Druva raised $12 Million in Series B Funding
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Druva raised $12 Million in Series B Funding
Mumbai: Mumbai-based Druva, an enterprise that provides laptop backup and retrieval, announced that they have raised $12 million in series B round of funding. The funding was led by Nexus Venture Partners in participation from the existing investor Sequoia Capital. The fund will be used for expansion in both the product offering and sales and marketing in North America, EMEA and Asia Pacific. The fund will also help the company to penetrate new markets. Jaspreet Singh, CEO, Druva, said, "Most solutions providing backup for data stored on endpoint devices do not offer an optimized solution that is capable of scaling to meet the ever-changing needs of a growing enterprise. VCs invested in Druva as we have demonstrated the ability to deliver an unmatched solution and have the vision to deliver even greater value in the near future." Co-Founded by Jaspreet Singh, Ramani Kothandaraman and Milind Borate, Druva Software in 2007, Druva Software sells enterprise backup and retrieval software. Its clientele includes US space agency NASA, French fashion brand Louis Vuitton and Xerox. It has over 750 customers across 26 countries. Since inception, they have launched two product streams-inSync for laptop backup and Phoenix for server backup. The products uniquely combine source based data de-duplication and WAN Optimization to offer unmatched protection for enterprise data at the edge. Its unique application-aware deduplication technology delivers faster backups and saves about 90 percent in storage and bandwidth. The flagship product of the company inSync, is highly scalable, WAN-optimization solution designed from the ground up for laptop backup. Jishnu Bhattacharjee, Principal, Nexus Venture Partners, said, "As the explosion of data continues and so does proliferation of endpoint device types and the mobility of the workforce, Druva has demonstrated unique capability to address the challenges associated with enterprise backup and endpoint data protection. With wide adoption of its on-premise and cloud-based solutions, the fast-growing company is racking up an impressive list of reference customers." Nexus Venture Partners invests in early and early growth stage companies across sectors. Its partner companies have access to the entire Nexus team in India and Silicon Valley for help in recruiting talent, forging new alliances, new customers, shaping strategy and connecting with advisors or board members. With a corpus of $320 million under management and an active portfolio of over 30 companies across technology, internet, media, consumer, business services and rural sectors, the portfolio of the company includes Cloud.com, Gluster, Pubmatic, DimDim, snapdeal.com, Mapymyindia, and others. Shailendra Singh, Managing Director at Sequoia Captial, said, "We are impressed with Druva's early success in over a dozen countries. The team of Druva has done a tremendous job in the last two years in creating a cutting-edge product suite including on-premise and private-cloud-based enterprise backup, support for mobile devices and remote data-protection features that are unmatched in the industry."