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Druva Closes $12 Million in Series B Funding Round(August 24, 2011)
Mountain View, Calif. (PRWEB) August 24, 2011
Druva, a pioneer in enterprise laptop backup and retrieval, today announced that it has received $12 million in a Series B round of funding. The round was led by Nexus Venture Partners, and existing investor Sequoia Capital also contributed to the round. Druvas Enterprise inSync software sets a new benchmark for enterprise laptop backup, including support for smartphones and tablets. The funding will be used to expand both the product offering and sales and marketing in North America, EMEA and Asia Pacific.
As the explosion of data continues, and so does proliferation of endpoint device types and the mobility of the workforce, Druva has demonstrated a unique capability to address the challenges associated with enterprise backup and endpoint data protection, said Jishnu Bhattacharjee, principal, Nexus Venture Partners. Druva's disruptive innovation reduces the storage footprint and bandwidth requirement for backup by orders of magnitude compared to other industry solutions. With wide adoption of its on-premise and cloud-based solutions, the fast-growing company is racking up an impressive list of reference customers. We are very excited to partner with the Druva team to help create the next standard in enterprise backup.
We are very impressed with Druva's early success in over a dozen countries, the foundation of which is a superior technical approach to backup and an enterprise-grade product that is very easy to use, said Shailendra Singh, managing director at Sequoia Capital. Even more, the team has done a tremendous job in the last two years in creating a cutting-edge product suite that includes on-premise and private-cloud-based enterprise backup, support for mobile devices, and remote data-protection features that are unmatched in the industry. We now expect the company to invest significantly in sales and marketing to grow the business in what is a high-growth segment of the backup industry and a multi-billion-dollar market opportunity.
As a result of this new investment, Jaspreet Singh, co-founder and CEO of Druva, has been named chairman of the board. Druvas board of directors will also consist of Shailendra Singh, managing director, Sequoia Capital; Jishnu Bhattacharjee, principal, Nexus Venture Partners; Ramani Kothandaraman, co-founder and COO of Druva; and Yoram Novick, CEO and founder of Topio.
Organizations are waking up to the fact that they have important data resident on endpoint devices that is not adequately protected, but should be. Loss of data resident on endpoint devices can prove devastating, reports* Sheila Childs, research vice president at analyst firm Gartner in recent research. Many mobile workers are high contributors to the success of the business, and carry data on their laptops that would be difficult to reconstruct if the device is destroyed or stolen.
Druva, founded in 2007, has amassed more than 750 customers and protects more than 300,000 endpoints worldwide. Its InSync product is an industry-first application that delivers near-instantaneous automated backups of laptop computers with ten times the speed of competitive offerings while enabling simple one-click restores of any file or backup volume from a Web browser or iPhone/iPad/Android device. The product offers unobtrusive backups over any network LAN, WAN or VPN and is WAN-optimized for the mobile user. InSyncs global, source-based deduplication reduces bandwidth and storage by 90 percent while providing 100 percent accuracy for Microsoft Outlook and Office applications.
Most solutions providing backup for data stored on endpoint devices dont offer an optimized solution that is capable of scaling to meet the ever-changing needs of a growing enterprise, said Jaspreet Singh, CEO of Druva. VCs invested in Druva because we have demonstrated the ability to deliver an unmatched solution and have the vision to deliver even greater value in the near future. This round of funding allows us to expand our product portfolio and footprint in existing markets and penetrate new markets.
*Gartner, Inc., Desktop/Laptop Backup Update: Endpoint Backup Gains in Importance, Sheila Childs, March 21, 2011.
About Nexus Venture Partners
Nexus Venture Partners (http://www.nexusvp.com) is India's leading venture capital fund, with offices in India and Silicon Valley. It has $320m under management and an active portfolio of over 30 companies across technology, internet, media, consumer, business services and rural sectors. The Nexus team plays an active role in helping entrepreneurs and management teams build market leading businesses. Some of the companies that Nexus has invested in include Cloud.com (acquired by Citrix), Gluster (Open source storage), Pubmatic (Publisher Ad revenue optimization), DimDim (Open Source Web Conferencing acquired by Salesforce.com), snapdeal.com (ecommerce), Mapmyindia (Digital Navigation), Netmagic (Managed Services and Cloud), Komli (Online ad network), Deccan Pharma (Neutraceuticals), Prana (Animation services), Suminter (Organic farming) and Yebhi (E-commerce). Investors in Nexus include leading university endowments, foundations and sovereign funds.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs," Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Networks, Jonathan Kaplan of Pure Digital, Tony Hsieh of Zappos, Omar Hamoui of AdMob, and Steve Streit of Green Dot. To learn more about Sequoia Capital, visit http://www.sequoiacap.com.
Druva provides advanced enterprise data-protection solutions for data at the edge of corporate networks. Its unique application-aware deduplication technology delivers 10-times-faster backups and 90-percent savings in storage and bandwidth. The companys flagship product, inSync, is a highly scalable, WAN-optimized solution designed from the ground up for laptop backup. Founded in 2007 and profitable since 2008, Druva has over 750 customers across 26 countries and maintains offices in the United States, India and United Kingdom. Druva is privately held and backed by Sequoia Capital and Indian Angel Network. Information on Druva is available at http://www.druva.com.
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