Edited extracts from the Press Release:
Enterprise laptop backup and retrieval software firm Druva has received $12 million in a Series B round of funding led by Nexus Venture Partners with participation from existing investor Sequoia Capital India. 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.”
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.”
From the Venture Intelligence PE Deal database: The company had received $5 million in an initial round of funding in March 2010 from Sequoia Capital India and the Indian Angel Network.
About Nexus Venture Partners
Nexus Venture Partners (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.