, with a strong 2020 fueled by COVID-19 boosting digital transformation initiatives at businesses of all sizes. It makes sense given this situation that Druva would put together a fresh fundraising round.
The latest partnership between Dell and Druva, which was originally mentioned in January, was publicly unveiled earlier. The fact that Dell chose Druva may help provide the unicorn with a long-term customer base to sell into. When reporting on Druva, the business claimed that it had “nearly tripled its yearly revenue in three years.”
There were secondary shares included in the company’s latest round, which Neuberger Berman managing director Raman Gambhir described as challenging to obtain. The end-of-life cycle of certain preceding funds, he said, was the reason for some of the secondary sales. In a joint interview, Druva CEO Jaspreet Singh emphasized that his investors are focused on the company’s best interests rather than just increasing their profits.
To replace the conventional data-management services offered by businesses like Dell EMC, which are progressively being shifted to the cloud, a new, multi-billion dollar market is starting to emerge. IDC estimates that by the end of the year, the data management and protection market will have grown to $55 billion. As businesses investigate converting to hybrid or cloud-based data storage solutions, competition for the corporate market will increase.
Along with NASA, Tesla, and PwC anticipates bringing on more clients of the caliber it now enjoys with an additional $130 million in the bank. Druva had approximately $200 million in funding and currently has $130 million more in the bank. More customers who are currently using Druva will be able to sign up. While it hasn’t yet achieved profitability, similar to many other SaaS businesses, the company has said that it is getting close to $100 million in annual recurring revenue (ARR).
Based in Santa Clara, California Software firm Druva Inc. is privately held. The business offers SaaS-based products for data management and protection. After being established in 2008, the business received financing in numerous rounds and expanded to employ more than 800 people. Products for data management and protection are developed and sold by Druva.
All of Druva’s products are powered by the same cloud-native backup technology that is built on Amazon Web Services and provides a centralized backup repository.
For servers, Software-as-a-Service applications, and cloud-based software, Druva focuses on storing data in backups and maintaining those backups. For instance, it debuted technologies in 2018 that enable the restoration of computers infected by ransomware as well as specific technology for SQL Server, Azure directory, and network-attached storage backups.
Using centralized hosting and subscription-based licensing, software as a service (SaaS) is a technique for distributing and licensing software. In addition to “on-demand software,” SaaS is sometimes referred to as web-based or web-hosted software.
Software as a service.