- Leading Cloud Data Protection and Management company Druva has raised $130 million at a valuation of more than $1 billion
- Druva is nearing $100 million in annual revenue
- The company also rolled out a new Compass partner program
Druva, a leading Cloud Data Protection and Management company, recently announced a number of milestones. For example, Druva raised $130 million in funding at a valuation of more than $1 billion. Plus Druva is nearing $100 million in annual revenue. And Druva also rolled out a new Compass partner program.
$130 Million Round At A Unicorn Valuation And $100 Million Revenue
Recently, Druva announced it raised $130 million in funding led by Viking Global Investors. Including this round of funding, Druva has raised $328 million total. With this round of funding, Druva is now valued at more than $1 billion according to ET.
“The line between data and business is blurring. The data management market is forecasted to be worth $55 billion next year (IDC forecast), yet the landscape is dominated by solutions that are 20 years old. Druva is disrupting the way enterprises protect and leverage their data with a modern, cloud-native SaaS platform,” said Druva founder and CEO Jaspreet Singh. “Today’s funding will help Druva to power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers.”
This round of funding also included participation from new investors including certain funds advised by Neuberger Berman and Atreides Management. And existing investors like Riverwood Capital, Tenaya Capital, and Nexus Venture Partners also joined the round. And the funding will be used for fueling growth and global expansion along with driving new product innovations.
“Riverwood is thrilled to be increasing its investment in Druva,” added Harish Belur — Managing Director at Riverwood Capital. “Since our original investment around two years ago, the company’s growth and success has surpassed our expectations. Druva’s unique approach to the large and growing data protection market is transformative to the industry and is validated by some of the world’s largest companies and the most demanding customers. We look forward to Druva’s next phase of growth and are excited to be a part of the journey.”
Singh told ET that the company is seeing an average revenue of $25,000 per customer and the total annual revenue is nearing $100 million at a growth rate of 50% year-over-year.
“Druva is a leading Advanced Technology Partner in the AWS Partner Network,” explained Mike Clayville — the Vice President Worldwide Commercial Sales and Business Development at Amazon Web Services. “Druva’s solutions powered by AWS are changing the way data is managed and protected at thousands of companies globally. We’d like to congratulate Druva on its latest fundraise, and look forward to innovating with Druva to create new solutions that benefit our customers.”
Currently, Druva has a staff of about 700 people and it is expected to reach 1,000 by the end of the year. The company also has an R&D facility in Pune, India (where the company was originally founded before it moved to California).
“The challenges of data management continue to grow as enterprise data becomes more distributed across hosted SaaS, branch offices, public clouds, and endpoints; as well as the traditional data center,” noted 451 Research Senior Analyst Steven Hill. “Hybrid IT is rapidly becoming the norm, and companies like Druva that focus on reducing complexity, protecting data and managing information regardless of a physical location can offer strategic advantages over those that are not as evolved.”
Druva’s growth has been fueled by rapid enterprise cloud adoption, a massive proliferation in data, and evolving regulatory landscape. And to date, there are more than 4,000 enterprise customers that trust Druva including 10% of the Fortune 500 like Flex, Hitachi, Live Nation, Marriott, and Pfizer.
“As Druva’s first investor, Sequoia India saw great potential in Jaspreet and the transformative nature of the product the Druva team was building,” Sequoia Capital (India) Singapore managing director Shailendra J Singh commented. “Druva’s product capabilities and market adoption have continued to surprise us ever since. We remain excited about Druva’s cloud-native architecture for enterprise data protection at scale and believe it will be a category-defining company for data protection in the cloud era.”
With Druva, customers have been able to drive down their costs by up to 50% by freeing themselves from the burden of unnecessary hardware, capacity planning, and software management.
Druva Compass Partner Program
The Druva Compass partner program was designed for training, assisting, and providing other partner benefits, according to Channel Futures.
This program helps its data protection and data management resellers and MSP partners find efficient paths to increasing IT services revenue and additional business opportunities.
And the Druva partner program is aiming to bolster educational services about the company’s cloud data protection products for its resellers and partners. And it also adds new access to data insights, programs, and incentives for helping partners increase their business with the company and increase revenues.
Druva Compass also features a new accreditation program designed to help partners and their IT staff enhance their knowledge and helps them strengthen their positions as trusted advisers with the training, certifications, and other skills needed for helping customers with cloud vendors like AWS and VMware.
In an interview with Channel Futures, Druva’s VP of global partner sales and alliances Timm Hoyt said that the company used to have a “fairly light” partner program set up, but it did not meet the expanded cloud and data management needs of partners today.
“It had some good fundamentals, but ultimately as Druva has pivoted into a channel-first marketing operation we saw the need to make changes,” Hoyt pointed out.
Eduardo Figueredo — the lead strategist for Druva reseller partner RoundTower Technologies — acknowledged that the new partner program has been a positive addition. And the new partner program has helped Figueredo determine what his company’s relationship with Druva will be about.
