Update 2 [8/24/2011] Druva confirmed today via press release that it has bagged Series B funding of USD 12 million [2 miln more than USD 10 million which earlier appeared in Economic times]
Here is the Official Press Release from Druva
Mumbai, 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 with participation from existing investor Sequoia Capital. Druva’s 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.”
“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. InSync’s 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 don’t 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.”
[Update 1]It seems the following report is premature and inaccurate – As per the Jaspreet Singh’s (CEO, Druva) comment on Punetech.com, the news was unethically leaked and then misreported by ET reporter.
Here is the screenshot of Jaspreet’s comment.
Although, earlier reported news may not be right, it does look like they are in the process of raising some funds currently and we should get accurate information shortly!
Pune Based data protection and disaster recovery products company Druva has raised 2nd round of USD 10 Million funding from Nexus Venture Partners. They had previously raised USD 5 Million Series A funding from Sequoia Capital and the Indian Angel Network (IAN).
Druva has been doing exceptionally well in enterprise backup space and within 3 years of the launch of this startup, they already have envious line-up of International clients that include NASA, Xerox, Emerson & Capita among others.
We are trying to get in touch with Druva for more details on this deal and will update as soon as we have more details. As per ET article, this funding will be used to fuel international expansion and research and development.