Six years ago, technologists Jaspreet Singh and Milind Borate quit Veritas to build a data protection service for enterprises with an increasingly mobile workforce. They bootstrapped, founded Druva, and built an easy-to-use tool called inSync, which backs up, secures, and manages data for enterprises.
At that point, businesses worldwide were dealing with less than 700 terabytes of corporate data. This leaped to over 6,000 TB by 2011, and now is ten times more. The volume of corporate data is doubling every 14 months, reports say.
Along with the burgeoning data protection challenge this poses, Druva too has grown from being a Pune startup to a global company. It now helps over 3,000 enterprises in 76 countries get a grip on the mobile assets their employees use and the data lying outside corporate firewalls.
Just 10 months after it bagged US$25 million in series C funding from Sequoia Capital, Nexus Venture Partners, and Tenaya Capital, Druva has again raised another US$25 million from the same investors as series D funding. That’s a lot of money in a very short time, but according to founder and CEO Jaspreet Singh, Druva’s rapid growth in the last few months warranted it.
The huge cost of lost data
Research says as much as 60 percent of important corporate data resides on computers that are not protected enough. Gartner estimates that one laptop is stolen every 53 seconds in the US. That’s 12,000 missing laptops in US airports a week. According to the Ponemon Institute, over nine percent of corporate laptops are lost or damaged every year, and every lost laptop costs an organization approximately US$49,000. Gartner estimates that the cost of an unrecovered PDA or mobile phone is at least $2,500 per unit. And the cost of recovering from a single data breach averages US$6.3 million.
That gives a rough idea of the scale of the problem Druva is tackling by real-time data backup and management. The company has been diversifying lately, besides adding Fortune 500 companies like Dell, Hitachi, Kronos, Pfizer, Reckitt Benkhiser, RHI, and Shire to its roster.
“Our business is now at an inflection point. We have established the value of our inSync platform, gone beyond data protection with the addition of critical governance capabilities, begun building an ecosystem with partnerships that will leverage inSync-captured data to meet a range of needs, and launched an initiative to expand our offerings for protecting data at the edge of the enterprise. This new round of funding will help advance our agenda and bring innovative solutions to enterprises to manage data beyond the corporate firewall,” Singh says in a statement.
A market with unlimited potential
Shailendra Singh, managing director at Sequoia Capital India Advisors, who is on the Druva board, finds the corporate data in the wild an emerging market with unlimited growth potential. He says: “The fact that Druva is in the pole position has been validated by terrific sales growth, client adoption, multiple global awards as well as favorable analyst reports.”
Gartner has ranked Druva’s inSync as number one for enterprise endpoint backup twice in a row. A relatively new space that Druva recently entered is eDiscovery or electronic discovery. With digital footprint growing globally, electronic data is increasingly sought, located, secured, and searched with the intent of using it as evidence in a civil or criminal legal case. To enable this process of eDiscovery, Druva introduced a product recently, and also entered into a partnership with Recommind, a pioneer in the space.
Singh writes in the Druva blog:
Right now, Druva is poised at an interesting crossroads at the intersection of mobility and cloud. I believe the public cloud is the biggest disruption of our lifetimes. Enterprises are excited about how they could leverage the public cloud for long-term data retention and global access. Mobility was just the start. The cloud soon will disrupt the whole secondary storage and backup market. This promises to be an interesting time for Druva.
With the fresh funding under its belt, Druva’s goal is to increase its focus on new product development, and expand to international markets, especially northern Europe and Asia. Singh quotes from Ben Horowitz’s book, The Hard Thing About Hard Things, to stress that Druva is still “a wartime company.” He says: “Like any other startup, Druva is in the middle of an interesting battle: we have some exciting challenges and great opportunities to be explored. The funding provides us with a good supply of ammunition to fight it.”Editing by Terence Lee