Druva Surpassing $100 Million in Annual Recurring Revenue

Druva, Inc. surpassed $100 million in annual recurring revenue (ARR), marking another major milestone reflective of the company’s growth.

Fueled by increasing cloud adoption and a shift to SaaS delivery for data protection, it has almost tripled its annual revenue in 3 years.

Building on the company’s announcement this summer it had secured an additional $130 million in late-stage funding, a testament to the growing demand for a new approach, free of legacy hardware, to protect data no matter the type or source, in a centralized and secure manner.

As enterprises undertake digital transformation initiatives, the cloud is increasingly seen as a way to drive innovation, enhance the customer experience, power collaboration, and ensure compliance. The shift to cloud as the de-facto environment for business will accelerate in the years to come, and according to Gartner, 80% of enterprises will migrate entirely away and close their on-premises data centers by 2025. Built on Amazon AWS, Druva is helping companies enter the cloud era through data protection and management.

Company’s cloud data protection platform is designed to empower customers to realize the value of their data while reducing the oversight required through a simple user experience. The SaaS delivery model changes the data protection game by making adoption and deployment easy, at a fraction of the cost of aging, investment-heavy on-premises alternatives.

The company’s growth is driven by enterprise adoption across multiple data protection use cases.

Today, more than 600 customers rely on Druva to protect data center workloads, a number that has grown by 70% in a year. Over 800 customers are protecting their cloud workloads (SaaS applications and AWS workloads), a number that has almost doubled in the last 18 months. The firm now serves more than 10% of the Fortune 500, including companies such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.

“There is only one technology capable of keeping pace with today’s demands for rapid innovation, on-demand scalability, robust security and sheer compute power – cloud,” said Jaspreet Singh, founder and CEO. “Customers trust us to help them successfully transform their businesses through the cloud, and with our depth of workload coverage, and seamless platform, they can immediately experience substantial cost savings, continuous innovations, and enhanced security every day. As others introduce solutions in the category we have pioneered, Druva is accelerating growth, expanding data protection capabilities and cementing ourselves as the clear category leader.”

“Our decision to partner with Druva was in part driven by the company’s strong vision, and what we saw as a promising road to scalability,” said Tom Banahan, MD, Tenaya Capital. “The company’s growth and major milestones crossed this year have only further validated the potential we saw in Druva. The future of business is in the cloud, and Druva is ideally situated, ready to help businesses cross that chasm with a comprehensive and mature platform. We are incredibly excited about Druva’s future and look forward to supporting them on this journey.“

“The data protection space has quickly become an incredibly crowded market, especially as cloud-based solutions continue to enter the market,” said Phil Goodwin, research director, IDC. “Druva’s strong momentum this year through product maturation, technology research and corporate expansion has positioned the company incredibly well for long term success in the market. As more businesses look for one solution to meet all their data protection needs across cloud, data center and endpoint workloads, Druva will be a strong competitor given its size, scale and offerings.”

Last month, Druva was recognized in the Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America, for the 4th consecutive year. It was also the second consecutive year Druva was the only data protection and management vendor included on the list. The company was also recognized for its best-in-class customer service organization, receiving a certified NPS score of 86 and the Northface ScoreBoard Award for Customer Satisfaction.

Earlier this summer, it opened a new global HQs in Sunnyvale, CA, and a new regional office in Singapore.

The executive team has added several seasoned industry leaders as well, including Thomas Been as CMO, Holly Cafiero as chief human resources officer, Jung-Kyu McCann as general counsel and Stephen Manley as chief technologist.