Druva, a US-based cloud cybersecurity software developer backed by telecommunications firm NTT, raised $147m yesterday in a funding round led by pension fund manager Caisse de dépôt et placement du Québec.
The round valued the company at over $2bn and also featured Neuberger Berman, Viking Global Investors and Atreides Management.
Founded in India, Druva has built an online platform that enables companies to manage and protect their data across cloud storage platforms and software. Organisations including space agency Nasa and hotel chain Marriott use its software to protect their critical data.
Druva’s co-founder and chief technology officer, Milind Borate, told YourStory in September 2019 the company was preparing for an initial public offering, though it has yet to file to go public.
Jaspreet Singh, founder and chief executive of Druva, said: “The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data’s increasing value is at the very heart of it.
“This investment and our continued, rapid growth is further validation of our vision for a simple, open and unified data protection and management platform.”
Druva has raised at least $475m of funding since it was founded in 2008, including $130m in a Viking Global-led series G round in June 2019 that also featured Riverwood Capital, Tenaya Capital and Nexus Venture Partners as well as funds advised by Neuberger Berman and Atreides Management.
Riverwood Capital led an $80m round for Druva in 2017 that included Sequoia Capital India, Nexus Venture Partners, Tenaya Capital and the majority of the company’s existing investors.
NTT’s financial services subsidiary, NTT Finance, took part in a $51m series E round for the company the previous year that was led by Sequoia Capital India and also backed by Nexus Venture Partners, Tenaya Capital, EDBI, Blue Cloud Ventures and Hercules Capital.
Sequoia India, Nexus Venture Partners and Tenaya Capital participated in the 2016 round as existing backers, and Druva’s earlier investors include Indian Angel Network.