- Druva is a software company that sells cloud data backup services.
- Druva announces that it has closed a $147 million round of capital.
- Caisse de dépôt et placement du Québec (CDPQ), a group that manages Quebec’s pension fund led the round of funding.
- Druva company’s software-as-a-service (SaaS) backup service is tackling a large market.
Druva Inc. is a privately-held software company based in Sunnyvale, California. The company provides SaaS-based data protection and management products for corporations and government agencies. Druva products aggregate enterprise data from endpoints, data center, and cloud workloads for backup and restore, compliance monitoring, security, and other use
Druva creates and sells data protection and management products to companies and government agencies. These products aggregate enterprise data from endpoints, data centers, and cloud workloads for backup and restore, disaster recovery, archival and retention, compliance monitoring, data forensics, and other uses. The company offers the following products:
- Druva inSync – for endpoint devices such as laptops, smartphones, and tablet as well as SaaS applications such as G Suite and Office 365
- Secondly is Druva Phoenix – for physical and virtual file servers
- Thirdly, Druva CloudRanger – for AWS services and workloads
The company raises $147M at a valuation north of $2B as the cloud rush continues
Druva, a software company that sells cloud data backup services, announced today that it has closed a $147 million round of capital. Caisse de dépôt et placement du Québec (CDPQ), a group that manages Quebec’s pension fund, led the round, which also saw participation from Neuberger Berman. Prior investors including Atreides Management and Viking Global Investors put capital into the deal, as well.
Druva last raised a $130 million round led by Viking in mid-2019 at around a $1 billion valuation. that the company’s software-as-a-service (SaaS) backup service was tackling a large market. (TechCrunch also covered the company’s $51 million round back in 2016 and its $80 million raised from 2017.)
Since then SaaS has continued to grow at a rapid clip. This includes a strong 2020 spurred on by COVID-19. It has boosted digital transformation efforts at companies of all sizes. In that context, it’s not surprising to see Druva put together a new capital round.
The latest tie-up between Dell and Druva
The selection of Druva by Dell could help provide the unicorn. This will be a customer base to sell into for some time. TechCrunch wrote about Druva earlier this year, during the reporting process the company said that it had “almost tripled its annual revenue in three years.”
Its new round did include some secondary shares, which Neuberger Berman managing director Raman Gambhir described as difficult to snag during a report. He explained that some of the secondary sales were due to some prior funds reaching their end-of-life cycle. Druva CEO Jaspreet Singh stressed that his backers are working to do what’s best for the company instead of merely maximizing their returns during a joint interview.