Druva, which developed a cloud-based backup and data management platform, closed an $80 million funding round. This follows $51 million in venture capital the startup raised less than a year ago and brings its total to almost $200 million.
The company will use the funds to expand its sales and marketing into Europe and Asia, said Druva Chief Marketing Officer Matthew Morgan.
When asked about initial public offering plans, Morgan said, “We’re not talking about IPO. But I will tell you at this stage we’re talking about an organization that’s entirely focused on enterprise scale.” In addition to its global expansion plans, this includes growing Druva’s research and development efforts “with a specific focus on embracing enterprise requirements into the modern data architecture of today’s world,” he said.
Cloud Data Management
Earlier this month the startup debuted a service that provides centralized management and data protection across public, private, and hybrid clouds. It also uses machine learning to make backups and recovery faster and more efficient.
The Druva Cloud Platform — the company calls it data management-as-a-service — combines the capabilities of its two earlier products including data protection, deduplication, governance, visibility, and analytics.
The latest funding round is at least partially fueled by the rapid expansion of the data protection industry. The market size for this sector is expected to be $28 billion in 2022 for both cloud-based and on-premises servers, according to an Allied Market Research report.
Additionally, Druva claims it has realized more than 300 percent year-over-year growth in infrastructure data protection revenue. Druva cloud deployments now span more than 4,000 enterprise customers, including 10 percent of the world’s Fortune 500 companies, according to the company. Continental, Emerson, Flex, Fujitsu, and Lockheed Martin are a few of them.
“There’s been an incredible disruption that’s happened in the secondary storage market,” Morgan said.
Secondary storage encompasses file shares, archives, analytics, backups, unstructured content, test and development data — essentially everything that’s not mission critical. This data makes up 80 percent of enterprises’ storage needs.
“[Secondary storage] used to cover what people think of as backup and recovery solutions,” Morgan said. “But what Druva does is well beyond traditional backup and recovery.” The cloud platform enables organizations to roll out governance capabilities that align with regulatory compliance and legal needs, he added. Plus, its machine learning can detect trends and help prevent security breaches.
“The top three cyberattacks in 2017 were all related to the encryption and/or deletion of corporate or personal data,” he said. “Having an intelligent solution, we can identify very early stages of ransomware to help organizations better protect themselves.”