- Leading Cloud Data Protection and Management company Druva announced it surpassed $100 million in annual recurring revenue
Druva — a leader in Cloud Data Protection and Management –announced that it has surpassed $100 million in annual recurring revenue (ARR). This marks another major milestone that is reflective of the company’s hyper-growth.
The surge in revenue was fueled by increasing cloud adoption and a shift to SaaS delivery for data protection. And Druva has almost tripled its annual revenue in three years.
This announcement also builds on the company’s announcement this summer that it had secured an additional $130 million in late-stage funding. And this latest milestone is a testament to the growing demand for a new approach — which is free of legacy hardware and protects data no matter the type or source in a centralized and secure manner.
Shifting to the cloud as the de-facto environment for business will only accelerate in the years to come. Gartner estimates that 80% of enterprises will migrate entirely away and close their on-premises data centers by 2025. And Druva — which is built entirely on Amazon Web Services (AWS) — is helping companies successfully enter the cloud era through radically simple data protection and management.
“There is only one technology capable of keeping pace with today’s demands for rapid innovation, on-demand scalability, robust security and sheer compute power – cloud,” said Druva founder and CEO Jaspreet Singh. “Customers trust us to help them successfully transform their businesses through the cloud, and with our depth of workload coverage, and seamless platform, they can immediately experience substantial cost savings, continuous innovations, and enhanced security every day. As others introduce solutions in the category we have pioneered, Druva is accelerating growth, expanding data protection capabilities and cementing ourselves as the clear category leader.”
Druva’s cloud data protection platform was built to empower customers to realize the full value of their data while reducing the oversight required through a radically simple user experience. And the SaaS delivery model changes the data protection game by making adoption and deployment much easier at a fraction of the cost of aging and investment-heavy on-premises alternatives.
“Our decision to partner with Druva was in part driven by the company’s strong vision, and what we saw as a promising road to scalability,” added Tenaya Capital managing director Tom Banahan. “The company’s growth and major milestones crossed this year have only further validated the potential we saw in Druva. The future of business is in the cloud, and Druva is ideally situated, ready to help businesses cross that chasm with a comprehensive and mature platform. We are incredibly excited about Druva’s future and look forward to supporting them on this journey.”
Druva’s growth is driven by rapid enterprise adoption across multiple data protection use cases. And more than 600 customers depend on Druva to protect data center workloads, a number that grew by 70% in a year. There are over 800 customers are protecting their cloud workloads (SaaS applications and AWS workloads), which is a number that almost doubled in the last 18 months. Now Druva serves more than 10% of the Fortune 500, including companies like Flex, Hitachi, Live Nation, Marriott, and Pfizer.
“The data protection space has quickly become an incredibly crowded market, especially as cloud-based solutions continue to enter the market,” explained IDC research director Phil Goodwin. “Druva’s strong momentum this year through product maturation, technology research and corporate expansion has positioned the company incredibly well for long term success in the market. As more businesses look for one solution to meet all their data protection needs across cloud, data center and endpoint workloads, Druva will be a strong competitor given its size, scale and offerings.”
Druva recently opened a new global headquarters in Sunnyvale, California and a new regional office in Singapore. Plus the executive team also added several seasoned industry leaders, including Thomas Been as chief marketing officer, Holly Cafiero as chief human resources officer, Jung-Kyu McCann as general counsel and Stephen Manley as chief technologist.
