Enterprise solutions firm Druva raises $25M in Series C funding led by Tenaya Capital
Pune-based enterprise backup solutions firm Druva said it has completed its Series C round of funding worth $25 million from Tenaya Capital with participation of existing investors Sequoia Capital and Nexus Venture Partners. The fresh funding will support its inSync platform, an integrated suite of endpoint data protection and governance solutions that currently safeguards corporate information assets on desktops, laptops, tablets and smartphones in 76 countries.
The firm had previously raised $5 million from Sequoia Capital in 2010 and followed it up with $12 million funding from Nexus Venture Partners in 2011.
The company claims to have expanded the customer base from 1,500 to 2,100 in the last year alone with a corresponding jump from 1 million to 1.7 million in the number of endpoints under protection. It has plans to raise its headcount to 200 by the end of 2013. The new funding will also help in expansion of Druva's cloud infrastructure to support new deployments by large enterprises.
"The size of this latest funding round is a direct result of our unified strategy for solving these problems, our success to date in attracting customers ranging from UC Berkeley to Sephora and NASA, and our roadmap for expanding the inSync platform to become an essential component of the IT infrastructure," said Jaspreet Singh, founder and CEO, Druva.
The firm's inSync suite addresses shifting enterprise data protection requirements spurred by mobility, free online file sharing services, changing work habits, and the consumerisation of IT. The suite integrates automated endpoint backup, IT-managed file sharing, encryption and other data loss prevention capabilities, and a centralised audit trail of all data content and movement for governance, compliance, eDiscovery and forensics.
It also creates a master record of all endpoint data that enables end users to access any file remotely, plus easy content recovery in the event of device loss or theft.
"Our investment reflects Druva's lead in the space, the vision and capabilities of the team, and most importantly the escalating need for new data control strategies that we expect to generate major business opportunities for the inSync platform," said Tom Banahan, managing director of Tenaya Capital. Post investment, Banahan has joined Druva's board.
"Over the past few years, Druva has expanded on its original data backup platform to build a safety net for mobile data that no other company to date has matched," said Jishnu Bhattacharjee, managing director at Nexus Venture Partners.
"Risk management is one of the major responsibilities of IT departments, but most companies have lagged in modifying their policies to manage the risks of mobile computing," said Shailendra Singh, managing director at Sequoia Capital.
He added, "Druva was one of the first companies to recognise and address that gap, continues to innovate, and is positioned to transform the way that organizations shield themselves from data and compliance breaches."