Druva Inc., a cloud-based data protection and technology management company, completed a new funding round that provided an additional $147 million for the company and a new valuation of over $2 billion.

The round was led by a global investment group, 'Caisse de depot et placement du Quebec' (CDPQ), which manages net assets worth more than $ 300 billion, along with a significant investment of Neuberger Berman.

As the company is already vigorously pushing forward to accelerate the demand for its platform, the round helped raise its valuation above two billion dollars including participation of existing investors Viking Global Investment and Astreides Management.

The customer base of Druva Cloud Platform was expanded substantially during 2020 as companies were able to provide faster value and help them handle, secure and control key data during their digital transformation activities, while the adoption of multiple Druva Cloud platform products grew by 50 percent at the same time.

During which the management data have risen by over 40 percent as it supports market leaders, infiltrators and pioneers such as GameStop, Marriott, NASA, Pfizer, Regeneron Pharmaceuticals and National Cancer Institute.

Impressed with the company’s skilled management team, leading technology, and ongoing innovation in serving the enterprise market, Charles Kantor, Managing Director, Neuberger Berman said that, “we believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long- term success. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory.”

While many organizations are already in the progress of shifting their workloads to cloud environments, adopting SaaS solutions and battling cyber attacks as well. This new investment will not only further expand the company’s footprint, but will also aid in meeting today’s unprecedented needs and increase its industry leadership while it creates new data protection as days progress.

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ.

Over the past 12 months, companies have quickened their pace of strengthening business resilience, maintaining critical business operations and in supporting hybrid work models, all of which is assisted by the quick adoption of cloud solutions.

He further stated that, “the work-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

In addition, Gartner, Inc.'s cloud adoption projections are expected to achieve a compound annual growth rate of 20.7 percent over five years. As data increases exponentially along with this modern operating model, conventional hardware and software-based data security can neither be scalable nor affordable. Rather, companies need new strategies which can be implemented from anywhere, protect and safely distribute data as a service across the enterprise.

Only native solutions in the cloud are able to provide all this functionality effectively and by 2022, according to Gartner, Inc. About 40 percent of companies can either supplement or completely replace classic backup applications with Cloud-based solutions.

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it. Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform”, said Jaspreet Singh, founder and CEO, Druva.

“The last 12 months have underscored how organizational agility is at a premium, and IT leaders are increasingly turning to cloud technologies to increase business resilience and velocity. Companies able to simplify complex data protection processes, particularly by leveraging the cloud, can gain strategic advantage through better data availability and Druva Cloud Platform is architected to make it a compelling choice for organizations navigating cloud migrations”, said Phil Goodwin, Research Director, IDC.