Druva Raises Series A From Sequoia Capital and Indian Angel Network
New Delhi, India, April 6th, 2010
Riding on its impressive growth, the company plans to expand its footprint in US & Europe.
Druva Software, a leading provider of Continuous Data Protection and Disaster Recovery products, today announced that it has received a Series A round of funding from Sequoia Capital and the Indian Angel Network (IAN). Sequoia Capital and IAN will together invest up to $5mm in this round.
Druva is a profitable software product company that registered over 300% growth in the financial year that just ended and will use the capital for fueling its expansion in global markets.
Druva, best known for its two award winning products Druva inSync, for laptops in an enterprise environment and Druva Phoenix, for remote servers, has already acquired customers in more than 26 countries in the last two years. Druva has existing sales offices in the US and Europe which will be expanded to match increasing demand from clients in those markets. Druva's R&D team has extensive experience in data storage products, and has incorporated next generation data de-duplication technologies to provide optimized data protection across the enterprise.
"Our unique approach towards data de-duplication, both for corporate offices and remote users, allows better storage and provides significant savings in terms of time and bandwidth requirements. Our client base is increasing rapidly and this funding from Sequoia Capital and Indian Angel Network comes at an opportune time as we look at expanding our operations into other geographies", said Jaspreet Singh, CEO and co-founder, Druva.
Shailendra Singh, Managing Director, Sequoia Capital said, "We are excited to back Druva, whose clients are selecting them over established vendors in countries they have never set foot in or sometimes without as much as a sales call. Their highly differentiated products and internet-based sales model, makes this a disruptive business opportunity. We are committing Sequoia's global network of resources to help Druva scale quickly. We hope that Druva's success will inspire more entrepreneurs to build world-class software products in India."
Rehan yar Khan of IAN adds, "Druva signals the fact that world-class software product companies are starting to emerge from India. Our network will continue to closely support Druva to help them grow into a world leader."
Rehan yar Khan (IAN) who was on the Board of Directors of Druva, has now been joined by Shailendra Singh (Sequoia Capital).