Druva SaaS, provider of software-as-a-service-based data security, restoration, and management services, has raised $147 million in a Series H funding round. CEO and founder Jaspreet Singh claims that it pushes the company’s worth far above the $2 billion mark. The Venturebeat company maintained more than $300 billion in net assets.
Neuberger Berman contributed significantly to a capital round led by Canada’s Caisse de depot et placement du Québec (CDPQ), which also included other investors. The fresh round of fundraising values software-as-a-service (SaaS) business at more than $2 billion and includes investment from prior financiers Viking Global and Atreides Management. This brings the total amount of money raised by the business with its headquarters in Sunnyvale, California, to $475 million.
The abbreviation “SaaS” is used to refer to software as a service. The name of the product makes it clear that membership is necessary to access the service. Customers must pay a recurring fee—either monthly or yearly—to use the product.
For enterprise IT teams today, data integrity is of the utmost significance. As businesses expand, their data also does so, necessitating more stringent data protection. The surge in ransomware and other security breaches makes this more difficult. Enterprises want to protect and enhance their backup and recovery infrastructures to resist cyber threats. In this circumstance, moving data to the cloud offers the chance to improve data integrity and resilience.
Research conducted by Druva discovered that software delivery issues are becoming more prevalent in businesses. The study found that 77% of respondents had trouble launching new software, and 34% of those respondents said that fixing bugs might take from days to many months.
Today, Druva’s services are used by hundreds of enterprises worldwide, including SMEs, large corporations, and more than 60 Fortune 500 companies. The Druva platform, which is managed by Amazon Web Services, offers centralized data resiliency through a single platform spanning numerous countries and clouds. Offering the scalability, simplicity, and security of the public cloud to enterprise data protection, it sets itself apart from more conventional options.
Druva Inc. said that company has been honored once more for its superior at-scale data resilience capabilities and amazing client experience. In G2’s Winter Reports 2022, Druva’s leading platform and experience for data resilience got 12 awards, including being recognized as a leader in Enterprise SaaS Backup Software. These accolades collectively represent the most recent acknowledgement of Druva’s multi-tenant SaaS platform, which offers cyber, comprehensive data, and operational resilience to thousands of enterprises.
The engineering team at Druva, which has its roots in Pune where the business was established in 2008, has created industry-firsts and ground-breaking SaaS technologies. In particular, Druva Incorporated has boosted its presence in Hyderabad, where the business is concentrating on using the area’s cloud expertise to support its strategic efforts for development and research. Druva Incorporated recently revealed that over the past two years, it has increased its headcount by 50% across India.
The VentureBeat company intends to increase its overall staff in India to 750 individuals by next spring as it continues to develop its workload assistance and capacities within the Druva Data Resiliency Cloud. The team in India will be especially concerned with increasing its proficiency in subjects and abilities including machine learning, artificial intelligence, data analytics, Golang, C, C++, data structures, and many others.
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SaaS offers data security and management.
Software as a service.
Santa Clara, California, US.