With a special thank you to our customers and our steadfast execution as an organization, I am pleased to provide an update on our business and strategy.
Data is the new oil. As enterprises look at new architectures to help support innovation (like hyper-convergence and public cloud), data is the core of the transformation. The data is likely to outlive most systems, and as the global threat landscape evolves, enterprises need a new way to manage it holistically. This is causing major disruption in data management and secondary storage driven by public cloud, and Druva is leading the innovation to address this shift.
Today we are excited to announce we have raised $80M in equity growth funding to help drive the next wave for Druva. The funding will be used to deliver additional product innovation, and global expansion to better serve our customers and this growing market. The funding was led by a new investor with deep roots in the infrastructure space, Riverwood Capital. Riverwood has a broad portfolio that includes multi-billion dollar valuation companies like Nutanix. We are delighted to have their market experience on the Druva team. Additionally, most of the current investors also contributed to the future growth of Druva, those include: Tenaya Capital, Sequoia Capital India, Nexus Venture Partners, Blue Cloud Ventures, and many others.
Secondary storage is a $28B market led by a bunch of legacy solutions, which makes it a great opportunity for disruption. Druva services are built from the ground up leveraging the scale & simplicity of the public cloud. But, we think of cloud as not just a technology advantage, but a paradigm shift in business model. And now with the delivery of the Druva Cloud Platform and our customer focused, “as-a-service” business model, we are uniquely positioned to best serve this transforming industry.
With over 4000 customers and 40PB of critical enterprise data under management, we are entering a new phase of scaling the company, and will be building a world-class organization that can meet the needs of enterprises across the globe. Over the last year, we have opened additional offices worldwide, in Japan, Germany, Australia, the Netherlands, and Hong Kong.
Since closing our last round, we’ve been busy, and we’re proud of our success. Last week, we launched the new Druva Cloud Platform tech preview, which delivers data management-as-a-service for data center infrastructure, endpoints, and cloud applications. The platform not only offers a common management pane, but also a single data fabric for all of enterprise data. This first-of-its-kind offering delivers end-to-end protection, governance, and intelligence for today’s modern enterprise.
Cloud should be the brain, not a brick. Instead of deploying expensive hardware that adds no value besides simple backup, moving the control plane to the cloud optimizes for scale and the ability to harness the cloud intelligence to do more with data. This fundamental shift in thinking allows companies to make better use of data, and help manage activities like legal holds, compliance, GDPR compliance, and identifying anomalies (including Ransomware). The Druva Cloud Platform will be core to our future innovation, making it much easier to launch (micro)services vs monolithic products. The platform opens up new opportunities for customers to manage data holistically, with unprecedented simplicity and scale.
“Cloud Data Protection and Management solutions are massively disrupting the secondary storage industry,” said Jeff Parks, co-founder and general partner at Riverwood Capital. “Druva delivers an as-a-service protection and management solution for all enterprise data. We are impressed by Druva’s ability to help organizations redefine their data protection and management strategy in a cloud-first world.”
In addition to welcoming Riverwood Capital to our investment family, we are also pleased that our original investors contributed to this round.
“Druva has far surpassed what we could have imagined it to be when Sequoia made the early stage investment, driven by their product roadmap and superior technology,” said Shailendra J Singh, Managing Director, Sequoia Capital India. “Druva’s evolution into a platform versus a single product company is, in our view, a huge inflexion point in the company’s journey that could catapult the company into a mainstream and large data protection infrastructure player.”
As I mentioned at the start of this blog, it’s a great day at Druva for everyone in our ecosystem: customers, partners, employees, and our investors. We are one step closer to our goals.
Join us for the livestream event on Tuesday, August 22 at 10AM PT or view the on-demand version after to see what customers, the exec team and the investors are saying about the future of this space and Druva’s role.
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