Druva today announced completion of $25 million in Series C funding in support of 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 round – adding to $17 million raised in Series A and B installments in 2010 and 2011 – includes follow-on investments from Sequoia Capital and Nexus Venture Partners as well as a substantial first-time investment from Tenaya Capital.
Druva inSync addresses shifting enterprise data protection requirements spurred by mobilization, free online file sharing services, changing work habits, and the consumerization of IT. The suite uniquely integrates automated endpoint backup, IT-managed file sharing, encryption and other data loss prevention capabilities, and a centralized 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.
Driven by that broad range of features, Druva’s customer base has expanded from 1,500 to 2,100 in the last year with a corresponding jump from 1 million to 1.7 million in the number of endpoints under protection. The company has also expanded its workforce from 124 at the end of 2012 to an expected 200 by the end of 2013, and introduced a major inSync upgrade and two new private cloud deployment options since January.
The new funding will underwrite continued R&D, expanded global sales and marketing, and expansion of Druva’s cloud infrastructure to support new deployments by large enterprises that require the elasticity, multi-tenancy and flexibility of the cloud along with the security, compliance and cost advantages of hosting IT solutions behind the company firewall.
“With the proliferation of mobile devices and the loss of security and accountability in today’s ‘post-PC’ world, every organization today is facing the need to change the way they protect and govern data,” said Jaspreet Singh, Druva founder and CEO. “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.”
“Druva created inSync to address a very real problem in a massive market. In the process, the company has redefined data protection and governance for the mobile era,” said Tom Banahan, Managing Director of Tenaya Capital. “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.”
Banahan has joined the Druva board of directors, bringing more than 20 years of operational management experience in the technology industry with companies including Marimba, Spyglass and Comdisco. He has been a member of the Tenaya investment team since 1999 and was named to Forbes’ Midas List of Top Tech Investors in both 2011 and 2012.
“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. “We were early investors in Druva’s business, and they have proven to be the thought leaders as well as the technology trailblazers in this area.”
“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. “Druva was one of the first companies to recognize and address that gap, continues to innovate, and is positioned to transform the way that organizations shield themselves from data and compliance breaches.”
Druva provides integrated data protection and governance solutions for enterprise laptops, PCs, smartphones and tablets. Its flagship product, inSync, empowers an enterprise’s mobile workforce with backup, IT-managed file sharing, data loss prevention, and rich analytics. Deployed in public or private cloud scenarios or on-premise, inSync is the only solution built with both IT needs and end-user experiences in mind. Druva has over 2,100 customers and protects 1.7 million endpoints across 76 countries. With offices in the United States, India and the United Kingdom, Druva is privately held and is backed by Nexus Venture Partners, Sequoia Capital and Tenaya Capital. Information on Druva is available at www.druva.com.