A US based Riverwood capital has invested a sum of $80 million in a data protection startup Druva. Druva bulks up its capital as enterprises are facing frequent threats from cyber attacks.
Fundraising by Druva
The organization’s second raise support in less than a year takes its aggregate capital secured to about $200 million. A financial specialist pegged Druva’s valuation following its most recent raise money at $500-600 million. The organization was assessed to be worth about $220 million when it fund-raised in 2014, and it didn’t unveil its value when it secured $51 million from speculators in October.
“We have a great up-round from the last time. We have almost doubled our valuation from the last round” says Jaspreet Singh, chief executive of Druva.
Investors participating in Fundraiser
Several existing investors such as Sequoia Capital India, Nexus Venture Partners, Tenaya Capital participate in Tenaya capital whereas several other investors participated in Druva’s latest fundraiser through which the startup will use to speed up its research and development and will also expand its go-to-market efforts worldwide. Given the expanded risk of digital assaults, for example, the Ransomware WannaCry as of late, the planning of the speculation is perfect for Druva.
Druva announces its cloud platform
“Over the last year, we saw a massive uptake on our second product line called Phoenix, which is focused on the core data centre being backed up or managed on the cloud. We also recently announced… Druva cloud platform, which you can think of as an Amazon cloud for data protection,” said Singh.
The organization has encountered 300% yearly development in its server information insurance business. It serves more than 4,000 clients around the world, including Cipla, Marriott and Lockheed Martin. The aggregate information ensured by Druva surpasses 40 petabytes, the organization said in an announcement. A petabyte is one quadrillion bytes.
Druva was founded by Jaspreet Singh, Milind Borate and Ramani Kothandaraman in 2008. The firm has grown from laptop backup service provider to maker of data protection and information management suits for large enterprises. It is now competing with US-based Cohesity and Rubrik.