Druva Inc., the pioneer in Cloud Data Protection and Management, reported a $147 million investment today, as the company scales to meet increased demand for its platform. The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a multinational investment firm, with Neuberger Berman, making a major investment. Both companies control over $300 billion in net assets. Current investors Viking Global Investors and Atreides Management also participated in the round, which increased the company's value to over $2 billion.
This new investment will fuel the continued growth of Druva Cloud Platform to meet today's unparalleled needs, and expand the company's market leadership, as it defines tomorrow's data security as companies rapidly shift workloads to cloud environments, embrace SaaS solutions, and fight rising cyber threats.
Enterprises have rushed to implement cloud technologies in the last 12 months, to improve business flexibility, maintain essential business processes, and promote hybrid work models. Gartner, Inc. predicts that cloud adoption will rise at a CAGR of 20.7 % over the next five years, based on this requirement.
Traditional data security based on hardware and software is no longer scalable or cost-effective, as data expands exponentially in tandem with this new operating model. Instead, companies need a modern solution that can be implemented from any place, protects data across the enterprise, and delivers it as a service securely.
According to Gartner, Inc., only cloud-native solutions will be able to provide all of this functionality, and by 2022, 40% of enterprises will complement or completely replace conventional backup applications with cloud-based solutions.
“Rising data volumes, rapid cloud adoption and implementation of SaaS applications, regulatory structures, and cybersecurity issues have increased the market for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ. “The global working-from-home phenomenon has heightened the need for cloud-based data security solutions, and we believe Druva is in a strong position to capitalize on these opportunities and improve its clients' agility and data compliance”, he added.
Druva Cloud Platform's customer base has grown significantly in 2020, thanks to its ability to provide faster time to value and assist companies in managing, protecting, and governing sensitive data as part of their digital transformation efforts. In the same period, the adoption of multiple Druva Cloud Platform products has increased by 50%. Druva supports industry leaders, disruptors, and pioneers such as GameStop, Marriott, NASA, National Cancer Institute, Pfizer, Regeneron Pharmaceuticals, and Zoom, and its data under control has increased by more than 40% in the last year.
“Druva's talented management team, leading technology, and continuing creativity in serving the enterprise sector have left a lasting impression on us,” said Charles Kantor, Managing Director, Neuberger Berman. “We believe we are in the early stages of businesses moving workloads to the cloud, and Druva's proprietary technologies place the company for long-term success,” says the CEO. "As Druva reaches this critical juncture in its development trajectory, we look forward to sharing our business expertise with management”, he added.