Druva, a cloud data protection vendor with an eye on the mobile workforce, closed on a $51 million round of funding today.
The company said the investment will help it transform the way enterprises protect and manage information. It also lays a more solid foundation for a potential US initial public offering (IPO) with the next few years.
Describing his company's cloud-first approach as "simple yet disruptive," Druva founder and CEO Jaspreet Singh said the capital will accelerate "notable innovations, partnerships and additional global expansion.”
Druva, which means North Star in Sanskrit, is based in Sunnyvale, Calif.
Druva Is 'Evolving and Innovating'
In a statement, Singh said Druva’s ability "to evolve and innovate is proving to be nothing short of a game changer."
Druva's solutions are designed to help companies protect, preserve and discover information. More specifically, it maintains it increases the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it.
Druva’s cloud-first architecture is designed to break data silos like backup, disaster recovery and e-discovery with an integrated platform that enables more efficient management and discovery analytics capabilities.
Eying an IPO
Singh has been toying with the idea of an IPO as far back as 2013. By the end of next year, he expects to be able to better assess the timing for public offering.
But it's clearly top of mind: Last year Druva named Mahesh Patel Chief Financial Officer.
Patel has more than 14 years of experience in financial leadership and infrastructure development at high-growth technology companies. Before joining Druva, he was VP, Corporate Controller and Treasurer at RingCentral, where he helped lead the company’s 2013 IPO.
Sequoia India Led the Round
An existing investor, Sequoia India, led the funding round. It also includes several new investors, Singapore-based EDBI, Blue Cloud Ventures and Hercules Capital, and other existing investors including NTT Finance, Nexus Venture Partners and Tenaya Capital.
The round brings Druva’s total capital raised to $118 million.
Notable Offerings from Druva
Last year Druva released a proactive compliance offering that was built to bring deep search, auditing and automated data scanning capabilities to help enterprises identify and act upon data risks across cloud services and endpoint devices.
Earlier this year it added Disaster Recovery (DR) functionality to its cloud-based data protection solution, Druva Phoenix. It enables organizations to continuously back up their VMware environments, and automatically recover and spin-up their virtual machines into the Amazon Web Services public cloud in the event of a disaster.